| Term | Definition |
|---|---|
| AMM | Automated market maker. A pool quotes the trade and changes price as inventory changes. |
| Ask | An offer to sell shares at a stated price. |
| Bid | An offer to buy shares at a stated price. |
| Claim | Redeem an eligible winning or void-refund position after settlement. |
| CLOB | Central limit order book. Matches compatible trader buy and sell orders. |
| Condition ID | 32-byte identifier for a CLOB market condition. |
| Conviction | Creator-backed binary CLOB market with explicit rules and a seed order. |
| CP | Conviction Points. XO’s reward and Parlay entry currency. |
| Depth | Available share size at each order-book price level. |
| Event | Catalogue topic containing one or more tradable market lines. |
| FAK | Fill-And-Kill. Fill available size at the cap, cancel the remainder. |
| FOK | Fill-Or-Kill. Fill the full size at the cap, or do nothing. |
| GTC | Good-Till-Cancel. Rest until filled or cancelled. |
| GTD | Good-Till-Date. Rest until filled, cancelled or expired. |
| Liquidity | Ability to trade size near the displayed price. |
| Maker | An order that provides resting liquidity. Also the smart-account address on XO’s signed order. |
| Market | One tradable condition, with outcome tokens and settlement rules. |
| Oracle | The resolver that applies a market’s published evidence rules and records the outcome. |
| Outcome share | A token that pays according to one market outcome. |
| Parlay | Contest card combining one selected outcome from every event, entered with CP. |
| Pulse | XO’s rolling five-minute BTC Up/Down market. |
| Series | Optional catalogue collection for related events. |
| Slippage | Difference between the first displayed price and the average execution price across filled size. |
| Smart wallet | On-chain account controlled by your owner wallet. Holds funds and positions, and trades on XO. |
| Spread | Difference between the best bid and the best ask. |
| Taker | The portion of an order that executes immediately against resting liquidity. |
| TWAP | Time-weighted average price over a defined window. Pulse displays a 60-second TWAP. |
| Void | Market invalidation under published rules. Eligible positions follow the defined refund path. |
Wire-level encoding of prices, sizes, timestamps and IDs is documented separately in Wire conventions.