> ## Documentation Index
> Fetch the complete documentation index at: https://docs.xo.market/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> Every XO term used across these docs, defined once.

| 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.    |

<Note>
  Wire-level encoding of prices, sizes, timestamps and IDs is documented separately in [Wire conventions](/guides/wire-conventions).
</Note>