Professional Terminology Explanations

Term Explanation

CLOB (Central Limit Order Book) A transparent, user-driven trading system where buy and sell orders are organized by price. Orders match directly between users based on price and time priority.

Market Order An order executed immediately at the best available current market price.

Limit Order An order that executes only at a user-specified price or better.

GTC (Good-Til-Canceled) Order remains active until filled or manually canceled.

IOC (Immediate-Or-Cancel) Attempts immediate execution; any unfilled portion is canceled.

Partial Fill Situation where only part of an order is executed, with the remainder staying active.

Slippage The difference between the expected price and the actual executed price.

Split Operation that converts USDT collateral into equal Yes and No shares.

Merge Operation that converts a matched pair of Yes and No shares back into USDT collateral.

Open Orders Currently active, unfilled limit orders placed by the user.

Collateral Assets (USDT) locked to fully back the shares, ensuring 100% collateralization.