Resources
Glossary
Every term the app and these docs use, in one place.
| Term | Meaning |
|---|---|
| Checkpoint | Phoenix's cumulative funding at one hourly funding record, written on chain by Tack in sequence. |
| Collateral | USDC a side locks behind its quote or position. |
| Collateral exhausted | A position closed because one side could not pay a checkpoint's loss in full. |
| Crank | The service that publishes checkpoints and settles positions. Anyone can run one. |
| Cumulative funding | Phoenix's running total of funding per SOL. A rise is paid by longs to shorts. |
| Fixed leg | The rate a year agreed at the trade, paid on the notional. |
| Floating leg | SOL-PERP funding on the notional divided by the reference price. |
| Freeze grace | How long a market waits after its last checkpoint before it can close on a failed source. |
| Frozen market | A market closed at its last verified checkpoint because its source failed. |
| Initial margin | Collateral a side needs to open: the larger of the initial floor and twice the stress loss. |
| Listing | The account that schedules the maturities Tack lists and holds the terms they open with. Its authority is the deployer key at launch, then TACK governance. |
| Liquidation line | The average floating rate to maturity that would take a balance down to maintenance. |
| Lot | A quote's notional, taken whole. |
| Maintenance margin | Collateral a side needs to stay open: the larger of the maintenance floor and the stress loss. |
| Maker | The trader who posted a quote. |
| Mast | The app's drawing of open quotes as flags at the height of their rate. |
| Maturity | When trading on a market stops: a Friday at 08:00 UTC. |
| maxAge | The oldest Phoenix reading a market accepts. |
| Notional | A swap's size in USDC. |
| Open-interest cap | The share of Phoenix's SOL open interest that Tack's open swaps may reach. |
| Pay fixed | The side that pays the fixed rate and receives funding. The long in the program. |
| Payer | A maker quoting to pay fixed, on the left of the mast. |
| Quote | A posted whole lot: side, notional, fixed rate and collateral. |
| Receive fixed | The side that receives the fixed rate and pays funding. The short in the program. |
| Receiver | A maker quoting to receive fixed, on the right of the mast. |
| Reference price | The SOL price when a market opened. The floating leg is funding on notional ÷ reference price SOL. |
| Settlement | Applying checkpoints to a position and moving USDC between its two balances. |
| Shock rate | The funding move a stress loss assumes, on top of the fixed rate. |
| Stress loss | Notional × (fixed rate + shock rate) × time left, a year. |
| Taker | The trader who takes a quote. |
| TACK | Tack's governance token, fair launched. Holders vote on the maturities Tack lists and their parameters. |
| Tick | The step fixed rates move in. |
| Venue | The account that adds up SOL exposure across every maturity one creator opens; Tack's listed maturities share one. |
| Wake | The app's chart of a position's fixed and floating legs side by side. |