Glossary
A quick reference for key terms used throughout Gambit.
| Term | Definition |
|---|---|
| Ask | The lowest price at which someone is willing to sell a contract. Also called the "offer." |
| Available Balance | The portion of your wallet balance that you can freely use for trading, transfers, or withdrawals. |
| Best Ask | The lowest ask price currently on the order book. This is the price you'd pay for a Market Limit buy. |
| Best Bid | The highest bid price currently on the order book. This is the price you'd receive for a Market Limit sell. |
| Bid | The highest price at which someone is willing to buy a contract. |
| Binary Option | A contract that pays $1.00 if a condition is met at expiry, or $0.00 if it isn't. |
| Binary Wallet | The wallet used for placing binary option orders. Funds must be transferred here from the Main Wallet. |
| Depth | The total volume of orders at each price level in the order book. Deeper = more liquid. |
| Epoch | A defined time period used for calculating and distributing reward points. |
| Expiry | The date and time when a binary option contract settles. |
| FOK (Fill or Kill) | A time-in-force setting where the order must fill completely right now, or be cancelled entirely. |
| GTC (Good Till Cancel) | A time-in-force setting where the order stays open until it's filled or manually cancelled. |
| IOC (Immediate or Cancel) | A time-in-force setting where the order fills what it can immediately, then cancels the remaining quantity. |
| Instrument | A specific binary option contract defined by its underlying asset, strike price, and expiry. |
| Limit Order | An order that executes only at a specified price or better. Rests on the order book if not immediately matched. |
| Liquidity | How easily you can buy or sell without significantly affecting the price. More orders on the book = more liquidity. |
| Main Wallet | The funding wallet where deposits arrive and withdrawals originate. Cannot be used for trading directly. |
| Maker | A trader who adds liquidity by placing orders on the book. Pays the maker fee (typically lower). |
| Maker Fee | The fee charged when your order adds liquidity to the order book. |
| Market Limit | An order that executes immediately at the best available price on the order book. |
| Mid Price | The average of the best bid and best ask: (Best Bid + Best Ask) / 2. |
| Multiplier | A leverage factor applied to certain binary option contracts. |
| Open Interest | The total number of outstanding contracts that have not been settled. |
| Open Positions | Contracts you currently hold that have not yet been settled or closed. |
| Order Book | A real-time list of all outstanding buy (bid) and sell (ask) orders for an instrument. |
| PnL (Profit and Loss) | The difference between what you paid for a position and what it's currently worth (unrealized) or what you received when closing it (realized). |
| Post Only | An order option (Limit only) that guarantees the order adds liquidity. Rejected if it would fill immediately. |
| Precision | The system uses 6 decimal places (1e6) internally for all monetary calculations. |
| Realized PnL | Profit or loss from positions that have been closed or settled. |
| Reduce Only | An order option that ensures the order only closes an existing position, never opens a new one. |
| Referral Code | A unique alphanumeric code you share with others. When they sign up through your link, you earn referral points. |
| Referral Points | Points earned when users you referred trade on the platform. |
| Reserved Balance | Funds locked in open orders, active positions, or pending requests. Cannot be transferred or withdrawn. |
| Settlement | The process where a binary option expires and is resolved. Contracts pay $1.00 or $0.00 based on the outcome. |
| Shares | Units of ownership in a vault. The value per share changes as the vault's total value fluctuates. |
| Slippage | The difference between the expected price and the actual execution price. Can occur in fast-moving markets. |
| Spread | The difference between the best ask and the best bid. A tighter spread means a more liquid market. |
| Strike Price | The price level that determines the binary option's outcome at expiry. |
| Taker | A trader who removes liquidity by matching against existing orders. Pays the taker fee (typically higher). |
| Taker Fee | The fee charged when your order removes liquidity from the order book. |
| Time in Force (TIF) | A setting that controls how long an order stays active: GTC, IOC, or FOK. |
| Total Equity | Available Balance + Reserved Balance for a given wallet. |
| Trading Points | Points earned from your own trading activity on the platform. |
| TVL (Total Value Locked) | The total amount of capital deposited in a vault across all investors. |
| Unrealized PnL | Profit or loss from positions that are still open, based on current market prices. |
| USDC | USD Coin, the stablecoin used for all transactions on Gambit. |
| Vault | A managed investment pool where a vault leader trades using pooled capital from depositors. |
| Vault Leader | The trader who manages a vault's strategy and executes trades on behalf of depositors. |
| Vault Wallet | The wallet used for vault investments. Funds must be transferred here from the Main Wallet. |
| Volume | The total number of contracts traded in a given time period. |
| WebSocket | The real-time communication protocol used to deliver instant balance, position, and order book updates. |