| Ask | A liquidity order that deposits the principal side of a maturity and is filled by a Leverage taker. |
| Bid | A liquidity order that deposits the interest side of a maturity and is filled by a Fixed taker. |
| Close | The trade that removes exposure from chosen periods, priced at current market rates. |
| Cohort | A numbered group of limit liquidity inside a bin that fills oldest first; inside a cohort every order fills by the same fraction (pro rata). |
| Fixed | The trade where you pay a flat amount now and get a slightly bigger, sure amount from a date you pick. |
| Forward rate | The rate of one period, shown in the Forward view on Markets. |
| High-water mark | The highest vault price a market has recorded, starting from the price when the market was deployed. Yield only counts above it, so after a drop a window can earn nothing until the price recovers. |
| Interest side | The part of a maturity’s balance that runs from the maturity on, to ∞. Coming from Pendle, it behaves like a PT: worth about par, and it becomes plain balance at the maturity. |
| Last synced | The dashed line on the chart marking when a position was last updated on-chain. |
| Later Start (forward start) | A Leverage window that starts later than Now (a forward start), so the payment grows at a fixed rate until Start and the window costs less. |
| Leverage | The trade that concentrates yield exposure into a window you choose, paid for with a small flat amount from Now on. |
| Limit | One-sided liquidity at one rate and one maturity that fills once: a limit bid is Leverage at your rate, a limit ask is Fixed at your rate. |
| LP | A liquidity provider: anyone who places a Limit order or adds Recursive liquidity. Also called a maker. |
| LP tokens | The tokens you hold for liquidity you provide, representing your share of a bin. |
| Maker | Anyone whose liquidity rests on the book waiting to be filled, through Limit or Recursive. |
| Maturity | A date that splits time into periods; in the example market, the 2nd and 17th of each month at 08:00 UTC. |
| Multiplier | How many times your payment the yield exposure of a Leverage window is; about 196× in the example. |
| Moment USDS | Your TimeBalance in the example market, shown as USDS with the Moment mark next to it. |
| Not to scale | The label on stretches of the chart’s time axis that are drawn wider so short periods stay readable. |
| Now | The present moment, drawn as a blue line on the chart. |
| Performance fee | The 5% of yield, and of vault extras such as points, that Moment keeps, from every holder. |
| Period | The window between two back-to-back maturities, with one rate of its own. |
| Present value | What a balance spread across time is worth today, priced at the mid of each period’s best bid and ask; used for every total in the app. |
| Principal side | The part of a maturity’s balance that covers the period just before the maturity. Coming from Pendle, it behaves like a YT: it earns the period’s yield and runs down to nothing at the maturity. |
| Recursive | Two-sided liquidity that quotes a bid and an ask around the market and keeps quoting after fills. |
| Redemption | The share of USDS value you get when converting your TimeBalance out to sUSDS shares, usually 100%. |
| Slippage | How far the price may move against you before a trade fails; 0.5% by default, set in Trade settings. |
| Spread | The gap between a maker’s bid and ask rates, set as a multiple within each market’s limits. |
| sUSDS | Savings USDS: the yield-bearing token (the ERC-4626 vault shares) of the example market. It grows in value against USDS, about 1.08 USDS today. |
| Sync | The on-chain update of a position, which happens whenever it is touched and adds synced yield to its balance. |
| Synced yield | Yield earned by what you held since the last sync, shown in blue and added as a flat amount from Now → ∞ at the next sync. |
| Taker | A trader: anyone who trades against resting liquidity through Fixed, Leverage or Close. |
| Taker fee | A 0.5% fee applied to the rate a taker gets or pays, multiplicatively. |
| Term rate | The rate to fix from Now until a date, chaining every period on the way; shown in the Term view on Markets. |
| TimeBalance | Your balance laid out across time, from Now → ∞, which every action reshapes. |
| USDS | The underlying asset of the example market, a dollar stablecoin, and the unit balances are shown in. |
| Window | The stretch of time a Leverage trade covers, from Start to Until. |
