> ## Documentation Index > Fetch the complete documentation index at: https://docs.momentrates.xyz/llms.txt > Use this file to discover all available pages before exploring further. # Glossary > Plain-English definitions of every Moment term, from bid, ask and cohort to TimeBalance, present value, and the principal and interest sides. The main terms in these docs, in one plain sentence. ## Everyday terms | Term | Meaning | | - | - | | **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. | ## For builders | Term | Meaning | | - | - | | **AMM Book** | The single book that holds every bin across all maturities of a market, so trades fill against all of it. On user pages it is simply "the book". | | **Bin** | One maturity, one rate and one kind (limit bid, limit ask or recursive), holding the pooled liquidity of the LPs in it. | | **ERC-4626** | The standard for yield-bearing vaults whose shares Moment builds on. | | **Oracleless** | Moment uses no external price feed; value comes from the vault's own previewRedeem and rates come from the market. | | **previewRedeem** | The ERC-4626 vault function Moment reads to measure the vault's price and yield. | | **Rebase** | A change in the amount of LP tokens you hold as the bin behind them changes; Recursive LP tokens rebase, Limit ones do not. | | **Shared liquidity** | One book serving every maturity, so a trade to a far date fills through every earlier period. | | **TBT (TimeBound Token)** | The token standard behind Moment: quantity, plus yield, plus time. | | **Tick** | The unit rates move in, where the rate per second is 1.0001 raised to the tick. | | **TVL in LP** | The present value of TBT held inside bins only. | | **TVL in TBT** | The present value of all TimeBound Tokens, in wallets and bins; Moment's headline metric. | ## Related topics - [What is Moment?](https://docs.momentrates.xyz/start/what-is-moment.md) This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.