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Simple explanations of the terms used on Priest.trade.

cfUSDC

The token you receive when you deposit USDC into the Counterflow Vault. Its value grows over time as the vault earns trading fees and market surplus.

Counterflow Vault

The liquidity vault where users deposit USDC to back graduated markets on Priest.trade.

Dead Address

0x000000000000000000000000000000000000dEaD. An unspendable burn address. When a coin graduates, its Uniswap v4 liquidity NFT is sent here so nobody can ever withdraw the liquidity.

Dual-Price Check

A safety rule where your position is only liquidated if your margin ratio is breached at both the mark price AND the smoothed index price, protecting you from sudden flash wicks.

Entry Price

The average price where your trade was filled.

Funding Rate

Regular payments between longs and shorts that keep perpetual contract prices in line with the real spot price.

Graduation

When a coin clears 5 volume and resilience gates and moves from the virtual curve into a real Uniswap v4 spot pool with locked LP.

Initial Margin

The collateral needed to open a trade. At 40x leverage, you put down 2.5% of the position value.

Leverage

How much larger your trade is compared to your collateral. $100 collateral at 10x leverage gives you a $1,000 position.

Maintenance Margin

The minimum equity you must hold to keep your trade open (1.25% at 40x). If you fall below this, you get liquidated.

Mark Price

The current live execution price of the perpetual contract.

Monad

The high-speed EVM blockchain Priest.trade is built on, featuring 1-second blocks and sub-cent gas fees.

MON

The native gas token of Monad used to pay transaction fees.

Notional Size

The total dollar value of your trade (Collateral ×\times Leverage).

Secondary Engine

The perpetual trading engine used after graduation, which prices contracts off real Uniswap spot pools.

Slippage

The difference between the estimated price you saw when submitting an order and the actual price where it filled.

Take Profit (TP) / Stop Loss (SL)

Automatic triggers stored on-chain that close your position when the market hits your target price.

vAMM (Virtual AMM)

An automated pricing curve where reserves are virtual, letting users trade perpetuals from block zero without needing upfront seed liquidity.

Vault Headroom

The free money in a market vault above reserved insurance and fees. Collateral can only be withdrawn from available headroom.

Warmup Window

The first 24 hours of a new coin’s life, where leverage is capped at 10x to prevent instant 40x liquidations while the market finds its price.

Worst-Of Pricing

A secondary market rule where buyers fill at the higher of spot and oracle, and sellers fill at the lower. Stops traders from gaming small price lags.