> ## Documentation Index
> Fetch the complete documentation index at: https://docs.rekt.money/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> The words these docs use for Knockout and its SDK, each in one or two sentences, with a link to the page that has the rules.

Each term has one meaning on every page. The links go to the page that has the full rules.

## The basics

| Term | Meaning |
| - | - |
| **Knockout** | The product, and what happens when the price hits your barrier: the position ends and the stake is gone. |
| **Stake** | What you put into a position, from $0.20 to $1,000. It is the most you can lose. |
| **Long, short** | Long gains when the price goes up. Short gains when it goes down. |
| **1000x** | Every position is 1000x its stake, on every market. It sets how close the barrier and the take profit are. |
| **Take profit** | The target: when the price reaches it, the position closes with a gain. |
| **Cash out** | Closing your own position before it hits the barrier or the take profit. |

## Positions

| Term | Meaning |
| - | - |
| **Barrier** | The level at which a position is knocked out and you get nothing back. It is a distance from the entry, and the 1000x sets that distance. See [the barrier](https://docs.rekt.money/venue.md#the-barrier). |
| **Target** | The take-profit level: a multiple of the stake, at or above 2.00x and up to `config.params.payoutCapMultiple`. A position with no target of its own has the payout cap as its target. |
| **Rung** | The target as the program reads it: `rung_bps`, in basis points of the stake. `20_000` is 2.00x, the lowest target. |
| **Tenor** | The protocol's own clock for a position, `config.params.tMaxSeconds`, frozen onto the position at open. It is the indefinite value, so a position has no protocol clock. See [the tenor](https://docs.rekt.money/how-it-works.md#the-tenor). |
| **Book** | Your trader account: one account that holds all your positions. `init_trader_account` creates it, with 1 to 12 position slots. `open` does not create it. |
| **Slot (book)** | A place for one position in a book. Slots are reused, so a slot index is not a handle. |
| **Slot (time)** | A Solana slot. Every wait on the venue is a count of slots. |
| **`seq`** | The sequence number of a position, and its handle. Every later instruction addresses a position by its `seq`. |

## Orders and closes

| Term | Meaning |
| - | - |
| **Commit** | An `open` or an `add_collateral` that lands. The stake is taken in that transaction and the order waits for its fill. Events give its slot as `commitSlot`. |
| **Fill** | The step that writes the entry price of an order: the first price of the venue's price feed at or after the order's target slot. See [orders and closes](https://docs.rekt.money/sdk/orders.md#opening-an-order-then-a-fill). |
| **Filler** | A key on the venue's list that sends the fill. You cannot fill your own order (`NotAListedFiller`). |
| **Returned order (void)** | An order that is not filled. The whole stake comes back (`OpenVoided`). After `d + T_fill` slots anyone may send `void_open`, and the venue's keepers do. A returned order is a normal outcome. |
| **Close request** | `request_close`, signed by the owner or a session key. It carries no price and cannot be withdrawn. A settle completes it. |
| **Stamp** | `stamp_book` records on the book that a price touched a level. The settle that pays it follows. |
| **Window quote** | The first price of the venue's price feed at or after the start of the current exit window, `exitTarget + K × W`. A settle of a requested or marked exit needs it. |
| **Keeper** | A program that sends settles, stamps and returns of orders. Anyone may send these. The venue runs keepers, and nobody is paid for sending a close. |

## Timing settings

Each one is a governed count of slots. Read them through the SDK on each request. See
[the timing settings](https://docs.rekt.money/sdk/orders.md#the-timing-settings).

| Term | Meaning |
| - | - |
| **`d`** | The delay from an order, an add, a close request or an expiry mark to its target slot. |
| **`T_q`** | The latest slot after the target at which the first price can still fill an order or an add. |
| **`T_fill`** | The slots after the target in which a filler can fill. After them, anyone can return the order. |
| **`W`** | The exit window: the slots in which one price prices a requested or marked exit. |
| **`W_ko`** | How old a price can be and still prove a knockout or a take-profit. |
| **`M_add`** | The slots after a filled double-down's price in which the position is held. |

## Units

| Term | Meaning |
| - | - |
| **Base units** | Money in the SDK is a `bigint` in USDC base units, six decimals. `1_000_000n` is one dollar. |
| **Basis point** | One hundredth of one percent. Rates such as `exitFeeBps` are in basis points. |
| **Micro-basis-point** | One millionth of a basis point. `barrierMicroBp` and `takeProfitMicroBp` are distances from the entry in this unit. See [units](https://docs.rekt.money/sdk/reference.md). |


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