Glossary
| Term | Meaning |
| Available now | In a pool, the part of your balance you can withdraw right now. The rest is backing open positions |
| Backing trades | In a pool, the part of your balance locked against open positions. It frees as they settle |
| Base | The Ethereum layer-two network Isometric runs on |
| Breakeven | The settlement price at which a position pays back exactly what it cost. Shown as Profit above or Profit below |
| Budget | The USDC you enter on the ticket. Sets position size with leverage and caps what you are charged |
| cbBTC | Coinbase's wrapped bitcoin on Base. The asset the Bitcoin long pool holds and long positions are calculated in |
| Chainlink | The oracle network whose BTC/USD feed settles every position |
| Claim | Taking a payout that is waiting for you in Portfolio |
| Claimable | A settled position with a payout waiting to be claimed |
| Contracts | The size of a position in units of the market's asset. Shown on the position page |
| Demo mode | The app running on live prices with simulated funds. No wallet, gas, or chain needed |
| Direction | Long or short |
| Expiry | The settlement time. Used interchangeably with settlement in these docs |
| Funded claim | A payout the pool has set aside for a winner. It cannot be used for anything else |
| Keeper | A worker that submits settlements, price samples, and payouts. Anyone can run one |
| Leverage | Position size divided by your budget. Sets the size and places the target. Never a liquidation price |
| Long | A position that pays if the settlement price is above the worthless price |
| Long pool | The pool that backs every long in a market. Holds the market's own asset |
| Mark | The current price, or the current expected value of a position or pool |
| Maximum loss | What you are charged. The most a position can ever lose. Shown on the ticket as You pay / max loss |
| Maximum payout | Position size. The most a position can ever pay |
| Open PnL at mark | What an open position would pay at the current price, minus what you paid. A guide, not a price you can sell at |
| Pool | A vault that takes the other side of trades in one direction of one market and pays depositors the premium |
| Position size | Your budget times leverage. Your exposure and your maximum payout |
| Premium | What a trader pays for a position. The pool's only income |
| RedStone | The oracle whose signed prices open positions |
| Series | All positions with the same direction, strike, and settlement hour. Settled together |
| Settlement | The moment one oracle price fixes the outcome of every position at a given hour |
| Settlement pending | A position past its settlement hour whose price has not yet been recorded |
| Settles | The date and hour a position ends. Shown on the ticket |
| Share | Your stake in a pool. An ERC-4626 vault token |
| Short | A position that pays if the settlement price is below the worthless price |
| Short pool | The pool that backs every short in a market. Holds USDC |
| Strike | The options term for the worthless price |
| Term | How long a position runs. 1, 3, 7, or 30 days |
| USDC | The dollar stablecoin used to pay for positions, pay out shorts and converted longs, and fund short pools |
| Utilisation | The share of a pool locked against open positions. Capped |
| Worthless | A settled position that paid nothing |
| Worthless at or below | For a long, the price at or below which the position pays nothing. Shorts show Worthless at or above |
| Wound down | A market that has been permanently closed to new positions and deposits. Open positions still settle and withdrawals continue |
| You pay / max loss | What you are charged for a position, which can be under your budget. Your cost and your maximum loss |