Glossary

Term	Definition
Alpha Token	Native token of a Bittensor subnet. The underlying asset for MegaTAO perpetual futures.
Bittensor EVM	Ethereum-compatible execution layer on the Bittensor network (Chain ID: 964).
Collateral	TAO deposited as security for leveraged positions.
Entry Price	The oracle price when a position is opened.
Funding Rate	Periodic payment between longs and shorts that keeps futures prices aligned with spot. Positive rate means longs pay shorts.
Initial Margin	Collateral required to open a position. Equal to notional value divided by leverage.
Interest Fee	Utilization-based fee charged to both longs and shorts. Compensates vault depositors for capital at risk.
Keeper	Automated bot that monitors and executes liquidations of unhealthy positions.
Leverage	Multiplier of position size relative to margin. 3x leverage means 10 TAO margin controls 30 TAO notional.
Liquidation	Automatic closure of a position when margin ratio falls below the maintenance margin. Incurs a liquidation fee (currently 5%).
Liquidation Price	The price at which a position's margin ratio hits 10% and liquidation triggers.
Long Position	A position that profits when the Alpha token price increases.
Maintenance Margin	Minimum margin ratio required to keep a position open. Per-market configurable (currently 10%).
Margin	TAO deposited to open and maintain positions.
Margin Ratio	Health indicator of a position: (Margin + Unrealized P&L) / Notional Value.
Market Order	An order that executes immediately at the current price.
Notional Value	Total position exposure: Margin x Leverage.
Oracle	On-chain contract that provides Alpha token prices derived from pool reserves.
Open Interest	Total notional value of all open positions in a market.
Perpetual Futures	Derivative contracts that track an asset's price without an expiration date.
P&L	Profit and Loss. Unrealized P&L is on open positions; realized P&L is from closed positions.
Short Position	A position that profits when the Alpha token price decreases.
Slippage	Difference between expected and actual execution price.
TAO	Native token of the Bittensor network. Used as collateral and for gas fees on MegaTAO.
Vault	Protocol-owned liquidity pool that acts as counterparty to trades when no orderbook match exists.