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

# Glossary

> Plain-English definitions of Kimia and DeFi perp terms.

<AccordionGroup>
  <Accordion title="AMM (Automated Market Maker)">
    A smart-contract market where prices are determined by a math curve over
    reserves, not by matched orders. Kimia's yield-AMM uses $x \cdot y^t = k$.
  </Accordion>

  <Accordion title="Base / Quote">
    In a market like SOL-PERP, **base** is the asset being traded (SOL) and
    **quote** is the pricing asset (USDC). `base_amount` is signed: positive
    long, negative short.
  </Accordion>

  <Accordion title="BPS (Basis Points)">
    1 bps = 0.01%. Margin ratios and fees are stored in bps with a 10,000
    denominator.
  </Accordion>

  <Accordion title="CPI (Cross-Program Invocation)">
    A Solana program calling another program. The delta-vault CPIs into
    kimia-perp for deposits, swaps, orders, and funding settlement.
  </Accordion>

  <Accordion title="Delta-neutral">
    A portfolio whose net exposure to an underlying asset is zero. Kimia's
    vault holds +1 wSOL spot and -1 SOL perp short per unit, net delta is 0.
  </Accordion>

  <Accordion title="Funding rate">
    The periodic payment between long and short perp holders that keeps perp
    price anchored to spot. Positive → longs pay; negative → shorts pay.
  </Accordion>

  <Accordion title="Health">
    `free_collateral + unrealized_pnl - maintenance_margin_req`. Liquidation
    triggers at `health ≤ 0`.
  </Accordion>

  <Accordion title="Initial margin ratio">
    Minimum collateral required to **open** a position, as a fraction of
    notional. Kimia default: 10% (10× max leverage).
  </Accordion>

  <Accordion title="Intent">
    A user's declaration of a desired outcome (e.g. "lock 25% APY for 30
    days") that the intent-router verifies is actually achieved across
    multiple transactions.
  </Accordion>

  <Accordion title="Maintenance margin ratio">
    Minimum collateral required to **keep** a position open. Kimia default:
    5%. When collateral falls below this, the position is liquidatable.
  </Accordion>

  <Accordion title="Mark price">
    The price used for PnL and margin checks. Kimia: last trade price clamped
    to oracle ±10%.
  </Accordion>

  <Accordion title="MasterChef pattern">
    A yield-accounting pattern where a global `reward_per_share` accumulator
    tracks lifetime yield, and each user's `reward_debt = balance ×
            reward_per_share_at_join` guarantees fair per-user claims.
  </Accordion>

  <Accordion title="Oracle">
    An on-chain source of external data (e.g. asset prices). Kimia uses Pyth
    Hermes pull oracles.
  </Accordion>

  <Accordion title="PDA (Program Derived Address)">
    A Solana address derived deterministically from seeds + a program ID. All
    Kimia state accounts are PDAs.
  </Accordion>

  <Accordion title="Perpetual futures (perps)">
    Futures contracts with no expiry, kept in line with spot via funding
    payments.
  </Accordion>

  <Accordion title="PT / Principal Token">
    SPL token that redeems 1:1 for underlying (vault shares) at maturity.
  </Accordion>

  <Accordion title="Pull oracle">
    An oracle design where price updates are **posted** to chain by consumers
    in the same transaction they use the price in. Eliminates staleness risk.
  </Accordion>

  <Accordion title="Reserved margin">
    Collateral locked by a resting order. Not available for position margin
    until the order is cancelled or filled.
  </Accordion>

  <Accordion title="Settle funding">
    Applying the cumulative funding delta since a user's last interaction to
    their collateral. Permissionless in Kimia.
  </Accordion>

  <Accordion title="Spot pool">
    Kimia's oracle-priced wSOL/USDC pool used by the delta-vault to swap
    between legs. No AMM curve; prices at oracle ± spread.
  </Accordion>

  <Accordion title="TWAP (Time-Weighted Average Price)">
    An exponential moving average of price, smoothing out short spikes. Kimia
    uses 1-hour TWAPs of both mark and oracle for the funding formula.
  </Accordion>

  <Accordion title="Vault share">
    An SPL token representing a proportional claim on the delta-vault's NAV.
    Can be held, redeemed, or split into PT + YT.
  </Accordion>

  <Accordion title="YT / Yield Token">
    SPL token representing a claim on all yield accrued by an underlying vault
    share between mint and maturity.
  </Accordion>

  <Accordion title="Yield-space invariant">
    The AMM curve $x \cdot y^t = k$ where $t$ is time-to-maturity. Prices
    converge to 1:1 as $t \to 0$.
  </Accordion>
</AccordionGroup>