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FOREVER MARKETS
Glossary
Plain-language definitions for the terms used throughout Forever Markets.
2 min readUpdated Aug 27, 2026Capped beta
| Term | Meaning |
|---|
| D | The NVIDIA-side dominance price between 0 and 1 |
| Complement | The opposite side, always worth 1 − D |
| Complete set | One NVIDIA unit plus one AMD unit, fully collateralized by 1 USDG |
| Units | The quantity of dominance exposure in a position |
| Open interest (OI) | The total currently open exposure in a market |
| Entry price | The weighted average D price at which a position was opened |
| Term | Meaning |
|---|
| CLOB | Central limit order book with price-time priority |
| Maker | A trader whose resting order provides liquidity |
| Taker | A trader whose order immediately consumes available liquidity |
| PMM | The protocol liquidity curve that adjusts prices for inventory |
| Partial fill | Only part of an order executes; the remainder follows its time-in-force rule |
| Price impact | The difference between the starting quote and average execution caused by order size |
| Term | Meaning |
|---|
| Margin | USDG collateral supporting leveraged exposure |
| Maintenance margin | Minimum equity required to keep a leveraged position open |
| Funding | Recurring transfer that charges persistent market imbalance |
| Utilization fee | Separate charge paid to LPs when vault capital supports unmatched exposure |
| Sleeve | A capped market-specific allocation inside the shared LP vault |
| Conservative NAV | Vault value after subtracting positive unrealized trader PnL |
| First-loss capital | Protocol or creator capital that absorbs realized sleeve loss before global LPs |