The vocabulary, defined.

A futures contract with no expiry date. Instead of settling on a delivery date, it stays anchored to an underlying index price through periodic funding payments between longs and shorts.

The price the protocol uses for margin, unrealized PnL, and liquidation. On Aftermath it is the median of three inputs — the book price, the funding price, and the TWAP price — so no single input can move it on its own.

The aggregated oracle price of the underlying asset, sourced across Pyth, Stork, Switchboard, and SEDA. Funding references it: the difference between the book price and the index is clipped to at most 5% of the index.

The recurring payment between long and short positions that keeps a perpetual near its index. On Aftermath funding is peer-to-peer, paid hourly and quoted as an 8-hour rate, and Aftermath collects no fees on those payments. It accumulates continuously rather than resetting on a fixed 8-hour schedule.

The total size of positions currently open in a market, counted once per contract rather than once per trade. It measures exposure outstanding, not volume traded.

The collateral required to open a position of a given size. It is the position value multiplied by the market's initial margin ratio.

The fraction of position value that must be posted as collateral to open a position, which is what sets maximum leverage: an IMR of 0.1 means up to 10× leverage. IMR is stored onchain, and changes to it are time-delayed by a few days.

The minimum collateral a position must retain to stay open. Once equity falls below it, the position becomes liquidatable.

The fraction of position value below which a position can be liquidated. An MMR of 0.05 corresponds to liquidation at 20× effective leverage. Like IMR, it lives onchain and changes on a delay of a few days.

A margin mode in which each market's collateral is ring-fenced. Aftermath perpetuals are isolated per market, so a loss in one market cannot draw on collateral backing a position in another.

The mark price at which a position's equity reaches the maintenance margin requirement and the position becomes liquidatable. On Aftermath liquidations are partial: the position is reduced to the market's maximum initial leverage rather than closed outright, and anyone can call one.

The final step in Aftermath's bad-debt waterfall. If the insurance fund is exhausted and losses have already been socialized, positions on the profitable side of the market are reduced to close the shortfall.

The middle step of the waterfall. Bad debt that a market's insurance fund cannot absorb is spread across remaining participants in that market before auto-deleveraging is reached.

A per-market, isolated pool that absorbs bad debt left behind by liquidations. It is funded by an insurance-fund fee charged on each liquidation, and because it is isolated, one market's shortfall cannot drain another's fund.

In a linear market, collateral is the quote asset — USDC, for example. In an inverse market, collateral is the base asset or another asset entirely. Any asset with a reliable oracle can be collateral, so new markets ship without a protocol upgrade.

An order book that matches resting bids against resting asks under a published rule, rather than quoting against a pool. Aftermath's CLOB is written in Move and matches onchain: unlike hybrid architectures that rely on off-chain sequencers, all matching logic executes in the contract.

A maker adds resting liquidity to the book; a taker removes it by crossing the spread. Aftermath charges the two different fees, tiered on rolling 14-day volume assessed daily at the UTC close, and pays maker rebates based on 14-day weighted market share.

The matching rule Aftermath uses: better-priced orders execute first, and among orders at the same price the earliest arrival executes first. There is no designated market maker program, no special rebates, and no latency advantages.

A limit order that is rejected instead of executing if it would cross the spread and trade immediately. It guarantees the order rests on the book and is charged the maker fee.

A limit order that fills as much as it can right away and cancels the rest. Nothing is left resting on the book.

A limit order that must fill in full immediately or be cancelled in full. There are no partial fills.

An order modifier that allows an order to shrink an existing position but never to open, increase, or flip one. Aftermath also supports an expiry modifier on orders.

One instruction that places a ladder of limit orders evenly spaced between a start price and an end price, with an optional size skew across the rungs.

A resting instruction that submits a market order once the trigger price is reached. It prioritizes getting filled over getting a price.

A resting instruction that submits a limit order at a price you set once the trigger price is reached. It prioritizes the price over the fill, and can go unfilled if the market runs past your limit.

The difference between the price you expected when you submitted and the price you actually received, including moves caused by other orders arriving in between. On routed swaps a hot-potato object enforces a slippage bound across the whole multi-venue route rather than hop by hop.

The part of the price move your own order caused by consuming liquidity. Slippage is everything you experienced; price impact is the share of it you are responsible for. A small order in a deep market can have near-zero price impact and still suffer slippage.

Time-weighted average price: an average over a window that weights each observation by how long it stood. Aftermath uses a TWAP price as one of the three inputs to the mark price.

A service that publishes off-chain prices onchain for contracts to read. Aftermath aggregates across Pyth, Stork, Switchboard, and SEDA rather than depending on a single provider.

A permissionless fee-sharing arrangement for third-party front ends. The user approves an integrator with a maximum fee cap and can revoke that approval; the split is applied in real time inside the onchain fee logic.

A second wallet delegated permission to trade an account. It can perform every action except withdrawing collateral and granting or revoking other agent wallets.

A pool that quotes prices from a formula over its reserves instead of from an order book. Liquidity providers deposit assets and earn a share of the trading fees the pool collects.

An AMM whose reserves must satisfy a fixed invariant after every trade. Aftermath's pools hold up to eight assets in a single pool and offer two invariants: uncorrelated, with arbitrary weights from 1% to 99% summing to 100, and stable, which requires equal weights.

The token representing a share of a pool or vault. On Aftermath, pool withdrawals are always distributed pro-rata at equal weights as a safety feature, and a creator may optionally burn the LP coin at creation, locking the initial liquidity permanently.

Aftermath's routing engine. It splits a single swap across Aftermath pools and every Sui DEX with a connectable API, executes the sub-paths inside one Programmable Transaction Block, and always requires the end user to sign just one transaction.

Aftermath's farm: a vault that emits rewards to stakers. Emissions are computed every minute pro-rata by staked share, with a lock multiplier the creator sets between 1× and 18×, and they can be increased but never decreased.

Dollar-cost averaging: a standing order that trades a fixed amount at a fixed interval. Aftermath's DCA is zero fee, executes each trade within ±30 seconds of its interval to prevent gamification, and reserves 0.05 SUI per transaction for gas, refunded on completion or cancellation.

A transferable token representing staked proof-of-stake assets plus the rewards they have accrued. It lets staked capital keep circulating while it continues to earn.

Aftermath's liquid staking token for SUI. Stakers pick any active validator themselves; Aftermath uses no selection algorithm and does not delegate to its own validator. Every afSUI is fungible and earns the same blended APY.

How a value-accruing liquid staking token grows. The afSUI-to-SUI exchange rate rises each 24-hour Sui epoch as rewards land: your balance does not change, but each unit is worth more SUI.

The standard afSUI redemption path. Unbonding takes one Sui epoch, roughly 24 hours, and the fee is 5% of the staking rewards earned — not 5% of the principal.

The atomic afSUI redemption path, priced between 0.1% and 1% depending on how full the reserve is; the fee falls as reserves approach the 10,000 SUI target. A third path also exists: swapping afSUI to SUI through the Smart-Order Router.

On Sui, a period of roughly 24 hours at whose boundary staking rewards are distributed. Aftermath also uses the word for program cycles: farm emissions run in two-week epochs that end and begin on Sunday, and the points program runs bi-weekly epochs.

A node that participates in Sui consensus and earns rewards on the stake delegated to it. Aftermath has operated one of the 95 genesis validators since the network launched.

Sui's mechanism for chaining many contract calls into one atomic transaction, passing the result of each into the next. It is what lets a split route across several DEXes, or a market maker's cancel-and-place, settle under a single signature.

A Move value that cannot be stored, copied, or dropped, so a transaction cannot finish while it exists — it has to be handed to the function that consumes it. Aftermath's router uses one to enforce a slippage bound across an entire multi-venue route instead of hop by hop.

A Sui object with a single owning address, usable without going through consensus. Aftermath leans on it: perpetuals collateral sits in a user-owned Account object, and a staked farm position is an object only its owner can invoke, which is why the vault cannot touch staked funds.

A Sui account derived from an OAuth login plus a zero-knowledge proof, with no seed phrase. Aftermath supports Google and Twitch; a session lasts 28 epochs, about 28 days.

Paying Sui gas in a coin other than SUI. Aftermath sponsors the SUI and charges the user in the coin they chose, using sponsored and programmable transactions. 25 coins are accepted for sponsored gas.

One hundredth of a percent: 1 bps is 0.01%. Maker rebates are quoted this way — a 0.5% share of 14-day weighted volume earns 0.1 bps, rising to 0.8 bps at a 5% share.