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Account health: The overall risk condition of a trader account, computed from effective collateral versus margin thresholds. ADL: Auto-deleveraging. A last-resort mechanism that reduces profitable counterparties when liquidation and backstop paths are not enough. Backstop liquidation: A more severe liquidation path used after the ordinary maintenance/liquidation threshold has already been breached. Builder fee: The additional fee charged when an order is routed through Flight. Cancel margin: The threshold below which Phoenix can force-cancel risk-increasing resting orders. Discounted unrealized PnL: Positive unrealized PnL after applying the market’s uPnL risk factor. Negative unrealized PnL is counted in full. Effective collateral: Deposited collateral plus discounted unrealized PnL and unsettled funding: Ceffective=Cdeposited+Udiscounted+FunsettledC_{\text{effective}} = C_{\text{deposited}} + U_{\text{discounted}} + F_{\text{unsettled}} Entry price: The effective average basis of the active position. Phoenix derives it from virtual quote position divided by active base position. FIFO order book: The normal resting order book where better price fills first and equal-price orders fill in time order. Funding: Periodic cash flow between longs and shorts based on mark-index basis. High-risk margin: The deepest standard threshold before ADL-style handling becomes relevant. Index price: The external spot reference used as the anchor for funding and mark-price construction. Initial margin: The collateral requirement to open or safely maintain current exposure, based on leverage tiers and order margin. Isolated margin: A margin mode where a child account has its own dedicated collateral pool. Liquidation: Forced risk reduction once effective collateral falls below maintenance requirements. Maintenance margin: The minimum effective collateral needed before normal liquidation begins. Mark price: The reference price Phoenix uses for PnL, liquidations, funding, and trigger orders. Open interest: The total outstanding long and short exposure in a market. Pending funding / unsettled funding: Funding that has accrued but has not yet been formally settled into collateral. PnL: Profit and loss. Risk score: A numerical health metric used across Phoenix state tooling. Lower is healthier; around 1000 is near liquidation. Self-trade prevention: Matching-engine behavior that prevents a trader from filling against their own resting liquidity. Spline liquidity: Phoenix’s region-based liquidity model around a spline mid price. Subaccount: A child account under the same wallet authority. In Phoenix, subaccounts above 0 are used for isolated risk. Unrealized PnL: Profit or loss on an open position at the current mark price.