Effective Collateral: The total value available to back your positions, including balance, discounted unrealized PnL, and pending funding.
PnL (Profit and Loss): The money made or lost on positions.
Unrealized PnL: The profit or loss on open positions. Becomes realized when you close the position.
Discounted Unrealized PnL:
Initial Margin: The collateral required to open a position.
Maintenance Margin: The minimum collateral required to keep a position open.
Mark Price: The fair value of your perpetual position on Phoenix. Used to calculate unrealized PnL and determine liquidations. Calculated from external perpetual prices, orderbook data, and spot price feeds.
Index Price: The spot price of the underlying asset. Used to calculate funding rates.
Entry Price: The price at which you opened your position.
Funding Rate: Periodic payments between long and short traders that keep perpetual prices aligned with spot prices.
Pending Funding:
Open Interest: The total number of outstanding contracts in a market.
Health Score: A metric from 0-1000+ indicating how close a position is to liquidation. Lower is healthier.
Liquidation: The forced closing of a leveraged position when collateral is insufficient.
Automatic Deleveraging (ADL): When liquidations cannot be filled through the orderbook, profitable positions on the opposite side are automatically closed. The most profitable and highest-leveraged positions are closed first. This protects the system/insurance fund when liquidity dries up.