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 + discounted_unrealized_pnl + unsettled_funding
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.
