> ## Documentation Index
> Fetch the complete documentation index at: https://docs.whitebit.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> Comprehensive glossary of trading terms, cryptocurrency concepts, and WhiteBIT platform terminology.

## A

<AccordionGroup>
  <Accordion title="Active orders">
    [Orders](#orders) running for the duration of the trading day.
  </Accordion>

  <Accordion title="ADL Grade">
    An indicator value from 0 to 4 reflecting a position's place in the per-market [Auto-Deleveraging](#auto-deleveraging-adl) ranking. Higher Grade signals higher likelihood of selection as an ADL counterparty. Grade 4 corresponds to the asymptotic top 5% of the ranked list. See [ADL Grade](/concepts/auto-deleveraging#adl-grade).
  </Accordion>

  <Accordion title="Ask">
    Sell [order](#orders).
  </Accordion>

  <Accordion title="Assets">
    A digital representation of value transferable, storable, or tradable electronically.
  </Accordion>

  <Accordion title="Auto-Deleveraging (ADL)">
    Final-stage liquidation mechanism on the futures market. Activates only when standard market liquidity cannot fully cover a liquidated position. Closes profitable counterparty positions on the opposite side at a calculated price, ensuring no user balance becomes negative. See [Auto-Deleveraging](/concepts/auto-deleveraging).
  </Accordion>
</AccordionGroup>

## B

<AccordionGroup>
  <Accordion title="Balance Collateral">
    Balance for [margin](#margin-trading) and [futures trading](#futures-trading)
  </Accordion>

  <Accordion title="Balance Main">
    A balance accepting deposits and withdrawals of cryptocurrency and national currency.
  </Accordion>

  <Accordion title="Balance Spot (Balance Trade)">
    Balance for [spot trading](#spot-trading). This balance supports non-marginal trading ([order](#orders) placement) and currency exchange.
  </Accordion>

  <Accordion title="Best-bid-offer (BBO)">
    Best-bid-offer (BBO) determines [limit order](#limit-order) prices based on market conditions. In the counterparty method, for buy orders the system uses the lowest ask price in the [order book](#order-book); for sell orders, the highest bid price. The queue method uses the highest current buy price (Bid) for buy orders and the highest ask price for sell orders.
  </Accordion>

  <Accordion title="Bid">
    Buy [order](#orders).
  </Accordion>
</AccordionGroup>

## C

<AccordionGroup>
  <Accordion title="Card token">
    A unique identifier for a card, used to facilitate payments and manage subscriptions without exposing the actual card information.
  </Accordion>

  <Accordion title="Codes">
    See [WhiteBIT Codes](#whitebit-codes)
  </Accordion>

  <Accordion title="Collateral">
    The cryptocurrency [asset](#assets) pledged by the borrower as a guarantee of loan repayment.
  </Accordion>

  <Accordion title="Colocation">
    The practice of placing trading servers in close physical proximity to an exchange's [matching engine](#matching-engine) to minimize [latency](#latency). Colocation is crucial for [high-frequency trading (HFT)](#high-frequency-trading-hft) operations.
  </Accordion>

  <Accordion title="Conditional orders">
    "Conditional orders" is a collective term for [orders](#orders) with conditions. Currently, these include [OTO](#one-triggers-the-other-oto) (One Triggers the Other) and [OCO](#oco-orders) (One Cancels the Other) orders.
  </Accordion>

  <Accordion title="Crypto Lending">
    Crypto Lending enables earning passive income by lending funds to the exchange in a chosen cryptocurrency for a set period.
  </Accordion>
</AccordionGroup>

## D

<AccordionGroup>
  <Accordion title="Deal (Trade)">
    A transaction where two parties buy or sell an [asset](#assets) at an agreed-upon price. The trade record includes the price, amount, date, and any [fees](#fee).
  </Accordion>

  <Accordion title="Derivative">
    Crypto derivatives are contracts deriving value from a primary underlying [asset](#assets). The primary asset is a cryptocurrency such as Bitcoin.
  </Accordion>

  <Accordion title="Depth">
    See [Order book](#order-book).
  </Accordion>
</AccordionGroup>

## E

<AccordionGroup>
  <Accordion title="Effective leverage">
    A position-level metric used in the [Auto-Deleveraging](#auto-deleveraging-adl) Rating formula. Defined as `|position size in money| / account equity`. Distinct from configured account [leverage](#leverage) — effective leverage scales with position size relative to the account's [collateral balance](#balance-collateral), not with the leverage setting alone. See [Rating formula](/concepts/auto-deleveraging#rating-formula).
  </Accordion>

  <Accordion title="European Economic Area (EEA)">
    The EEA is an international agreement enabling the extension of the European Union's single market to non-EU member states. The EEA consists of the EU member states and three EFTA states (Iceland, Liechtenstein, and Norway).
  </Accordion>
</AccordionGroup>

## F

<AccordionGroup>
  <Accordion title="Fast API Key">
    An OAuth-issued WhiteBIT API key that a partner platform obtains on behalf of an end user through the OAuth API key consent flow, replacing manual key creation and copy-paste. The API secret is retrievable by the partner exactly once through a Bearer-authenticated endpoint, and the resulting key is restricted to the partner's registered IP ranges. See the [Fast API Key integration guide](/guides/fast-api-key-via-oauth).
  </Accordion>

  <Accordion title="Fee">
    The platform charges a fee for crypto transactions.
  </Accordion>

  <Accordion title="Fiat">
    A currency (a medium of exchange) established by government regulation as [money](#money) but without intrinsic value (value independent of the nominal value, such as a precious metal might have).
  </Accordion>

  <Accordion title="Finished orders">
    A list of all completed (executed) [orders](#orders) including order ID, date, amount, price, conditions, and other relevant data.
  </Accordion>

  <Accordion title="Futures">
    See [Perpetual futures](#perpetual-futures)
  </Accordion>

  <Accordion title="Futures trading">
    Futures trading supports opening Long and Short positions and using [leverage](#leverage). Traders pay a [fee](#fee) for using borrowed funds to each other, not to the exchange.
  </Accordion>
</AccordionGroup>

## G

## H

<AccordionGroup>
  <Accordion title="High-frequency trading (HFT)">
    An automated trading strategy involving executing a large number of [orders](#orders) at extremely high speeds, typically utilizing [colocation](#colocation) services to minimize [latency](#latency).
  </Accordion>
</AccordionGroup>

## I

## J

## K

<AccordionGroup>
  <Accordion title="Kill-switch timer">
    A function to cancel all [orders](#orders) automatically when the timer expires. The kill-switch timer only cancels orders grouped by concrete [asset](#assets).
  </Accordion>
</AccordionGroup>

## L

<AccordionGroup>
  <Accordion title="Latency">
    The time delay between sending a trading order and order execution. In [high-frequency trading](#high-frequency-trading-hft), traders measure latency in milliseconds or microseconds.
  </Accordion>

  <Accordion title="Lending plans">
    See [Crypto Lending](#crypto-lending)
  </Accordion>

  <Accordion title="Leverage">
    The ratio of [margin](#margin-trading) to borrowed funds shows how many times credit exceeds available [assets](#assets).
  </Accordion>

  <Accordion title="Limit order">
    A limit order specifies a fixed price for buying or selling an [asset](#assets).
  </Accordion>
</AccordionGroup>

## M

<AccordionGroup>
  <Accordion title="Maker">
    A maker is a trader who places [limit orders](#limit-order) on the [order book](#order-book), setting the price and quantity of the [trade](#deal-trade), and waits for another trader to accept the [order](#orders).
  </Accordion>

  <Accordion title="Margin trading">
    The use of exchange's funds to trade [assets](#assets) enables placing [orders](#orders) for sums exceeding the initial deposit several times. The initial deposit is called "margin," and the margin size depends on the [leverage](#leverage).
  </Accordion>

  <Accordion title="Market">
    [Assets](#assets) tradable for each other on an exchange.
  </Accordion>

  <Accordion title="Market activity">
    [Market](#market) information (last price, [volume](#volumetrade-volume), high, low, change) for the last 24 hours.
  </Accordion>

  <Accordion title="Market order">
    A market order specifies an [asset](#assets) for immediate purchase or sale at the best available price.
  </Accordion>

  <Accordion title="Market pair">
    See [Market](#market)
  </Accordion>

  <Accordion title="Matching engine">
    The core system of an exchange pairing buy and sell [orders](#orders). In [colocation](#colocation) setups, exchanges position trading servers close to the matching engine to minimize execution time.
  </Accordion>

  <Accordion title="Memo (destination tag)">
    A special identifier some cryptocurrency networks require for transactions. Depositing and withdrawing some cryptocurrencies, such as Ripple (XRP) and Stellar (XLM), requires specifying a memo.
  </Accordion>

  <Accordion title="Money">
    The currency used to buy and sell [assets](#assets) on a trading platform.
  </Accordion>

  <Accordion title="Multinetwork">
    Cryptocurrency like USDT exists on different networks (e.g. OMNI, Tron, Ethereum). Traders select the network when making a deposit or withdrawal.
  </Accordion>
</AccordionGroup>

## N

<AccordionGroup>
  <Accordion title="Nonce">
    An arbitrary number used only once in a request.
  </Accordion>
</AccordionGroup>

## O

<AccordionGroup>
  <Accordion title="OCO orders">
    An OCO order combines a [limit order](#limit-order) with a [stop-limit](#stop-limit-order); only one executes. When one order fills, the platform automatically cancels the other.
  </Accordion>

  <Accordion title="One Triggers the Other (OTO)">
    OTO is a trading feature where fulfilling a primary [order](#orders) automatically sets corresponding stop loss and take profit orders. OTO allows specifying prices for stop loss and take profit when creating the primary order.
  </Accordion>

  <Accordion title="Order book">
    A separated list of buy (bids) and sell (asks) [active orders](#active-orders) for a specific [market](#market).
  </Accordion>

  <Accordion title="Orders">
    Simple contracts specifying the crypto to buy or sell, the quantity, and the price. Orders consist of [trades (deals)](#deal-trade). The execution of all deals executes the order. There are different types of orders: [Market order](#market-order), [Limit order](#limit-order), [Stop market order](#stop-market-order), [Stop limit order](#stop-limit-order), [OCO order](#oco-orders). Orders have either [executed (finished)](#finished-orders) or [unexecuted (active)](#active-orders) status.
  </Accordion>

  <Accordion title="Orders pending">
    [Orders](#orders) requesting an exchange to buy or sell an [asset](#assets) at a set price and conditions.
  </Accordion>
</AccordionGroup>

## P

<AccordionGroup>
  <Accordion title="Pair">
    See [Market](#market)
  </Accordion>

  <Accordion title="Perpetual futures">
    A type of [derivative](#derivative) contract for trading cryptocurrencies with no expiration date and daily rollover.
  </Accordion>

  <Accordion title="Position side">
    Defines the position direction for a trade when hedge mode is enabled, and only for [perpetual futures](#perpetual-futures) trading [Market](#market).
    "LONG": Represents a long (buy) position.
    "SHORT": Represents a short (sell) position.
    "BOTH": Applies to both long and short positions, typically used in query contexts.
  </Accordion>

  <Accordion title="Precision">
    The number of digits to the right of the decimal point.
  </Accordion>

  <Accordion title="Price-time priority">
    The order-matching rule used by the [matching engine](#matching-engine): better-priced [orders](#orders) fill first, and orders resting at the same price fill in the sequence they reached the engine.
  </Accordion>

  <Accordion title="Provider">
    [Fiat](#fiat) currencies have different providers facilitating deposits and withdrawals by bank transfers.
  </Accordion>
</AccordionGroup>

## Q

## R

<AccordionGroup>
  <Accordion title="Refund">
    Refund returns funds for a canceled [deposit](#whitebit-deposit-to-main-balance). The refund address must support the same network and [asset](#assets) as the original deposit. The refund address cannot be a WhiteBIT address. Use the [Refund deposit endpoint](/api-reference/account-wallet/refund-deposit) to request a refund.
  </Accordion>

  <Accordion title="Retail Price Improvement (RPI)">
    Retail Price Improvement (RPI) defines a [limit order](#limit-order) mode improving execution for retail users and keeping the order out of public market data feeds. RPI is a two-sided feature: makers submit RPI orders with `rpi=true`, and takers eligible to match against those orders set [`retail=true`](#retail-flag).

    **Visibility**

    Public `depth` and `bookTicker` feeds exclude RPI orders in both WebSocket and REST responses. Private active order endpoints and private WebSocket streams return RPI orders. The exchange UI [order book](#order-book) (web and mobile) displays RPI orders.

    **IOC compatibility**

    RPI orders use post-only behavior by design. An RPI order does not support the IOC flag. The API returns error code `40` when a request sets both `rpi=true` and `ioc=true`.

    **Fees**

    RPI executions apply a specific [fee](#fee) or rebate model defined for the account. When a user trades through a [sub-account](#sub-account), the system applies the effective sub-account fee configuration. Use the `Query Market Fee` or `Query All Market Fees` endpoints to retrieve effective fees.
  </Accordion>

  <Accordion title="Retail flag">
    The `retail` request parameter on the [Create Limit Order](/api-reference/spot-trading/create-limit-order) and [Bulk Limit Order](/api-reference/spot-trading/bulk-limit-order) endpoints marks a [limit order](#limit-order) as a retail-source taker eligible to match against orders submitted by [Retail Price Improvement (RPI)](#retail-price-improvement-rpi) makers. The Retail flag is the taker-side counterpart to the `rpi` flag, which marks the maker side of the same feature.

    **Eligibility**

    The Retail flag must be enabled on the account before `retail=true` can be sent from a private-API source. Contact the account manager to enable the Retail flag.

    **Behavior**

    A retail taker is eligible to match against RPI-maker liquidity and may receive price improvement at execution. The flag has no effect when combined with `postOnly=true` — post-only orders are makers, never takers.

    **Mutual exclusivity**

    The Retail flag cannot be combined with the `rpi` flag. The API returns error code `41` when a request sets both `retail=true` and `rpi=true`. See [Order Parameter Rules](/guides/order-parameter-rules) for the complete list of unsupported parameter combinations.
  </Accordion>

  <Accordion title="Reduce-only">
    Reduce-only is an order parameter that guarantees an order only decreases or closes an existing position — never increases the position or opens a new one in the opposite direction.

    **Behavior**

    If the order amount exceeds the current position size, the system automatically reduces the order to match — the response returns the adjusted amount. This applies on placement and execution.

    **Rejection**

    The API returns error code `116` if no open position exists or the order direction matches the position direction. This is a synchronous rejection — the order is never created.

    **Auto-cancellation**

    If a position closes while a reduce-only [limit order](#limit-order) is still pending, the backend auto-cancels the order with status `AUTO_CANCELED_REDUCE_ONLY`. [Auto-Deleveraging](#auto-deleveraging-adl)-triggered closure also auto-cancels pending reduce-only orders with the same `AUTO_CANCELED_REDUCE_ONLY` status — no ADL-specific cancel status was introduced.

    **Availability**

    Available on collateral (margin and futures) markets only. See [Order Types — Reduce-only orders](/concepts/order-types#reduce-only-orders) for details and endpoint links.
  </Accordion>
</AccordionGroup>

## S

<AccordionGroup>
  <Accordion title="Self-trade prevention (STP)">
    STP is a mechanism preventing traders from executing trades against own [orders](#orders). STP helps avoid unintentional self-trading and ensures market integrity by automatically canceling or modifying orders resulting in a self-match.
  </Accordion>

  <Accordion title="Smart Plans">
    See [Crypto Lending](#crypto-lending)
  </Accordion>

  <Accordion title="SMART staking">
    See [Crypto Lending](#crypto-lending)
  </Accordion>

  <Accordion title="Spot trading">
    Buying and selling [assets](#assets) for immediate settlement.
  </Accordion>

  <Accordion title="Stock">
    An [asset](#assets) tradable on an exchange.
  </Accordion>

  <Accordion title="Stop limit order">
    A stop-limit [order](#orders) has both the [stop](#stop-price) and the limit prices. When the market price at the [pair](#market) reaches the [stop price](#stop-price), the order activates and executes as a basic [limit order](#limit-order).
  </Accordion>

  <Accordion title="Stop market order">
    A stop-market [order](#orders) executes when the market price reaches the [stop price](#stop-price). Traders use stop-market orders to limit losses during market volatility.
  </Accordion>

  <Accordion title="Stop price">
    A price set in advance to trigger a stop order.
  </Accordion>

  <Accordion title="Sub-account">
    A main account manages a sub-account. The main account assigns specific permissions to the sub-account (for example, the main account disables [margin trading](#margin-trading)).

    A sub-account can use a custom trading [fee](#fee) or rebate model defined for the sub-account. Use [`Query Market Fee`](/api-reference/spot-trading/query-market-fee) and [`Query All Market Fees`](/api-reference/spot-trading/query-all-market-fees) to retrieve effective fees when an API key belongs to a sub-account.

    [RPI](#retail-price-improvement-rpi) trading uses account-specific fees or rebates. When a user places RPI orders through a sub-account, the system applies the effective sub-account fees. Use [`Query Market Fee`](/api-reference/spot-trading/query-market-fee) and [`Query All Market Fees`](/api-reference/spot-trading/query-all-market-fees) to verify fees for RPI executions.
  </Accordion>
</AccordionGroup>

## T

<AccordionGroup>
  <Accordion title="Take profit/stop loss (TPSL)">
    A risk management feature to automatically close positions at predefined price levels. Take Profit (TP) closes at a higher price; Stop Loss (SL) closes at a lower price. These [orders](#orders) help traders manage risk and lock in profits automatically.
  </Accordion>

  <Accordion title="Taker">
    A taker accepts an existing [order](#orders) from the [order book](#order-book), taking liquidity from the [market](#market).
  </Accordion>

  <Accordion title="Ticker">
    An alphabetic and/or numeric abbreviation of the name of a digital [asset](#assets). (BTC - Bitcoin ticker).
  </Accordion>

  <Accordion title="Trade">
    See [Deal](#deal-trade)
  </Accordion>

  <Accordion title="Trade volume">
    See [Volume](#volumetrade-volume)
  </Accordion>

  <Accordion title="TradFi futures">
    Traditional-finance (TradFi) futures contracts on assets such as equities (for example, `AAPL_USD`), carrying `type: tradfiFutures` and `isTradFiFutures: true` in the [markets](/api-reference/market-data/market-info) response. Availability is region-gated. See [Perpetual futures](#perpetual-futures) for crypto-settled contracts.
  </Accordion>
</AccordionGroup>

## U

## V

<AccordionGroup>
  <Accordion title="Volume (Trade Volume)">
    The total number of shares or contracts buyers and sellers exchange in a [market](#market) on a given day.
  </Accordion>
</AccordionGroup>

## W

<AccordionGroup>
  <Accordion title="WhiteBIT Codes">
    WhiteBIT Codes enable converting funds into a unique alphanumeric code. Easy and free to use.
  </Accordion>
</AccordionGroup>

## X

## Y

## Z