# Glossary

Definitions of terms used across HermesTrade docs and APIs. Click any entry to expand it.

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## A

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<summary><strong>Adjudication</strong></summary>

The multi-phase process by which a market outcome is proposed, potentially challenged, and resolved. The `Adjudication` object on a `Market` tracks `currentPhase` (proposed, challenged, arbitrated, resolved, canceled), relevant timestamps, the `proposedOutcome`, `settledOutcome`, and a `nextSteps[]` array guiding participants through each phase. See [Resolution and disputes](/core-concepts/resolution-disputes.md).

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<summary><strong>allowances</strong></summary>

Per-token approvals tracked in `BalanceAllowanceResponse.allowances` (a map of token ID to approved amount). Controls how much of a given outcome token the CLOB exchange contract is authorized to spend on your behalf. Must be set before placing orders.

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## B

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<summary><strong>balance</strong></summary>

The total quantity of outcome shares held in your proxy wallet, as reported in `BalanceAllowanceResponse.balance`. This figure includes both freely available shares and shares currently locked in open orders.

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<summary><strong>BUY / SELL side</strong></summary>

In the CLOB, `BUY` means you are purchasing YES shares for a market; `SELL` means you are selling YES shares. A SELL order is economically equivalent to buying NO shares. The `side` field on an `Order` or `OpenOrder` takes the values `BUY` or `SELL`.

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## C

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<summary><strong>clobTokenIds</strong></summary>

The two ERC1155 token IDs for a market's YES and NO outcome shares, as stored on the Conditional Token Framework contract. Returned as `clobTokenIds: string[]` on the Gamma API `Market` object — index 0 is YES, index 1 is NO. Use these IDs as the `token_id` parameter when querying the CLOB API.

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<summary><strong>CLOB (Central Limit Order Book)</strong></summary>

The trading engine that matches buy and sell orders by price-time priority. HermesTrade's CLOB API manages all order placement, cancellation, and trade history. See [Order book](/core-concepts/order-book.md).

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<summary><strong>conditionId</strong></summary>

The unique identifier for a market's condition in the Conditional Token Framework (CTF) contracts. Used by the CTF contract to track the market's outcome state. Returned as `conditionId` on the Gamma API `Market` object and as `market` on CLOB API order and trade objects.

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<summary><strong>Conditional Token Framework (CTF)</strong></summary>

The ERC1155-based smart contract standard underlying HermesTrade's outcome shares. The CTF contract creates, holds, and settles conditional tokens (YES/NO shares) for each market. At resolution, the contract distributes collateral to holders of winning outcome tokens according to the `payoutVector`. See [Outcome shares](/core-concepts/outcome-shares.md).

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## E

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<summary><strong>Event</strong></summary>

A container in the Gamma API that groups one or more related markets around a common topic or real-world happening (e.g., "2025 US Presidential Election"). An event has its own `id`, `slug`, `title`, `startDate`, `endDate`, `volume`, and a `markets[]` array. Browse events via `GET /events`. See [Markets and events](/core-concepts/markets-and-events.md).

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<summary><strong>expiration</strong></summary>

The Unix timestamp (in seconds) after which a GTD order is automatically canceled. Stored in the `expiration` field on the `Order` struct and `OpenOrder` response. For GTC orders, set `expiration` to `"0"` to indicate no expiry.

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## F

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<summary><strong>FAK (Fill And Kill)</strong></summary>

An order type that fills as much of the requested quantity as possible immediately against resting orders in the book, then cancels any unfilled remainder. `order_type: "FAK"` on an `OpenOrder`.

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<summary><strong>feeRateBps</strong></summary>

The fee rate charged on a filled order, expressed in basis points (1 bps = 0.01%). Stored in the `feeRateBps` field on the `Order` submission struct, the `fee_rate_bps` field on a `Trade`, and returned by `GET /fee-rate` and `GET /fee-rate/{tokenID}` on the CLOB API. See [Fees](/core-concepts/fees.md).

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<summary><strong>FOK (Fill Or Kill)</strong></summary>

An order type that must fill its entire quantity immediately or be rejected in full. No partial fills are accepted. `order_type: "FOK"` on an `OpenOrder`.

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## G

<details>

<summary><strong>GTC (Good Till Canceled)</strong></summary>

The default order type. A GTC order rests in the order book until it is completely filled or explicitly canceled by the trader. Set `expiration: "0"` in the order struct. `order_type: "GTC"` on an `OpenOrder`.

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<summary><strong>GTD (Good Till Date)</strong></summary>

An order type with a specific expiration timestamp. The order rests in the book and is automatically canceled if not filled by the time specified in the `expiration` field. `order_type: "GTD"` on an `OpenOrder`.

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## L

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<summary><strong>locked</strong></summary>

The quantity of outcome shares committed to open limit orders and therefore unavailable for new orders. Reported in `BalanceAllowanceResponse.locked`. The relationship is: `balance = virtual_available + locked`.

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## M

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<summary><strong>Market</strong></summary>

A single binary prediction question within an event, with YES and NO outcome tokens. A market has a `conditionId`, two `clobTokenIds`, `orderMinSize`, `orderMaxSize`, `tick_size`, and an `adjudication` object. Retrieved via Gamma API `GET /markets/{id}`. See [Markets and events](/core-concepts/markets-and-events.md).

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<summary><strong>MatchType</strong></summary>

How a trade was settled by the CLOB engine. Possible values:

* `COMPLEMENTARY` — Filled from existing inventory in the book
* `MINT` — New token pairs were created to satisfy the trade
* `MERGE` — Opposing YES and NO tokens were burned to return collateral
* `SYNTHETIC` — An internal test trade (not a real user trade)

Returned as `match_type` on the `Trade` object.

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## N

<details>

<summary><strong>negRisk</strong></summary>

A capital-efficient model for multi-outcome events where all outcome probabilities must sum to 100%. In a `negRisk` market, holding NO shares across all outcomes in the event is equivalent to holding the collateral token (e.g., USDC). Flagged by `negRisk: true` on an `Event` and `negRiskAugmented: true` on a `Market`.

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<details>

<summary><strong>nonce</strong></summary>

A unique value included in EIP-712 signatures to prevent replay attacks. In the CLOB L1 auth context, `PRED_NONCE` is a random string sent as a request header. In the `Order` struct, `nonce` is the order-level uniqueness value. In the Relayer context, `nonce` is the Safe wallet's sequential transaction counter.

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## O

<details>

<summary><strong>Order</strong></summary>

An instruction to buy or sell a specific quantity of outcome shares at a specified price, signed by the maker using EIP-712. Submitted to `POST /order` or `POST /orders` on the CLOB API. Key fields: `maker`, `makerAmount`, `takerAmount`, `tokenID`, `side`, `price`, `expiration`, `feeRateBps`, `nonce`, `salt`, `signatureType`.

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<details>

<summary><strong>OrderStatus</strong></summary>

The lifecycle state of an order. Possible values:

* `LIVE` — Active in the order book
* `MATCHED` — Fully filled
* `CANCELED` — Canceled by the trader
* `CANCELED_MARKET_RESOLVED` — Automatically canceled when the market resolved
* `SYSTEM_CLEARED` — Removed by a system operation
* `INVALID` — Rejected as invalid

Returned as `status` on `OpenOrder` and `SendOrderResponse`.

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<summary><strong>outcome</strong></summary>

One of the possible results of a market question. HermesTrade markets are binary: YES or NO. The `outcomes` field on a `Market` object returns these as strings (e.g., `["Yes", "No"]`). At resolution, the `payoutVector` specifies the payout multiplier for each outcome. See [Outcome shares](/core-concepts/outcome-shares.md).

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## P

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<summary><strong>payoutVector</strong></summary>

An array of numbers on the `Adjudication` object specifying the payout per outcome share at resolution. For a YES-resolving market this is `[1, 0]`; for a NO-resolving market this is `[0, 1]`. The CTF contract uses this vector to calculate how much collateral each share holder receives.

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<summary><strong>Position</strong></summary>

Your current holding of outcome shares in a specific market. A position is represented by the balance of a `token_id` in your proxy wallet. Use `GET /balance-allowance` on the CLOB API to query your positions.

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<summary><strong>price</strong></summary>

The per-share cost expressed in the collateral token (e.g., USDC), ranging from `$0.01` to `$0.99`. Because outcome shares pay out `$1.00` if the market resolves in their favor, the price also represents the market's implied probability of that outcome. For example, a YES share priced at `$0.72` implies a 72% probability of YES resolving.

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<summary><strong>proxyWallet</strong></summary>

Your Safe smart wallet address deployed by the Relayer. The proxy wallet holds your collateral and outcome shares, and executes on-chain trades. It is distinct from your EOA (externally owned account) address. The `maker` field on submitted orders is typically your proxy wallet address. See [Smart wallets](/core-concepts/smart-wallets.md).

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## R

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<summary><strong>Resolution</strong></summary>

The process by which a market's final outcome is determined and payouts are calculated and distributed. Resolution follows adjudication — once the `Adjudication.currentPhase` reaches `resolved`, the `payoutVector` is finalized and the CTF contract distributes collateral to winners. See [Resolution and disputes](/core-concepts/resolution-disputes.md).

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## S

<details>

<summary><strong>salt</strong></summary>

A random value included in the `Order` struct when signing with EIP-712. Ensures each order has a unique signature even if all other fields are identical. Must be generated fresh for every order submission.

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<summary><strong>scopeId</strong></summary>

An optional tenant identifier for whitelabel and embedded integrations. Appears in the Gamma API nonce response (`scopeId`), CLOB API L1/L2 auth headers (`PRED_SCOPE_ID`), Relayer API requests, and the `Order` struct. Standard users can omit this field; whitelabel partners must set it to their assigned scope value.

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<summary><strong>signatureType</strong></summary>

A field on the `Order` struct identifying which EIP-712 signature variant was used to sign the order. The specific valid values should be confirmed with the HermesTrade team or an official SDK when available.

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<summary><strong>slug</strong></summary>

A URL-safe, human-readable identifier for events and markets (e.g., `will-x-happen-in-2025`). Used in Gamma API path parameters: `GET /events/slug/{slug}` and `GET /markets/slug/{slug}`. Stable once assigned.

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## T

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<summary><strong>tick size</strong></summary>

The minimum price increment for orders in a market's order book. Orders must be placed at prices that are multiples of the tick size; submitting an order at a non-conforming price returns a 400 error. Retrieved via `GET /tick-size/{tokenID}` on the CLOB API or from the `orderPriceMinTickSize` field on the Gamma API `Market` object.

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<summary><strong>token_id</strong></summary>

The ERC1155 token ID for a single outcome share (YES or NO) within a market. Used as the primary key for CLOB API calls (`token_id` query parameter). Corresponds to the `asset_id` field on `OpenOrder` and `Trade` objects. The two token IDs for a market's YES and NO shares are listed in `Market.clobTokenIds`.

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<summary><strong>Trade</strong></summary>

A record of a matched order fill. Contains the filled `price`, `size`, `fee`, `fee_rate_bps`, `transaction_hash`, `match_type`, and `match_time`. Retrieved via `GET /trades` (authenticated, your trades) or `GET /all-trades` (public, all trades). The `status` field tracks on-chain confirmation state: `MATCHED`, `SUBMITTED`, `MINED`, `CONFIRMED`, `RETRYING`, `FAILED`, or `SYNTHETIC`.

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## U

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<summary><strong>USDW</strong></summary>

USD Wrapped — the ERC-20 collateral token used for all trading and settlement on HermesTrade. Backed 1:1 by USDC on Monad; wrap and unwrap are handled automatically on deposit and withdrawal. Deployed at `0xb7bD080Df56FA76ce6CA4fA737d47815f7F8e746`. All order prices, balances, and payouts are denominated in USDW. Winning shares redeem at 1 USDW each at market resolution. See [USDW](/core-concepts/usdw.md).

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## V

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<summary><strong>virtual_available</strong></summary>

The quantity of outcome shares available to commit to new orders, calculated as `balance - locked`. Reported in `BalanceAllowanceResponse.virtual_available`. Use this field to determine whether you have sufficient shares to place a SELL order.

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{% hint style="info" %}
A term missing from this glossary? Open an issue or contact the HermesTrade team. Schema field names on this page match the HermesTrade OpenAPI specifications exactly.
{% endhint %}


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