A
AcceptQuote: The primary TrueCurrent smart contract entrypoint that a taker calls to settle an RFQ trade by submitting one or more maker-signed quotes onchain. The contract validates every quote, opens positions for both sides atomically, and enforcesworst_price.
AcceptSignedIntent:
Smart contract entrypoint used by the TP/SL executor to execute a pre-signed conditional order (take profit or stop loss) when its trigger condition is satisfied. Unlike AcceptQuote, the taker does not need to be online at execution time.
atomic settlement:
A guarantee that both the taker’s and the maker’s positions open in the same Injective block. The transaction either fully succeeds or fully reverts — there is no partial state.
authz:
The Cosmos SDK authorization module that lets one address delegate the right to send specific message types on its behalf. TrueCurrent uses authz so the settlement contract can open and manage positions without requiring a separate user signature for every trade.
available margin:
The portion of your account equity that exceeds what is required to maintain all open positions. It represents the buffer between your current state and liquidation and can be withdrawn or used as margin for new positions.
B
bankruptcy price: The mark price at which unrealized losses would fully consume a position’s margin, reducing account equity to zero. If a liquidation closes below the bankruptcy price, the insurance fund covers the shortfall. basis: The premium or discount between a quoted or traded perpetual price and the market’s mark price. In TrueCurrent docs, basis is used as a general pricing term rather than a separate displayed price. blind quote: A quote keyed by anonce rather than a specific rfq_id. Current maker integrations do not need blind quotes for take-profit or stop-loss execution; when a TP/SL trigger fires, the executor requests ordinary RFQ liquidity.
C
cid (client identifier): An optional string field set by the taker on a trade request that is echoed back in settlement events. Used for correlating requests with outcomes in programmatic or multi-wallet setups. CosmWasm: A WebAssembly smart contract framework for the Cosmos ecosystem. TrueCurrent’s settlement logic is deployed as a CosmWasm contract on Injective. cross-margin: An account structure where all open positions share a single margin pool. Unrealized profits on one position reduce the effective margin requirement of others, but a large loss on one position can affect the margin ratio of the entire account.E
epoch: A per-taker global counter used for bulk intent cancellation. Incrementing the epoch viaCancelAllIntents immediately invalidates every outstanding signed intent across all lanes for that taker.
exchange module:
Injective’s native on-chain derivatives trading primitive (not a smart contract). TrueCurrent settles taker and maker positions into the exchange module atomically via authz-delegated messages.
F
funding factor: A protocol parameter in Injective’s funding calculation. It controls how aggressively funding responds when the perpetual trades away from its reference market. funding rate: An hourly payment exchanged between long and short position holders to keep the perpetual price anchored to its reference market. A positive rate means longs pay shorts; a negative rate means shorts pay longs. Payments are applied automatically to your margin.G
gRPC-web: The wire protocol used by TrueCurrent’s WebSocket streams. Messages are length-prefixed using HTTP/2-style framing rather than raw JSON; clients must frame and deframe accordingly.I
initial margin rate (IMR): The minimum collateral required to open a new position, expressed as a fraction of notional value. Equal to1 / leverage. For example, 10x leverage requires an IMR of 10%.
index price:
The streamed market reference exposed as indexPrice. TrueCurrent uses index price as the primary source for open-position valuation and unrealized P&L display. It is streamed alongside markPrice.
insurance fund:
A protocol reserve that covers shortfalls when a liquidated position is closed below its bankruptcy price. The fund is replenished from a portion of liquidation proceeds, preventing losses from being socialized across other users.
inventory:
A maker’s net open position accumulated from filled trades. Managing inventory is central to maker economics — makers typically hedge inventory promptly to remain directionally neutral and capture the spread.
L
lane: A unique trading context scoped to the tuple(taker, market_id, subaccount_nonce). Each lane enforces one-shot semantics: only one active signed intent can exist per lane at a time, controlled by the monotonically increasing lane_version.
lane_version:
A monotonically increasing counter scoped to a specific lane. It advances on each successful settlement or explicit CancelIntentLane call, consuming the current intent and preventing replay.
leverage:
A multiplier applied to margin that determines the total notional size of a position. At 10x leverage, 1,000 position; both gains and losses are amplified by the same factor.
liquidation:
Automatic closure of a position by the exchange engine when the margin ratio falls to or below the maintenance margin rate. The engine takes over the position and closes it at the best available price, returning any surplus margin to the trader.
liquidation price:
The mark price at which a position’s margin ratio will equal the maintenance margin rate and liquidation will be triggered. Displayed in the Positions panel and updated continuously as the mark price moves.
M
MakerStream: The WebSocket endpoint used by whitelisted makers to receive live RFQ requests broadcast by the indexer and to submit signed quotes in response. maintenance margin rate (MMR): The minimum margin ratio required to keep an open position. MMR is lower than the initial margin rate, providing a buffer before liquidation. Liquidation is triggered whenmargin_ratio ≤ MMR.
margin:
USDC collateral deposited into your exchange subaccount to back a leveraged position. Margin absorbs losses and is returned (net of P&L and fees) when a position is closed.
margin ratio:
Account equity divided by position notional value. Liquidation triggers when this ratio falls to or below the maintenance margin rate: margin_ratio = (margin + uPnL) / (quantity × mark_price).
mark price:
The onchain risk reference price of a perpetual. Mark price is published onchain and used for margin ratio checks, liquidation triggers, trigger-order evaluation, funding, and quote validation. It is not the execution price or the UI’s primary P&L source.
maker:
A whitelisted institutional liquidity provider that connects to the MakerStream, evaluates RFQ requests, and responds with signed price quotes. Makers take the opposite side of each trade and typically hedge their resulting inventory.
min_fill_quantity:
The minimum aggregate quantity that must be filled across all quotes in an AcceptQuote or signed intent settlement. If the total filled quantity falls below this threshold, the transaction reverts.
MsgBatchUpdateOrders:
An Injective exchange message type. Listed in the canonical taker authz grant set; reserved for future contract paths that may interact with the Injective order book.
MsgPrivilegedExecuteContract:
An Injective exchange message type that allows the TrueCurrent contract to open and manage derivative positions on behalf of a user. This is the core authz grant required by both traders and makers.
MsgSend:
A Cosmos bank module message type. TrueCurrent uses this (via authz) to transfer collateral between a user’s bank account and their exchange subaccount during settlement.
N
nonce: A sequential number used for replay protection. Normal RFQ quotes are bound to anrfq_id; nonce-keyed quote variants are non-standard and are not required for current maker integrations.
notional value:
The total USD value of an open position at the current mark price: quantity × mark_price. Notional value determines the margin required to maintain a position and is used to calculate the margin ratio.
P
perpetual (perpetual futures): A leveraged derivative that tracks an asset’s price with no expiration date. Unlike traditional futures, perpetuals use a periodic funding rate mechanism to keep their price anchored to the underlying spot price. price tolerance: The maximum acceptable slippage expressed as a percentage deviation from the current mark price (or as an absolute price). Price tolerance is used to deriveworst_price before submitting a trade.
Q
quoted price: The actual execution price at which a trade fills, taken from a maker’s signed quote. Distinct from mark price, which is the market reference price. Trigger orders execute against quotes, but the trigger condition itself is evaluated against mark price.R
RFQ (Request for Quote): TrueCurrent’s primary trading model. A trader broadcasts the parameters of a desired trade; whitelisted makers respond with signed, firm price commitments inside a short collection window. TrueCurrent currently uses 500 ms, though frontend/protocol configuration and API takers can vary that timeout. Unlike AMMs, the execution price is fixed at quote time and does not change during settlement. rfq_id: A taker-scoped request identifier (u64) assigned by the indexer when it accepts an RFQ request. Makers sign quotes against this value, but should key local state by(taker address, rfq_id) because rfq_id alone is not globally unique. Takers must use the ACK-returned rfq_id for quote collection and settlement.
S
signed intent (SignedTakerIntent): A pre-authorized, cryptographically signed conditional order created by a taker and stored off-chain. The TP/SL executor submits it to the TrueCurrent contract when the specified mark-price trigger condition is satisfied. Used for take-profit and stop-loss orders. slippage: The difference between the expected execution price and the actual fill price. TrueCurrent’s RFQ model eliminates slippage on maker fills because the price is fixed at quote time.worst_price is the hard onchain limit — no fill can settle past it.
spread:
The difference between a maker’s ask price (for longs) and bid price (for shorts). Makers earn the spread, net of the 4 bps protocol fee, as compensation for providing liquidity and managing risk.
stop loss (SL):
A trigger order that automatically closes a position when mark price reaches or crosses a specified loss threshold. Stop losses cap downside risk without requiring the trader to monitor their position continuously.
subaccount:
An indexed account within an Injective exchange account that holds margin and open derivative positions. TrueCurrent settles trades into and from a trader’s exchange subaccount (index 0 by default).
subaccount_nonce:
The numeric index identifying which subaccount to use within an Injective exchange account. Defaults to 0 for most users; part of the lane key for signed intents.
T
take profit (TP): A trigger order that automatically closes a position when mark price reaches a favorable target, locking in gains without requiring active monitoring. TakerStream: The WebSocket endpoint used by traders (and programmatic takers) to submit RFQ requests and receive signed quotes from makers. trigger order: A conditional order — take profit or stop loss — that is stored off-chain and executes automatically when a mark-price condition is met. When the trigger fires, the close still settles through the RFQ quote path and enforces the taker’sworst_price.
U
unfilled_action: A reserved field onAcceptQuote and AcceptSignedIntent. The current TrueCurrent product is RFQ-only and requires null. The contract field exists for future use; non-null values are not exposed today.
unrealized P&L (uPnL):
Profit or loss on an open position based primarily on the current index price, updated continuously. Unrealized P&L is added to your margin when calculating account equity and margin ratio.
W
whitelist: The registry of maker addresses approved to submit quotes on TrueCurrent. Gaining whitelist status requires completing a testnet integration and passing a team review. The contract rejects settlement attempts from non-whitelisted maker addresses. worst_price: A hard price limit enforced by the TrueCurrent smart contract on every trade. For longs, it is the maximum price the taker is willing to pay; for shorts, it is the minimum price the taker is willing to receive. A trade will never execute at a worse price thanworst_price.
Z
zero-margin settlement: Settlement of a position close where the taker contributes no new margin — only existing position equity is used. In TrueCurrent v1, zero-margin settlement is exposed via signed intents (TP/SL exits) by signing withmargin: "0". See Taker SDK trading.