Glossary

The app uses exact words for things that are easy to confuse. This is the short version.

Trading

Perpetual (perp) A crypto position that bets on price going up or down and never expires, so you can hold it as long as you like.

Venue A perps exchange you trade on, or a synthetic stand-in used for development and demos.

Account Value The total equity shown on the Portfolio page. The app treats it as an opaque number from the Venue. Also called Total Equity.

Margin The collateral you put down to open a position.

Leverage Trading a position larger than your margin alone. It multiplies both gains and losses, so higher leverage is riskier.

Maker and taker Maker means your order rests on the book and waits to be matched. Taker means your order fills against an order already there.

Funding A recurring payment exchanged between longs and shorts to keep the perpetual price near the spot price.

Getting ready to trade

Venue Onboarding The one-time, client-side flow that prepares your account to trade at a Venue. For Hyperliquid it is First Deposit, then agent-wallet approval, then builder-fee approval. You sign each step.

First Deposit A one-time milestone: whether this account has ever been funded at the Venue. Once satisfied it stays satisfied. A later withdrawal does not reopen it.

Tradeable Funds The live check that the account has positive value right now. It gates the Place Order button. This is separate from First Deposit, so emptying the account blocks trading without reopening onboarding.

Identity and wallets

User The person using the app, identified by their Privy login. A User exists in our system independently of any Venue.

Wallet A chain and address pair you control. Three kinds: a Native wallet that Privy provisions for you (its key lives inside Privy and is exportable); a Linked wallet you connected by address, like MetaMask (the app holds only the address — its key lives in your wallet app); and an Imported by key wallet where you pasted a raw private key (Privy now holds it and it is exportable here).

Imported by key A wallet you brought in by pasting its raw private key. Privy stores it inside the same secure signing system as a Native wallet, and it is exportable from the app. Distinct from a Linked wallet, where only the address is stored and the key stays in your own wallet app.

Agent Wallet A wallet the app provisions for you, owned by you. It appears in your Privy account and its private key is exportable. Its only job is to pay for AI suggestions in USDC. It never holds trading collateral and can only pay an approved AI provider, up to a cap and expiry you set. The app holds a narrow signing permission to make those payments on your behalf; you own the wallet outright.

Agent Balance The USDC in your Agent Wallet, used only for AI calls. Completely separate from your trading collateral.

Export Retrieving the raw private key for a wallet whose key Privy holds. Two-factor authentication is always required. Exportable wallets: Native, Imported by key, and Agent. Linked wallets are not exportable from here — use your own wallet app instead. See Wallet management.

AI suggestions

AI Agent The AI source you pick to answer a request. Each request routes to exactly one Agent and returns its suggestion unchanged. Today there is a free mock Agent and a paid minara Agent.

AI Suggestion A single trade idea from your chosen Agent: a side (long or short), an entry, a stop-loss, a take-profit, a confidence score, and the reasons and risks behind it. Advisory only — you review and place the order yourself.

Viewing

Spectating Viewing the app keyed to any address instead of your own, through a ?spectate=0x... URL. Your own wallet is unchanged, and trading stays gated on it.

Viewing Address vs Acting Address The Viewing Address is what the observation screens show, which can be a spectated address. The Acting Address is what order flow uses, which is always your own connected wallet.