> For the complete documentation index, see [llms.txt](https://takes.gitbook.io/takes-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://takes.gitbook.io/takes-docs/reference/glossary.md). # Glossary | Term | Meaning | | ---------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Activation | Setup of a token's trading account and permissions. | | Allowance | Permission for a contract to take a specified token amount from your wallet. | | Basket / leg | A token's fixed strategy / one market within it. | | Batch (historical) | A group of requests processed together under older contracts. | | Basis point | 0.01%; 100 basis points equals 1%. | | CCTP | Circle's protocol for cross-chain USDC transfers and messages. | | Claim | Transfer of your settled payout to your wallet. | | Composability | The ability for another application to use a token through its public contract interfaces. | | Fee distributor | Contract on each network that splits percentage fees between creator, frontend and platform, and pays their claims. | | Fee address | The frontend a request names to receive the frontend share of its percentage fee. | | Equity | Remaining trading-account value after gains, losses, and costs. | | Funding | Periodic payments between long and short perpetual positions. | | Gas | The network fee for a transaction. | | Hub | Contract connecting a token to its trading account. | | HyperCore | Hyperliquid's trading and account system. | | HyperEVM | The chain used to interact with HyperCore; also a network where Takes tokens can live. | | Leverage | Market exposure relative to the equity allocated to it. | | Liquidation | Exchange closure of positions when collateral is insufficient. | | Long / short | Exposure that benefits from a price rise / fall before costs. | | Mint / redemption | Protocol terms for the app’s Buy / Sell actions: USDC exchanged for new shares / shares exchanged for USDC after settlement. | | NAV | Backing value per token. | | Non-custodial access | You control your wallet keys and authorize contract actions; deposited funds are held by contracts and the trading account, not kept in your wallet. | | Perpetual future | Market exposure through a derivative with no fixed expiry. | | PnL | Profit or loss. | | Rebalance | Trading toward the basket's fixed target. | | Seed | Creator's initial USDC mint at token creation. | | Settlement | The contract records the request's final payout. | | Slippage | Difference between expected and executed trade price. | | TVL | Total value backing token exposure, with processing adjustments. | | Trustless | An action enforced without discretionary approval from a trusted operator. Takes claims use contract rules, but trading and request progress still depend on operators. | | Weight | Immutable share of gross notional exposure after leverage. | | Basket target leverage | 1 ÷ sum(weight ÷ asset leverage). | | Derived capital weight | The accounting share of equity implied by a leg's notional weight and leverage. It is not isolated collateral. | --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://takes.gitbook.io/takes-docs/reference/glossary.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.