Glossary

Backing. Private funds a maker locks to take the other side of positions.

Close spread. What a maker commits to charge when a taker closes. It's set when the position opens.

Commitment. A hash published on the chain that stands for a private record without revealing it.

Coordinator. The service that matches locks and fills spot requests inside the limits you signed.

Designated risk worker. See risk worker.

Fill price. The price your position opens at, the oracle price plus or minus your maker's spread.

Forced exit. A way to close a position after 7 days when the other side has gone.

Free balance. Private funds you can trade, send or unshield now.

Funding. A payment between the two sides of a position that depends on the balance of longs and shorts.

Funding index. A public running total for a market that positions settle funding against.

Health. How far a position's margin is above maintenance.

Initial margin. The minimum margin to open a position.

Insurance. A market's pool, funded by liquidation penalties, that helps cover shortfalls in that market only.

Isolated margin. Margin that belongs to one position. A loss there can't reach anything else.

Leverage. A position's value divided by its margin.

Liquidation. The forced close of a position whose margin has fallen below maintenance.

Lock. Private funds committed to a trade or offer, with an expiry after which they come back.

LP claim. Your private share of a spot pool.

Maintenance margin. The level below which a position can be liquidated.

Maker. The side of a position that posts backing and sets a spread.

Mark. The current oracle price used to value positions.

Matched pair. A position with exactly one taker and one maker on opposite sides.

Note. An encrypted record of private funds. Your balance is a set of notes.

Nullifier. A marker published when a note is spent, so it can't be spent twice. It doesn't show which note it was.

One-time address. A fresh address for each lock, so one wallet's positions can't be linked.

Oracle. The source of a market's price. On testnet it's a single relay that Rooq runs.

Open interest. The total size of open positions in a market.

Operator. The service that fills private spot requests.

Private address. What someone needs to send you a private transfer. It reveals neither of your keys.

Proof. A cryptographic check that a private action follows the rules without showing its details.

Private account. The keys that hold your private balance. They come from one wallet signature, or from a passkey or a generated phrase.

Recovery phrase. A generated set of 24 words, for wallets that can't sign the same way twice. They spend and restore that account.

Relayer. A service that pays gas and submits your proofs, so your public wallet isn't involved.

Risk worker. A service that can read positions so it can liquidate them while you're offline.

Shield. Move tokens from a public wallet into your private balance. This step is public.

Short-paid. Paid less than you were owed because the other side and insurance couldn't cover it.

Slippage. How far a price can move against you before a swap stops.

Spot. Trading the token itself. Nothing can be liquidated.

Stale price. A price too old to use. New positions, closes and liquidations wait for a fresh one.

Stock Token. A token on Robinhood Chain that tracks a stock's price. It doesn't give you shares or shareholder rights.

Taker. The trader who opens a position against a maker.

Unshield. Move tokens from your private balance to a public address. This step is public.

USDG. Global Dollar, the token used for margin and as the spot quote token on Rooq.

Zero-knowledge proof. See proof.