Glossary

ADL (auto-deleveraging)

A mechanism some perp venues use to force-close profitable positions when a loss can't be covered. Moorix has no ADL, ever.

Carry

The ongoing cost of holding a position open. On Moorix, protection costs a higher carry: defined-risk positions pay a risk premium on top of funding, while Classic Mode has the cheapest carry.

CCTP V2

Circle's Cross-Chain Transfer Protocol, version 2. One of the two rails the Doors use to bring USDG in.

Classic Mode

Cross-margined perps up to 50x with liquidations on. Same book and vault as Defined-Risk.

Cross-margin

One margin balance backing every position. Moorix pools collateral from every chain into a single cross-margined account.

Defined-Risk Perp

A perpetual future with no liquidation price. Max loss equals posted margin; a risk premium streams from the margin; the position closes at mark when margin runs dry. See Defined-Risk Perps.

Delta-hedged

Holding offsetting exposure so a portfolio's value doesn't move with price. The mUSDG vault hedges itself natively and runs flat.

ERC-7683

An Ethereum standard for cross-chain intents. The second rail the Doors use for deposits.

Funding

The periodic payment between longs and shorts that keeps a perp's price anchored. mUSDG earns funding; the scanner tracks it.

Haircut

The share of a collateral asset's value that counts as margin. USDG counts at 100%; stock tokens at 70-80%. See Collateral & haircuts.

Position cap

The largest Defined-Risk position an account can hold, as a multiple of the base limit for Open accounts. Higher ranks raise it (2x, 5x, 15x, unlimited). The base limit is published at launch.

Liquidation

The forced closing of a leveraged position, usually with a penalty, once losses approach its margin. Classic Mode has liquidations; Defined-Risk does not.

Margin runway

How long a defined-risk position can stay open before the risk premium uses up its margin. Alerts can watch it.

Mark price

The reference price a position is valued and closed at. A defined-risk position whose margin runs dry closes at mark.

Market Bay

Moorix's permissionless market listing, gated by oracle class.

mUSDG

The vault's LP token. Deposit USDG, earn fees, risk premium and funding. The senior tranche. See The vault.

Oracle class

The A–D rating of a market's price source (licensed feed, decentralized oracle, on-chain TWAP, attested API). It decides how deep the leverage goes.

Rank

Your $MORX holding tier: Open, Deckhand, Navigator, Captain, Admiral. See Ranks.

Risk premium

The rent a defined-risk position pays to the vault for holding its tail, streamed from margin block by block. It replaces the liquidator.

RFQ

Request for quote. Moorix's private RFQ and block desk handles size that shouldn't touch the book.

sMORX

Staked $MORX. The vault's junior tranche: it guards the tail and is paid a premium for it. See Tranches.

TWAP

Time-weighted average price. Class C markets use an on-chain TWAP as their oracle, and a market no one trades retires at its 24h TWAP.

USDG

Global Dollar, the stablecoin Moorix settles in. Native on Robinhood Chain.