Glossary

Continuum-specific terms in one place.

A - F

Active bin - Meteora DLMM’s currently-live price bin. Trading happens at the active bin’s price. Moves as swaps push the price up or down.

ATA (Associated Token Account) - Solana’s standard derivation for a wallet’s token account: getAssociatedTokenAddressSync(mint, owner). Always derived; not always created. Pre-create idempotently before instructions that expect them.

Anchor - The Solana smart-contract framework Continuum is built on. Version 0.32.

asset_symbol - The market’s ticker (e.g., "QQQ"). Up to 16 chars. Used as the seed for the Market PDA.

Authority - A signer with rights over an account. Continuum has multiple: market.authority (admin), market.keeper_authority (operational), oracle_config.admin_authority, oracle_config.keeper_authority, globalClp.authority.

Bin step - Meteora DLMM’s bin granularity, in basis points. binStep=10 means each bin is 0.10% wide. Affects pool fee tier (fee = binStep × baseFactor / 1e6).

bps (basis points) - 1 bps = 0.01%. Fees are quoted in bps: mint_fee_bps = 10 means 0.10% fee.

cUSDC - Continuum’s devnet collateral mint (B1c5xBYkp7AAemYhcu4VuH4CU4sPJDDuG2iuv6ts38uE). On mainnet this is real USDC. We use “cUSDC” throughout these docs to avoid confusion.

CLP (Capital and Liquidity Provider) - Continuum’s on-chain treasury and DLMM proxy program. Holds protocol LP capital, owns Meteora positions. → CLP concept.

CNTM - Continuum’s planned governance token. Not yet active.

Confidence interval - Pyth’s published uncertainty around the price. Continuum uses it for worst-case quoting markup in non-Normal risk states.

Constant-product invariant - L_NAV × S_NAV = initial_l × initial_s. The relationship that bounds combined pair value and replaces funding rates.

CPI (Cross-Program Invocation) - Solana’s mechanism for one program to call another. Continuum’s CLP CPIs into mint-redeem and Meteora.

D - L

DLMM (Dynamic Liquidity Market Maker) - Meteora’s concentrated-liquidity AMM. The trading venue for Continuum L/S tokens.

Drawdown - Per-market peak value vs current value. Tracked by CLP for hard-bound gating.

Edge weight - In the keeper’s seeder: (fee_rate + arb_rate) / (risk_weighted_q_deviation + drawdown). Drives capital allocation across markets.

Fee waiver - A grant created via donate_to_vault that lets a donor mint/redeem fee-free for a duration. Requires the market vault to be over-collateralized.

Force price - Devnet-only oracle override (force_price ix on the oracle program). Operator emergency tool.

Hermes - Pyth’s HTTP API for the latest price observations. Used by the keeper to push devnet prices on-chain.

initial_l_price / initial_s_price - Constant-product anchors set at market initialization. Used as fallback NAV when TWAP is zero. Their product is invariant.

is_long - Boolean argument to keeper-only single-side instructions. true → long side, false → short.

Keeper - The off-chain Rust bot that runs oracle updates, arb, and DLMM rebalancing. → Keeper overview.

keeper_authority - The pubkey allowed to sign privileged single-side and CLP instructions for a given market. Stored on Market.

L (Long) - One half of a Continuum paired position. Appreciates as the underlying rises.

L_NAV - Long-side NAV. Equal to Market.user_twap_price (or initial_l_price if TWAP is zero).

LP (Liquidity Provider) - In Continuum’s MVP, the protocol is the sole LP via the CLP. User LP is on the roadmap.

M - R

Meteora - The DEX hosting Continuum’s L/cUSDC and S/cUSDC pools. Specifically Meteora DLMM.

mint_paired - User-facing instruction. Deposits cUSDC, returns matched L+S at NAV. → Mint flow.

mint_fee_bps - Per-market mint fee in basis points. Default 10 (0.10%).

Mint authority - The signer that can mint new SPL tokens. For Continuum L/S mints, this is the Market PDA itself.

MVP - The minimum-viable-product release. What’s deployed today on devnet. Excludes governance, user LP, flash-loan, yield deployment.

NAV (Net Asset Value) - The on-chain protocol price for L and S. What mint and redeem use. → NAV math.

OI (Open Interest) - Outstanding token supply. Tracked per side per market on the Market account (total_l_supply / total_s_supply).

oi_cap - Hard ceiling on total_l_supply per market. Mints reject when reached. Stored on Clp account.

Oracle - Continuum’s on-chain price layer. Holds observations, TWAPs, risk state. → Oracle concept.

Paired - As in mint_paired / redeem_paired. The user-facing entry where L and S are minted/burned at NAV-weighted values, not equal quantities.

PDA (Program Derived Address) - Solana’s deterministic-pubkey-from-seeds primitive. Continuum has many: Market, Clp, OracleConfig, etc. → PDA derivations.

ProxyMode - One of the four risk states. Oracle is stale or wide-confidence; mint is throttled with a 2× confidence markup. → Risk states.

Pyth - The on-chain oracle network Continuum reads. On mainnet, mint-redeem reads Pyth directly. On devnet, the keeper pushes Hermes (Pyth HTTP) observations.

q-imbalance - The ratio of long-side value to short-side value. A market q far from 50/50 is a structural risk; the keeper drives it back through arb. CLP enforces hard bounds.

redeem_paired - User-facing instruction. Burns L and S in independent quantities, returns cUSDC at NAV. → Redeem flow.

redeem_fee_bps - Per-market redeem fee. Default 10 (0.10%).

Recovery - Risk state during post-Stress wind-down. Mint resumes (size-throttled).

Registry - The on-chain symbol → market pubkey index. → Registry program.

risk_state - One of Normal / ProxyMode / Stress / Recovery. Mirrored from oracle health by the keeper. → Risk states.

S - Z

S (Short) - One half of a Continuum paired position. Appreciates as the underlying falls.

S_NAV - Short-side NAV. Derived: (initial_l × initial_s) / L_NAV.

Skip-rebuild - DLMM rebalancer optimization. Skips remove + close + open when the existing range still covers active and NAV target.

Slippage - Difference between expected and actual swap output. The keeper sets MAX_SLIPPAGE_BPS=50 per swap; half is deducted from arb profit screens.

Solvency invariant - A property the protocol enforces at all times. → Solvency invariants.

Stress - Risk state when oracle confidence is extreme or staleness is severe. Mints reject; redeems still work.

Switchboard - Alternative on-chain oracle (configurable per market on Continuum). Most markets use Pyth + Hermes today.

TWAP (Time-Weighted Average Price) - A smoothed price computed over a window. Continuum runs two: user_twap (300s default) for user-facing NAV and keeper_twap (60s) for keeper arb decisions.

user_twap_price - The Market account field that drives L_NAV. Updated by the oracle program via the keeper’s observation push.

Vault (collateral vault) - Per-market token account holding all backing cUSDC. Stored as market.collateral_vault.

Vol-adaptive radius - DLMM rebalancer feature. Bin radius scales with realized volatility (calm 10, normal 20, elevated 30, stressed 34).

Worst-case quoting - Mint pricing markup applied in non-Normal risk states. mint_price = NAV × (1 + state_mult × confidence_bps / 10000).

Zombie position - A Meteora position with phantom liq_share > 0 after remove_liquidity but with all bin arrays drained. Meteora’s close_position2 rejects with NonEmptyPosition. The keeper skips close and opens fresh.

See also

Errors

Per-program error catalog.

Live markets

All current devnet pubkeys.