A - F
Ask trim - Keeper inventory rule: ask-side synth beyond 1.5x the bid side’s value sweeps back to CLP custody (pool_sweep_synth). Depth nobody can exit into is standing arb bait, not liquidity.
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.
Base price - The Pool account’s anchor price (base_price_1e6), pinned to NAV by the keeper. Ask bins ladder above it, bid bins below.
Bid cap - Keeper inventory rule: standing bid cUSDC per side is capped (~$5k, CLMM_BID_TARGET_USD) because idle bids forgo lending carry; large sells route through committed orders instead.
Bin step - The book’s bin granularity, in basis points. Continuum pools use 2-zone geometry: a fine core step near NAV (15-40bps) and wide wing steps (250-600bps) beyond core_bins.
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 (Continuous Liquidity Provider) - Continuum’s on-chain treasury and trading program. Holds protocol capital, hosts the native books, committed orders, and the instant oracle swap. → 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.
Committed order - The large-trade venue: commit_swap escrows the input, the fill executes at the first oracle print after the commitment at NAV ± 10bps. No size cap - a price set after the commitment has no stale quote to arb. Unfilled orders refund unconditionally after the 180s TTL. → Trade flow.
CPI (Cross-Program Invocation) - Solana’s mechanism for one program to call another. Continuum’s CLP CPIs into mint-redeem for vault-side pair mints and redeems.
D - L
Drift gate (reposition gate) - The per-market threshold (QQQ/SPY/XAU 20bps, VXX 40bps) a book’s drift from NAV must exceed before the keeper re-pins it. Swept empirically to sit just below each market’s toxic-arbitrage line. Dynamic buffer - The per-market overcollateralization target the keeper posts on-chain (set_buffer_target): B = δ²/2 + |q|·δ + margin, floor 102%. Replaces the old static 102%.
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.
Instant depth - The book’s standing bin liquidity - what a pool_swap can fill immediately. Deliberately lean; anything larger routes committed.
Keeper - The off-chain Rust bot that runs oracle updates, book management, committed-order settlement, inventory plumbing, and yield routing. → 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
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.
Native book / CLMM pool - Continuum’s own per-side concentrated-liquidity book: one Pool account per (market, side), bins inline (max 16, no per-bin rent), filled by pool_swap. The instant-trade venue.
PDA (Program Derived Address) - Solana’s deterministic-pubkey-from-seeds primitive. Continuum has many: Market, Clp, OracleConfig, etc. → PDA derivations.
Protective skew - The spread engine’s trend response: the trend-adverse side widens with the drift z-score, the other side never tightens below the symmetric shape. Replaces the classic symmetric skew, which backtests falsified.
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%).
Realized ratchet - The spread engine’s fast term: a trailing empirical q90 of window moves, warm within ~8 windows. One of four terms in the model-free half-spread max().
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.
Slow auto-floor - The spread engine’s slow term: floor_mult × σ_60d, an unconditional-volatility floor that self-corrects mis-set listing floors within days. Seeded at boot from 60 days of Pyth Benchmarks history.
Slippage - Difference between expected and actual swap output. On the native books it is the real bin-ladder cost of walking depth; committed orders have none (the fill is at NAV ± 10bps regardless of size).
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.
Two-zone geometry - The book’s bin layout: a fine core step near NAV for tight instant pricing, wide wing steps beyond core_bins so the book covers off-hours floats with few bins.
Venue split - The v2 design that routes trades by size: native books for instant small trades, committed orders for anything large, the legacy instant oracle swap retained for small fills. Each venue prices off the same NAV.
Worst-case quoting - Mint pricing markup applied in non-Normal risk states. mint_price = NAV × (1 + state_mult × confidence_bps / 10000).
Yield router - The keeper task that deploys idle collateral to the best lending venue (Kamino / MarginFi / Save / Jupiter Lend) and switches when the winner changes. On devnet a yield emulator mirrors the live top APY with real cUSDC through the same harvest instruction.
See also
Errors
Per-program error catalog.
Live markets
All current devnet pubkeys.