> ## Documentation Index > Fetch the complete documentation index at: https://continuum-ec12e897.mintlify.site/llms.txt > Use this file to discover all available pages before exploring further. # Glossary > Continuum-specific terms in one place. ## 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](/concepts/clp). **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](/flows/trade). **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/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](/flows/mint). **`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](/concepts/nav). **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](/concepts/oracle). **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](/build/idls-and-pdas#pda-derivation-cheatsheet). **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](/concepts/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](/flows/redeem). **`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](/programs/registry). **`risk_state`** - One of `Normal` / `ProxyMode` / `Stress` / `Recovery`. Mirrored from oracle health by the keeper. → [Risk states](/concepts/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](/concepts/solvency). **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 Per-program error catalog. All current devnet pubkeys.