Glossary

Market terms

Term	Meaning
Yes / No contract
Event	The umbrella question (e.g. “2026 World Cup Winner”) containing one market per outcome.
Market	A single tradable outcome (e.g. “France”).
Bid	The best price buyers are currently offering.
Ask	The best price sellers are currently asking.
Spread	The gap between bid and ask. Tighter is cheaper to trade.
Mid	The midpoint between bid and ask — a fair-value estimate.
Order book	The live list of all open buy and sell orders at each price.
Depth	How much can be traded at each price level before the price moves.
Volume	The amount traded over a period (24h or lifetime).
Open interest	The number of contracts currently held by traders.
Resolution	How and when a market settles to Yes or No, per its written rules.
Expiry / Ends	When trading stops and the market resolves.

Term	Meaning
Market order	Buy or sell immediately at the best available price.
Limit order	An order that only fills at your chosen price or better; it rests in the book until matched.
Slippage	How far beyond the quoted price a market order is allowed to fill when the book is thin. You set the maximum in the order slip.
Position	The contracts you currently hold in a market.
Unrealized P&L	Paper profit or loss on open positions at current prices.
Realized P&L	Locked-in profit or loss from closed or settled positions.
Net liquidation (equity)	Cash plus the market value of everything you hold — your true account value.
Redeem	Convert winnings from a resolved market into spendable cash.
Arbitrage	Buying the same outcome cheaper on one venue than it sells for on another, locking in a spread.
Expected value (EV)	The average profit a bet would earn if repeated many times. Positive EV = mathematically favorable.
Kelly	A formula for bet sizing relative to your edge — shown in the +EV Scanner as a suggested stake percentage.

Term	Meaning
Panel	A window in the terminal (Markets, Chart, Portfolio…) you arrange into layouts.
Tab	A saved arrangement of panels. Each tab is its own workspace.
Command palette	The launcher opened with `/` — type a short code to open any panel or run any action.
On-chain trading	Panther’s default trading mode: self-custody wallets, trades signed by you.
API trading	Desktop-only mode using your own Kalshi/Polymarket API keys (appears as “Legacy” in the account switcher).
Demo mode	Paper trading with simulated money against live prices.
Account switcher	The control in Balances/Portfolio that flips between Demo, Trading, and Legacy accounts.
USDC	A digital dollar (stablecoin) — the currency you deposit and trade with.
Venue	The exchange a market lives on: Kalshi or Polymarket.