> ## Documentation Index
> Fetch the complete documentation index at: https://docs.getpanther.app/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> Every prediction-market and Panther term, defined in plain language.

## 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.                                             |

## Trading terms

| 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.                      |

## Panther terms

| 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 <kbd>/</kbd> — 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.                                                      |