Reference

Glossary

Every term these docs use, in one place.

Trading

Ask: The price at which an OPmode pool sells to you. A half-spread above the pool's center price, which skew moves around the reference.
Bid: The price at which an OPmode pool buys from you. A half-spread below the pool's center price.
Basis point (bp, bps): One hundredth of one percent. 5 bps is 0.05%.
Exact input: You state what you will pay; opcode states what you will receive. Every order on opcode works this way.
Half-spread: The distance from the pool's center price to the ask, or to the bid. The sum of base, size, confidence cost and session. Skew moves the center, not the width.
Confidence cost: The part of the OPmode half-spread that comes from the price feed's uncertainty: twice Pyth's confidence interval divided by the price.
Indicative: A price shown for information, such as the reference or a Quick estimate. Not binding.
Firm quote: An OPmode price signed by opcode for your exact amount and your wallet, good for up to 10 seconds.
Maker: The party that quotes prices and takes the other side. On OPmode, opcode's pool; on Quick, whatever liquidity Jupiter routes to.
Taker: You: the party that accepts a quoted price.
Notional: The dollar value of an order.
Prop AMM: Proprietary automated market maker: a venue whose prices are set actively by its operator's model rather than passively by a pool formula.
Reference: What one raw token is worth now, from which every quote starts. On OPmode, the underlying stock or ETF price from Pyth times the token's multiplier, verified and written on chain. The market list, the chart and Quick use a separate public reference.
Pyth: The price network whose low-latency US equity feeds (Pyth Pro) give OPmode the underlying stock or ETF price. Each report is signed, and the settlement program verifies it on chain.
Confidence: Pyth's stated uncertainty around a price. OPmode needs it within 25 bps of price in the regular session and 50 bps in other sessions.
USDC parity assumption: OPmode treats one USDC as one US dollar. It is an assumption, not a measured price; new OPmode quotes stop if an independent USDC price leaves $0.99 to $1.01 or is more than 60 seconds old.
Request for quote (RFQ): A trading style in which a price is computed on request for one counterparty, rather than resting in a book or a pool.
Skew: The shift of both bid and ask together, up to 15 bps, caused by the pool holding more or less stock than its target.
Slippage: The difference between the price you expected and the price you got. On OPmode it is zero by construction; Quick fixes a 0.50% tolerance and shows the minimum received.

Sessions

Regular session: 09:30 to 16:00 New York time on exchange trading days.
Extended hours: Pre-market from 04:00 and after-hours until 20:00.
Overnight: 20:00 to 04:00 on trading days.
Closed: Weekends, exchange holidays, and any time the calendar and the Pyth report do not both confirm an open session. OPmode gives no new quotes.
Early close: A trading day on which the exchange shuts before 16:00.

Tokens

Stock token, xStock: A token issued by Backed that tracks one listed share or ETF.
Mint: The on-chain account that defines a token. Its address is the token's identity.
Raw token: The unit recorded on chain and moved in a swap. Eight decimal places for stock tokens.
Multiplier: Shares represented by one raw token. Set by the issuer; changes with dividends and splits.
Scaled units: Raw tokens times the multiplier: the holding expressed in shares.
Atom: The smallest unit of a token: 0.00000001 of a stock token, 0.000001 USDC.
Token-2022: The Solana token program that stock tokens use, which supports issuer controls called extensions.
Extension: An optional behaviour on a Token-2022 mint, such as pausing, a permanent delegate, or the multiplier.
USDC: USD Coin, the dollar stablecoin that is the other side of every market.

Settlement

Settlement program: The Solana program that verifies a signed quote and moves both sides of a swap.
Quote authority: opcode's key that signs quotes. It cannot move funds or change anything on chain.
Ed25519: The signature scheme Solana uses, and the one quotes are signed with.
Epoch: A version counter in a quote. If the chain's counter has moved on, the quote is void.
Receipt: A small on-chain account created by each fill. Its address is derived from the market and the quote's ID, so a quote can fill only once. Pool deposits and withdrawals leave a receipt too.
Vault: A token account owned by the program that holds a pool's inventory or collected fees.
Pool shares: Your ownership of an OPmode pool, recorded on chain. A deposit adds shares; a withdrawal redeems them for your part of both vaults.
Price band: The widest distance from the reference published on chain at which the program will allow a fill: 1% on the OPmode markets.
OracleConfig: A per-market account that records where the current reference came from: the Pyth report hash, source time, policy revision and normalization epoch. The program checks the reference against it at every fill.
Slot: Solana's unit of time, about 0.4 seconds.
Confirmed, Finalized: Two levels of certainty about a transaction. Confirmed is near-certain within a second or two; finalized cannot be rolled back.
Compute units: Solana's measure of how much work a transaction does. An OPmode fill used about 108,000 when measured on a local validator.
Address lookup table: A Solana feature that shortens transactions by referring to common accounts by index.
Non-custodial: Swaps settle directly from your wallet, to the pool or through the route. Liquidity you provide sits in program-controlled vaults, against your on-chain shares.

The eight parts

Taker: The order: an exact input on one side.
Reference: The price feed and its checks.
Session: The New York clock and the exchange calendar.
Pool: Inventory against target, and the skew that follows.
Engine: The integer arithmetic that turns those into a price.
Signer: The key that commits the maker to exact amounts.
Ledger: Settlement: both legs, the fee, the receipt.
Hedge: A compensating trade elsewhere after a fill. opcode does not hedge: pool inventory is not hedged or rebalanced, and skew is the only force that moves it back toward target.