Glossary

Agent — an ordinary account operated through a session key with owner-set, opt-in caps. Not a contract and not a registry entry.

Caps — per-owner integer limits (max leverage, allowed order types, max input per trade, max total position) that bound what a session key may do. Enforced natively in consensus.

Clamp — the ±0.05% bound applied to the (interest − premium) term when computing funding.

EIP-712 — the typed-data signing standard Vordium uses for every state-changing operation. The chain rebuilds the digest from the request and recovers the signer.

Funding — the hourly payment between longs and shorts that pulls the mark toward the index. Capped at ±4%.

Index price — the reference price from the oracle's exchange median.

Mark price — the price used for margin and liquidation, derived from the index plus a premium component.

OwnerOp — a privileged operation signed by 2 of 3 owner keys. The only way to authorise a protocol change.

Premium index — the time-weighted gap between mark and index, the main driver of funding.

Predeploy — a native VordCore address (0x…1000–0x…100e). Reached through the REST engine and signed ops, not through Solidity. eth_getCode returns 0x for these, which is expected.

Pyth — an independent price feed consulted as a cross-check, deliberately outside the CEX median.

Session key — a short-lived key (up to 30 days) that can place and cancel orders gaslessly. It can never withdraw funds or change caps.

Timelock — the public queue every privileged change passes through: 48h routine, 7d high-impact, instant for safety halts.

VLP — the Vordex Liquidity Pool, counterparty to trades on the venue.

VordCore — the native execution layer: orderbook, vault, oracle and agent system, built into consensus rather than deployed as contracts.

VordiumBFT — the consensus engine. ~22 ms blocks, instant single-block finality.

Vault — the USDC custody predeploy (0x…1002) holding trading collateral.