Docs › Part 1 · Start here › Definitions
4 of 24

Definitions

In one line: every term the rest of the rulebook uses, defined once.

Accounts and money#

Starting balanceThe account's size at creation. Every limit is a percentage of this figure, and it never changes.
BalanceCash: realized, closed PnL only. What the profit target is measured on.
EquityBalance plus the floating PnL of every open position. What the two limits are measured on.
Profit targetThe gain, on balance, that turns an evaluation into a funded account.
EpochThe weekly payout cycle, closing Sun 00:00 UTC.

Limits#

Equity limitAny floor measured on equity rather than balance — both perp limits are equity limits, which is why an open position can breach you.
Static drawdownA floor set once from the starting balance that never moves, up or down. The opposite of a trailing floor.
BreachEquity at or below a floor, even for a moment. Positions close at market and the account is permanently disabled.

Predictions#

MarketOne binary question with a yes/no outcome and its own book.
EventThe real-world occurrence a market resolves on. Related markets on one occurrence count as one event for exposure.
Cost basisWhat you paid for a position. Exposure is measured at cost, so a winner growing past the cap is never force-trimmed.
MarkThe venue midpoint, with spread and depth guards that freeze the mark rather than follow a phantom quote.
ResolutionThe venue's final outcome, mirrored verbatim — including disputed, delayed, 50/50 and voided.
Version 1.0 · We never change rules retroactively. Changelog