| Basis | The difference in mark price of the same perpetual across two venues, b = P_A − P_B. |
| Builder | An interface registered with a venue that earns a share of the exchange fee on orders it routes. |
| Chunk | A fraction of a trade's target size, executed sequentially with margin re-checks between chunks. |
| Delta-neutral | A position whose net directional exposure is zero — here, equal and opposite legs on two venues. |
| Funding rate | The periodic payment between longs and shorts that anchors a perpetual to its reference price. |
| Gross spread | The raw (absolute) price or funding difference between venues, used for spread conditions. |
| Leg | One side of a spread — the position on a single venue. |
| Leg risk | Directional exposure that exists when one leg is filled but its hedge is not yet complete. |
| Maker / taker | A maker posts a resting order and provides liquidity; a taker crosses the spread and removes it. |
| Net-funding arbitrage | Holding a delta-neutral position to capture the funding-rate differential between two venues. |
| Non-custodial | Spreadr never holds or can withdraw user funds; trades run against the user's own accounts. |
| Slippage limit | The maximum adverse price a user permits Spreadr to accept when completing a hedge. |
| Spread condition | The operator-based rule (>=, >, <=, <, =) that gates when a spread executes. |