Glossary

1Click — see NEAR Intents.

Agent key — the keeper's trading key on Hyperliquid: an API key the master account approved, through a signature the hedge contract had NEAR's signer network produce. It places and cancels orders and moves collateral between the master account's own balances; it cannot withdraw or send to another account. Valid for at most 180 days, and renewed with a new address each time.

Backing — the quote-side balance sitting in a coin's own pool. Before the bond it is USDC; after, the coin's tracker. It is the money the coin's trading has actually put behind it, not a valuation.

Bid band — the second, tracker-only position a bond creates, one grid step wide right above the coin's price, holding the tracker the main position could not take: bid depth under the coin. Its fees are collected with collect_extra_fees.

Bond — the one-time re-pairing of a coin from USDC to its leveraged tracker, at the same dollar price, once the pool holds the launchpad's threshold. Permissionless, 0.05 NEAR. On NEAR it is a chain of recorded, resumable steps.

bond_backing_usdc — the bond threshold, in USDC, set when the launchpad is deployed, with no setter, readable in config() or bond_threshold(). 15,000 USDC in the deployment runbook.

Bond-gated tracker — a tracker that has not bonded yet: its NAV is pinned at exactly 1.0 and its vault refuses to send anything to the venue. Every tracker starts this way; it bonds when anyone calls poke_bond on the factory once its reference pool holds bond_depth_usdc of USDC ($20,000 in the runbook), or when the factory owner bonds it directly.

Chain Signatures — NEAR's service by which a contract can have a network of signers (v1.signer) produce signatures for other chains, as an address derived from the contract's account and a path. It is how the hedge contract, and only it, controls the Hyperliquid master account.

Creator fee — 0.56% of every swap (70% of the 80% of the 1% pool fee that the position earns after Rhea's share), plus 70% of the seed's own fee, booked to whoever launched the coin, claimable at any time, forever.

Cross margin — one USDC balance backing every position in an account. The master account's xyz balance holds every tracker's position, so the keeper's ledger attributes each tracker its share of the cash and positions; a tracker's leverage is its notional divided by its share of the equity.

DCL — Rhea Finance's Discretized Concentrated Liquidity AMM (dclv2.ref-labs.near), NEAR's equivalent of Uniswap V3, where every coin's pool and every reference pool lives. Its fee tiers are 0.01%, 0.04%, 0.2% and 1%; it keeps 20% of each swap fee for Rhea. Owned by Rhea's DAO, which can pause pools and upgrade it.

Direction — long or short. A long tracker rises with its market; a short tracker rises when its market falls. Marked by an S suffix on the tracker symbol.

Dust reserve — 1,000 units (about 10⁻¹⁵ of a token) of each bonded coin and tracker the launchpad keeps in hand, used to move an empty pool's price back before adding liquidity.

Entry — the averaged mark at which a tracker's position was opened. Added backing averages into it at the mark it arrived at.

Funding — the periodic payment between longs and shorts that keeps a perpetual near its index. On Hyperliquid it settles every hour.

Funding cap (fundable_usdc()) — the most a tracker's vault can send to the hedge contract right now: its idle USDC above its buffer floor, fees and parked payouts excluded, enforced on chain by fund_hedge.

Global contract — code published once on NEAR that many accounts run. Published by hash, it can never change: every coin, tracker vault and reference pool runs such code, byte-identical, from accounts created with no keys.

Hedge contract — the protocol's NEAR contract that controls the Hyperliquid master account through Chain Signatures and keeps a book per vault of every dollar sent and returned (idle, on the venue, returning). It is each vault's hedge_funder, the only account fund_hedge can pay. It signs only two things: approving the keeper's agent key, and USDC transfers from the master account to 1Click deposit addresses, capped per transfer and per day. See The hedge book.

HIP-3 — Hyperliquid's framework for markets deployed by third parties on its exchange, each with its own oracle and fees. trade.xyz's xyz market is one.

Holdable cap — the most leverage a position can hold on a market: 90% of Hyperliquid's cap for the market, rounded down (18× on a 20× market, 9× on 10×, 22× on 25×, 27× on 30×, 45× on 50×). The factory lists it on chain.

Hyperliquid — the perpetuals exchange, on its own chain (HyperCore), where every tracker's position is held, on trade.xyz's xyz market. Margined in USDC, funding every hour, open around the clock; account state is public.

Kill switch — set_hedge_funder(None), called by a vault's owner: from that moment no dollar can leave the vault for the venue, whoever asks. It does not reach money already on Hyperliquid or in transit.

Launchpad — the contract that launches every coin, owns every coin's pool position forever, books and pays fees 70/30, and performs the bond. Its account loses every full-access key as the deployment's last step (not yet done: nothing is deployed), so its code can never be replaced.

Leverage (the multiple) — how many times harder than its market a tracker moves. Chosen by the creator at launch, from 1× up to the factory's max_leverage_for(symbol): the lower of the product ceiling (5) and the holdable cap for the market. 5× on every market listed today.

Leveraged tracker (LT) — a NEP-141 token following a real market at a fixed multiple, e.g. NVDAx5 (account 5xnvda.<factory>). Backed by USDC in its vault and a perpetual position on Hyperliquid in the protocol's master account; valued at NAV, mintable and redeemable at NAV.

Liquidation threshold — the point at which the venue closes a position for the account: on Hyperliquid, the account's equity falling below its maintenance margin. At 5× on a 20× market such as Nvidia, about 17.9% against a long or 17.1% against a short, from entry, for a tracker alone in the account at the first margin tier. Because every tracker shares one account, the account's other positions move the real threshold.

Locked by absence — liquidity that cannot be withdrawn because the holding contract has no function that could, and no key can replace that contract, rather than because a timelock currently refuses.

Maintenance margin — the equity Hyperliquid requires an account to keep: the position's notional times the market's maintenance fraction, which for the first margin tier is 1 / (2 · max leverage) — 2.5% on 20× markets, 5% on 10×, 2% on gold and silver, about 1.67% on QQQ, 1% on SPY. Below it, the account can be liquidated.

market_id — the Hyperliquid market a tracker hedges on, as the factory stores it: the asset's name, e.g. xyz:NVDA (Hyperliquid's numeric ids for xyz markets change as markets are listed). underlying(symbol) on the factory returns {market_id, max_leverage, listed}.

Master account — the one Hyperliquid account holding every tracker's position. Its address is derived by Chain Signatures from the hedge contract's account and a fixed path, so only the hedge contract can sign for it; master_address() on the hedge contract returns it, and anyone can re-derive it.

NAV — a tracker's net asset value: its backing — its share of the master account's equity, plus the USDC in its vault, plus any USDC on its way between the two — divided by its supply. Signed by the keeper's ed25519 key and posted to the vault, readable by anyone; the vault refuses to mint or redeem on a NAV older than its staleness window (one hour in the deployment defaults).

NEAR — the chain every coin, pool, tracker vault and the hedge contract live on. Blocks about every 0.6 s, final in about 1.2 s. Its coin, also NEAR, pays for gas and storage and nothing else here. Its explorer is nearblocks.io.

NEAR Intents — NEAR's cross-chain exchange network. Its 1Click service issues a deposit address for a quote and has a solver deliver the asset on the other chain: here, NEAR USDC to Hyperliquid USDC in about 30 seconds, and back in about 35 (dry quotes, 2026-09-25). Quotes carry a refund address.

NEP-141 — NEAR's fungible token standard. Every coin, every tracker and USDC are NEP-141 tokens; a token is sent to a contract with ft_transfer_call, and an account must register storage on a token before it can hold it.

Notional — a position's exposure: size times mark. Five times the margin behind it, at 5×.

Operator — the keeper's NEAR account on the hedge contract: it sends vault USDC to 1Click deposit addresses and requests returns, always within the per-vault books and the caps. A contract cannot verify those addresses, which is why the caps exist.

Per-transfer and daily caps — the hedge contract's limits on any single deposit or return (max_transfer_usdc) and on everything moved in a UTC day (daily_cap_usdc); $50,000 and $250,000 in the deployment defaults, still to be confirmed.

Point — how Rhea DCL states a price: at point p, 1.0001^p raw token_y per raw token_x. A coin is always token_y, so a point is raw coins per raw USDC (or per raw tracker after the bond).

Reference pool — a tracker's own USDC market on Rhea DCL (0.04% tier), kept by a protocol-owned contract with 70% of its depth in a core band of ±200 points (about ±2%) around NAV and the rest in a floor as wide as DCL allows. Anyone can re-centre it once NAV has moved about 1.25%. Its depth is what bonds the tracker.

Seed buy — the creator's opening purchase of their own coin, part of the launch. At least min_seed_usdc (1 USDC in the runbook), paid in USDC, and priced into the pool's opening state so nobody can buy ahead of it.

Single position — one Rhea DCL position holding a coin's entire float plus the USDC its seed paid, owned by the launchpad. It is why launching needs no capital beyond the seed.

trade.xyz / xyz — the HIP-3 market on Hyperliquid listing stocks, indices and commodities, margined in USDC, deployed by trade.xyz, which runs its oracle and sets its fees.

Transit books — the per-vault record of dollars between the vault and the venue: on the hedge contract, idle, on the venue and returning; in the keeper, the same legs as it sees them on NEAR and on the venue. They make sure NAV counts every dollar exactly once; if they cannot be reconciled with NEAR and the venue, no NAV is posted.

USDC (on NEAR) — Circle's native dollar: the quote asset of every coin, and the margin on Hyperliquid. The token is the account 17208628f84f5d6ad33f0da3bbbeb27ffcb398eac501a31bd6ad2011e36133a1 with 6 decimals, which is why every price conversion here carries a 10^(18 − 6) term. It is not USDC.e (a0b86991…factory.bridge.near), the older bridged token, which nothing here accepts. USDC has a blocklist.

v1.signer — NEAR's Chain Signatures contract, backed by a threshold network of signers (11 needed on 2026-09-25). The hedge contract asks it to sign as the master account.

Virtual ledger — the keeper's per-tracker accounting inside the one master account: each tracker's cash and signed size per market, from which its equity is its cash plus size times mark; funding is attributed pro rata by size. A difference with the account's real equity that the ledger cannot explain stops NAV until repaired.

Volatility decay — the ground a constant-leverage product loses on a round trip in the underlying. Structural, not a defect.