MONOLITH

A periodic payment between longs and shorts on a perpetual contract that pulls its price back toward the underlying. Binance settles every 4 or 8 hours in one lump; Hyperliquid settles hourly in small increments.永续合约多空之间的周期性支付，作用是把合约价格拉回标的价格。币安每 4 或 8 小时一次性结算；Hyperliquid 每小时小额结算。

One ten-thousandth. 10bp = 0.1%. Every net figure on these boards is quoted in bp of notional, not in currency.万分之一。10bp = 0.1%。这些看板上的净值一律以名义本金的 bp 计价，不用货币。

The gap between two prices for the same thing. Here it usually means the mid-price of one instrument on Binance against the same instrument on Hyperliquid.同一事物两个价格之间的差。此处通常指同一标的在币安的中价与在 Hyperliquid 的中价之差。

A resting order that waits to be filled is a maker order and pays the low (sometimes negative) fee; an order that crosses the book immediately is a taker order and pays the high one. Four maker fees means both legs, in and out.挂单等待成交为 maker，付低费率（有时为负）；直接吃掉对手盘口为 taker，付高费率。"四笔 maker 手续费"指两条腿各进出一次。

Return earned by holding a hedged position and collecting funding, rather than by being right about direction.靠持有对冲仓位收取资金费而获得的收益，与判断方向对错无关。

What is actually left: the funding collected, minus fees on both legs both ways, minus however far the basis moved while the position was held. The first two are known before entry; the third is not.真正剩下的部分：收到的资金费，减去两条腿双边的手续费，再减去持仓期间基差走掉的部分。前两项开仓前已知，第三项不然。

When the underlying market closes, the oracle feeding a stock perpetual's mark price stops updating. The perpetual keeps trading and does its own price discovery, so any premium it builds converts mechanically into funding. This is the mechanism M-3 harvests.正股市场收盘后，为股票永续提供标记价的 oracle 停止更新。永续继续交易、独自进行价格发现，累积的溢价便机械地转化为资金费。M-3 收割的正是这一机制。

Independent perpetual markets deployed on Hyperliquid by third parties; the xyz set is the equity one. They share the account but have their own parameters, fee tiers and open-interest caps.由第三方在 Hyperliquid 上部署的独立永续市场，xyz 是其中的股票类。它们共享账户，但市场参数、费率档与持仓量上限各自独立。

The raw market stream our own nodes record tick by tick — every quote, trade and depth snapshot — as opposed to candles or any aggregated feed. For the venues involved, no vendor sells this history, so the recording is the only copy that will exist.自有节点逐笔录下的原始行情流——每一笔报价、成交与盘口快照——区别于 K 线或任何聚合行情。就涉及的交易所而言，无供应商出售这段历史，因此这份录制是唯一会存在的副本。

Exchanges meter requests per IP and answer 429 past the limit. Programs sharing one egress address share one budget, so adding a poller to a machine that is trading can cost the trading system its window. This is why several boards read local files instead.交易所按 IP 计量请求，超限返回 429。共用一个出口地址的程序共享同一份预算，因此在正在交易的机器上加一个轮询器，可能让交易系统丢掉它的窗口。这正是多个看板改读本地文件的原因。

The moment funding actually changes hands, plus the entry and exit period around it. Most of the risk in a carry trade lives in this window, not in the payment itself.资金费实际划转的那一刻，加上围绕它的建仓与平仓时段。carry 交易的大部分风险在这个窗口里，而不在那笔支付本身。

Three operating states. Observe records and reports without simulating; paper simulates fills against the recorded book; live places real orders. A system only advances one step at a time, and any of them can be stopped by a single flag file.三种运行状态。observe 只记录与报告，不模拟；paper 对着录下的盘口模拟成交；实盘下真实订单。系统一次只推进一级，且任一状态都可由一个标志文件停下。