# Glossary

<table data-view="cards"><thead><tr><th>Term</th><th>Definition</th></tr></thead><tbody><tr><td>Aggregator</td><td>A trading frontend that routes orders to an external execution venue without providing custody or order matching.</td></tr><tr><td>Hyperliquid</td><td>A decentralized perpetuals protocol responsible for trade matching, execution, and settlement on-chain.</td></tr><tr><td>HyperSolid</td><td>The mobile-native trading frontend and aggregation layer described in this documentation.</td></tr><tr><td>Perpetuals/Perps</td><td>Derivative contracts with no expiry date, allowing continuous long and short exposure through funding rate mechanisms.</td></tr><tr><td>Spot</td><td>A market where digital assets are traded for immediate delivery and settlement, without leverage or expiry.</td></tr><tr><td>Funding Rate</td><td>A periodic payment exchanged between long and short positions to maintain price alignment and balance open interest.</td></tr><tr><td>Leverage</td><td>The use of borrowed exposure to increase position size and potential returns—while amplifying risk.</td></tr><tr><td>Custody</td><td>The act of holding user assets or private keys. HyperSolid does not provide custody or manage user funds.</td></tr><tr><td>Latency</td><td>The time delay between order submission and confirmation, directly influencing execution speed and fill quality.</td></tr></tbody></table>


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