Glossary

Quick reference for key terms used in the Boros API. For portfolio concepts (leverage, margin, PnL, liquidation), see the Boros User Glossary.

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Core Concepts

Term	Description	Where it appears
Market	A trading market uniquely identified by marketId, with one collateral token and specific parameters. Each market represents a different interest rate swap: different token, different maturity, different reference rate.	GET /markets, GET /markets/{marketId}
Asset	Any collateral token in the system, identified by tokenId (e.g., USDT has 6 decimals, BTC has 8). Internally all values are normalized to 18 decimals.	GET /assets/all
Root	EVM address (0x-prefixed) serving as the primary trading identity. The root wallet signs sensitive actions (deposit, withdraw, agent approval).	All account endpoints, calldata endpoints
Account	Sub-account under a root (IDs 0–255). Account 0 is default for trading; 255 is reserved for AMM. Currently only account 0 is available for external users.	accountId parameter across all endpoints
Agent	Wallet authorized to execute non-sensitive trading operations on behalf of a root account. Agents cannot withdraw funds — only place orders, cancel, transfer cash, and enter/exit markets. See Agent Trading.	GET /agents/expiry-time, GET /calldata/approve-agent
Account Manager	Delegated wallet that can approve and revoke agents on behalf of a root account. The root sets the account manager via setAccManager. Useful for programmatic agent management without exposing the root key.	GET /calldata/approve-agent
Market Account	Unique trading context packed as: (root, subaccountId, tokenId, marketId). Use CROSS_MARKET_ID (16777215) for cross-margin, or a specific marketId for isolated. This is the key identifier for querying positions and balances. See Custom Types.	POST /accounts/market-acc-infos
Decimals	Deposits/withdrawals use native token decimals (e.g., 6 for USDT). All trading values — sizes, balances, prices — use 18 decimals internally. Always convert when bridging between wallet amounts and API values.	All size/amount fields
APR Format	All APR values in the API (markApr, midApr, liquidationApr, impliedApr, ammImpliedApr, etc.) are decimal fractions, not percentages. For example, 0.05495 means 5.495%. Multiply by 100 to get the human-readable percentage. All APR fields use the same scaling — there are no exceptions.	All market and account endpoints
Scaling Factor	Multiplier used to normalize token amounts to 18-decimal precision internally. Calculated as 10^(18 - tokenDecimals) during token registration (e.g., USDT with 6 decimals has scaling factor 10^12). Tokens with more than 18 decimals are not supported.	GET /assets/all
Cooldown	Mandatory waiting period between requesting and finalizing a withdrawal. Protects protocol solvency by preventing instant removal of collateral backing active positions. The global cooldown applies to all users; individual roots may have a personal cooldown override.	Withdrawal endpoints
Deposit Box	Deterministic per-user contract for receiving cross-chain deposits and performing token swaps (via DEX routers) before depositing into Boros. Created by DepositBoxFactory from (root, boxId). Managed by Pendle backend — users do not interact with them directly.	Internal (not exposed via API)

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Trading Concepts

Term	Description	Where it appears
Order Book	Primary liquidity source with Long/Short sides organized by price ticks. See Order Book Mechanics for matching rules and constraints.	GET /markets/order-books, GET /v2/markets/order-books
Order	Trade instruction with orderId, tick (price level), side, size (18 decimals), and tif (time-in-force). Orders can be placed individually or in bulk.	POST /calldata/place-orders, GET /accounts/limit-orders
Tick	Integer price level representing an interest rate. Formula: rate = 1.00005^(tick × tickStep) - 1. Higher tick = higher rate. The tick step is market-specific and controls rate granularity. Use SDK helpers to convert between human-readable APR and tick values.	All order-related endpoints, GET /stop-order/v1/orders/tpsl/prepare
Slippage	Max acceptable price impact as a percentage (market orders only). Protects against unfavorable fills when the order book is thin.	GET /simulations/place-order
AMM	Automated market maker providing continuous liquidity alongside the order book. The Router routes between AMM and order book for optimal execution. AMM liquidity can be optionally included in order book queries.	GET /v2/markets/order-books, AMM simulation/calldata endpoints
OTC Trade	Direct swap between two accounts bypassing the order book, typically routed through the AMM. Has a separate fee rate (otcFee). See Fees.	AMM swap/liquidity endpoints
Mark Rate	TWAP of historical order book trades, used as the reference rate for margin, liquidation, and order rate bounds. Distinct from mid rate and AMM implied rate. See TWAP Oracle.	GET /markets/{marketId} (in market state)
Mid Rate (midApr)	Midpoint of the best bid and best ask rates: (bestBid + bestAsk) / 2. When the AMM provides the tightest spread, this may equal the AMM implied rate. Can diverge from the mark rate in thin markets.	GET /markets/{marketId}
AMM Implied Rate	The current rate implied by the AMM's internal state. Represents the rate at which the AMM would trade. Should normally be near the order book's best bid/ask. The AMM has a min/max APR range — outside this range, it stops serving trades.	GET /markets/{marketId}
Implied Rate	Current interest rate implied by order book trading, consisting of the last traded rate and a TWAP component.	GET /markets/{marketId}
Rate Floor	Minimum absolute rate used in margin calculations (derived from market.imData.iTickThresh). If an order's rate is below the rate floor, the floor value is used for margin instead. See Margin — Pre-scaling IM.	Market config
Settlement	Periodic floating rate payment exchange (typically every 8 hours) using lazy settlement. See Settlement Mechanics.	GET /accounts/settlements, POST /funding-rate/settlement-summary
Conditional Order	On-chain order with an off-chain trigger condition, executed by a permissioned validator when conditions are met. Stop orders are built on this. See Conditional Orders.	Stop Order Service endpoints
Stop Order	Conditional off-chain order (take-profit or stop-loss) that triggers when market APR crosses a threshold. Managed by the Stop Order Service. See Stop Orders.	GET /stop-order/v1/orders/tpsl/prepare, POST /stop-order/v2/orders/place

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Margin Concepts

Term	Description	Where it appears
Cross Margin	Shares collateral across all entered markets. Unrealized profit in one market can offset losses in another. Use CROSS_MARKET_ID (16777215) when packing marketAcc.	POST /accounts/market-acc-infos, GET /calldata/enter-exit-markets
Isolated Margin	Constrains collateral to a single market. Liquidation in one market doesn't affect others. Use the specific marketId when packing marketAcc.	GET /calldata/cash-transfer, GET /simulations/deposit
Initial Margin	Minimum collateral required to open a new position. Calculated based on position size, rate, and time to maturity. See Margin Mechanics.	GET /simulations/place-order (in projected state)
Maintenance Margin	Minimum collateral required to keep positions open. If total value drops below this, the position is eligible for liquidation.	POST /accounts/market-acc-infos (in margin status)
Health Ratio	Total Value / Maintenance Margin. Above 1.0 = healthy; ≤ 1.0 = liquidation eligible. Multiple thresholds trigger progressive risk actions. See Margin Mechanics.	POST /accounts/market-acc-infos
Liquidation	Forced closure of positions when health ratio ≤ 1.0. Positions are closed at mark rate; a liquidation incentive is paid to the liquidator. See Margin Mechanics.	GET /events/liquidation-events
Force Cancel	Automatic cancellation of open orders when an account's health ratio drops below the risky threshold, or when order rates deviate too far from mark rate. See Risk Management.	GET /accounts/limit-orders
CLO (Close-Only)	Market status where only position-reducing orders are accepted. See Closing Only Mode.	GET /markets/{marketId} (status field)

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Enums

Side

Value	Name	Description
0	LONG	Betting on rate increase (pay fixed, receive floating)
1	SHORT	Betting on rate decrease (receive fixed, pay floating)

Time In Force (TIF)

Value	Name	Best for	Description
0	GOOD_TIL_CANCELLED	Limit orders	Remains on book until filled or canceled
1	IMMEDIATE_OR_CANCEL	Market orders	Fills against available liquidity, cancels remainder
2	FILL_OR_KILL	All-or-nothing	Must fill entire size immediately or reverts
3	ALO	Market making	Post-only (Add Liquidity Only); reverts if it would match existing orders. Guarantees maker-only status.
4	SOFT_ALO	Market making	Post-only (soft); skips matching without reverting. Preferred over ALO for no-revert behavior.

Market Status

PAUSED (0) · CLO (1) · GOOD (2) — See Custom Types for descriptions and state transitions.

Stop Order Type

Value	Name	Description
2	TAKE_PROFIT_MARKET	Triggers when market moves in your favor
3	STOP_LOSS_MARKET	Triggers when market moves against you

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SDK Helpers

import { MarketAccLib, CROSS_MARKET_ID, estimateTickForRate, getRateAtTick } from "@pendle/sdk-boros";
import { FixedX18 } from "@pendle/boros-offchain-math";

// Pack market account for API calls
const marketAcc = MarketAccLib.pack(walletAddress, accountId, tokenId, CROSS_MARKET_ID);

// Convert between tick and rate
const tick = estimateTickForRate(FixedX18.fromNumber(0.05), tickStep, false);
const rate = getRateAtTick(tick, tickStep);

// Convert between human-readable numbers and 18-decimal strings
const size = FixedX18.fromNumber(100).value.toString();       // "100000000000000000000"
const amount = FixedX18.fromBigIntString(balanceString).toNumber(); // 100.0

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Additional Resources

• Boros User Glossary — Portfolio and general trading terms
• OrderBook Mechanics — How the order book works
• Margin Mechanics — Initial/maintenance margin and liquidation
• Settlement Mechanics — Funding rate payments
• Fee Structure — Position opening, settlement, and entrance fees
• Custom Types — Contract type definitions
• API Reference — All API endpoints and integration workflows