> ## Documentation Index
> Fetch the complete documentation index at: https://polymarketus.mintlify.site/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> Glossary of common Polymarket terms

**Ask**: Lowest price sellers are willing to accept.

**Bid**: Highest price buyers are willing to pay.

**Buying power**: Cash available to open new positions after margin is applied.

**Cash balance**: Funds in your account not tied to open positions.

**Clarification**: Extra context added to explain how rules should be understood.

**Closed position**: A position you no longer hold because you sold it or the market has resolved.

**Contract**: A Yes or No share that pays 1 dollar if it wins and 0 dollars if it loses.

**Execution price**: The price at which your order fills.

**Fees**: Trading or platform fees applied to executed orders.

**Fill**: When your order completes, fully or partially.

**Fill price**: Average price you receive when your order fills across levels.

**History**: Section showing your past filled orders and closed positions.

**Instant buying power**: Part of your deposit that becomes available to trade immediately.

**Liquidity**: How much size is available to trade at listed prices.

**Margin**: Funds locked to cover the maximum possible loss of a position.

**Market**: A question about a future event that resolves to Yes or No.

**Marketable limit order**: Order that fills at the best available price shown on your screen.

**Max gain**: The most you can earn on a position.

**Max loss**: The most you can lose on a position.

**No contract**: Pays 1 dollar if the event does not happen.

**Odds display**: How prices are shown, such as price, percent chance, or American odds.

**Open order**: Order waiting on the book to be filled.

**Open position**: Yes or No contracts you currently hold.

**Order**: A request to buy or sell contracts at a chosen price.

**Order book**: List of bids and asks showing available prices and size for each level.

**Order status**: Whether an order is open, filled, or partially filled.

**Partial fill**: When only part of your order fills.

**Position value**: Real-time value in dollars of your open positions.

**Price impact**: How much your fill price changes because of limited liquidity.

**Resolution**: When Polymarket determines the final outcome of a market.

**Settlement**: Final payout of 1 dollar for the winning side and 0 dollars for the losing side.

**Size**: Number of contracts available to buy or sell at a given price.

**Slippage**: Difference between expected and actual execution price.

**Spread**: Gap between the bid and the ask.

**Maker**: Trader who adds liquidity by placing an order on the book.

**Taker**: Trader who removes liquidity by filling an existing order.

**Yes contract**: Pays 1 dollar if the event happens.