Definitions

For liquidation and stability purposes, the mark price used for calculating margin fractions and liquidation thresholds will be the index price of the underlying for perpetual futures. This is to protect traders against large liquidation cascades or liquidity shortages.
Mark price
​mark=best bid+best ask2mark = \frac{best \space bid + best \space ask}{2}mark=2best bid+best ask​
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When the book is one sided (only bids or only asks), the mark is index price * (1 ± one sided multiplier)where - when only asks, + when only bids 
*for funding calculation purposes
When there are no orders on either side of the book, the mark is the last mark price.
Index price
Oracle price of the underlying asset.
Unrealized PnL
If long
​PnLunrealized=position size×(mark−purchase price)PnL_{unrealized} = position \space size \times (mark - purchase \space price)PnLunrealized​=position size×(mark−purchase price)
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If short
​PnLunrealized=position size×(sale price−mark)PnL_{unrealized} = position \space size \times (sale \space price - mark)PnLunrealized​=position size×(sale price−mark)
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Realized PnL
Realized PnL refers to a program-specific variable, rather than the general concept of realized pnl. 
It refers to any PnL on a market that has been realized but not settled on the margin account balance yet. This amount of PnL is not yet reflected on the margin account, so would not collect nor pay supply/ borrow APY.
Ex: After Alice's maker order gets filled, she receives some positive realized PnL. However, this PnL is not yet settled/ reflected on her margin account. It is parked in this intermediate state that we call Realized PnL. 
Realized PnL is automatically and instantaneously settled to the margin account in most cases, except when it accumulates through maker fills, in which case it is settled by an automatic crank. Otherwise, the user can choose to settle pnl using settle pnl instruction.
Margin fraction [MF]
​MF=total account valuetotal position notionalMF = \frac{total \space account \space value}{total \space position \space notional}MF=total position notionaltotal account value​
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Open margin fraction [OMF]
​OMF=min(total account value, collateral+PnLrealized)total open position notionalOMF = \frac{min(total \space account \space value, \space collateral+ PnL_{realized})}{total \space open \space position \space notional}OMF=total open position notionalmin(total account value, collateral+PnLrealized​)​
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Total account value
​Total Account Value=collateral+PnLrealized+PnLunrealizedTotal \space Account \space Value = collateral + PnL_{realized} + PnL_{unrealized}Total Account Value=collateral+PnLrealized​+PnLunrealized​
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Position notional
​Position notional=position size×markPosition \space notional = position \space size \times markPosition notional=position size×mark
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Position open notional
​Position open notional=position open size×markPosition \space open \space notional = position \space open \space size \times markPosition open notional=position open size×mark
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Position open size
Position open size=max(abs(size if all buy orders get filled),abs(size if all sell orders get filled))Position \space open \space size = max(abs(size \space if \space all \space buy \space orders \space get \space filled), abs(size \space if \space all \space sell \space orders \space get \space filled))Position open size=max(abs(size if all buy orders get filled),abs(size if all sell orders get filled))

Account Risk

Limits

Last modified 4mo ago

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Open margin fraction [OMF]

Total account value

Position notional

Position open notional

Position open size