Twelve Trading Terms You See in Satoshi Note, Explained in One Place
Guides · · Satoshi Note Editorial
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Numbers are hard to read if the words are unfamiliar. Here are the terms exactly as Satoshi Note uses them, one or two sentences each.
At a glance
- Twelve terms grouped as position, collateral, closing, and market.
- Definitions follow how Satoshi Note screens use them; detailed rules differ by exchange.
- These explanations are informational and do not recommend trading.
About positions
Long: a position betting the price rises. It is closed by selling.
Short: a position betting the price falls. It is closed by buying.
Position: one open trade you hold, with a direction (long or short), a size, and an entry price.
Notional value (position value): the whole amount being handled, not your own money. With leverage it is far larger than your collateral. Most "about $X million" figures in Satoshi Note are this value.
About collateral
Margin: collateral you leave with the exchange when opening a position.
Leverage: how many times your collateral you handle. At 10x, 10 of collateral handles 100.
Cross margin and isolated margin: backing everything with the whole account versus splitting collateral per position. The way a liquidation price is calculated depends on which is used.
About closing
Liquidation: the exchange forcibly closing a position whose collateral has run short. A long liquidation is a sell order; a short liquidation is a buy order. Details are in the liquidation primer.
Liquidation price: the price at which liquidation happens. Satoshi Note shows it with its distance from the current price in percent. Some wallets have no known value and drop out (related post).
Auto-deleveraging (ADL): when the market moves sharply and an exchange's safeguards fall short, a procedure that forcibly reduces profitable opposite positions. Availability and order follow each exchange's rules.
About the market
Funding rate: a periodic payment between longs and shorts on perpetual futures, meant to keep the futures price from drifting from spot. Which side pays varies over time.
Open interest: the total of positions not yet closed. It is a different concept from trading volume (the amount traded).
Mark price: the reference price used for liquidation decisions. It can differ slightly from the last traded price.
FAQ
Do these definitions apply identically on every exchange?
The basic ideas are the same, but calculation methods and names differ. Satoshi Note screens show each exchange's values as provided.
Which wallets are Satoshi Note's numbers based on?
Trader wallets that exchanges make public. Private accounts are not included, and the numbers change with each collection.
What if I need more terms?
If you meet an unfamiliar word on screen, tell us and it can be added to this list.
This is a glossary written by the Satoshi Note team. It does not predict price direction or recommend positions; exchange-specific rules follow each exchange's own guidance. As of 2026-11-09.