Agentic trading glossary
Plain definitions for the infrastructure, trading mechanics and tokenized instruments an AI trading assistant can encounter. Each term is checked against the organization that defines or operates it.
Agent infrastructure
Agent wallet
An agent wallet is a programmable wallet or account that lets a software agent request or initiate transactions within permissions set by a person or application.
Delegated signing
Delegated signing is a wallet design in which an owner authorizes another signer to request specified actions without handing over the wallet's main credential.
Tool call
A tool call is a structured request that invokes a named function with arguments and returns a result or an error to the calling application.
MCP server
An MCP server is a service that exposes tools, resources or prompts to compatible AI clients through the Model Context Protocol.
Trading mechanics
Perpetual futures
Perpetual futures are derivative contracts with no expiration date whose price exposure tracks a referenced market through collateral, margin and funding payments.
Funding rate
A funding rate determines a periodic payment between long and short perpetual-futures positions to help keep the contract price near its reference price.
Builder fee
A builder fee is an additional per-order fee paid to an application or builder that routes a Hyperliquid trade using a builder code.
Slippage
Slippage is the difference between the price expected when an order is placed and the average price at which the order actually executes.
Limit order
A limit order is an instruction to buy at a specified price or lower, or sell at a specified price or higher.
Market order
A market order is an instruction to buy or sell immediately against the best prices currently available in the order book.
Leverage
Leverage is the ratio between a trading position and the capital or margin supporting it, allowing exposure larger than the posted amount.
Liquidation threshold
A liquidation threshold is the collateral ratio or protocol parameter at which an overcollateralized borrowing position becomes eligible for liquidation.
Open interest
Open interest is the number or notional value of futures or perpetual futures positions that remain open rather than closed or offset.
Maker and taker fees
Maker and taker fees are trading charges based on whether an executed order added resting liquidity to an order book or matched liquidity already there.
Position sizing
Position sizing is the process of choosing the quantity or notional value of a trade based on account size, planned risk and market conditions.
Stop-loss order
A stop-loss order is a conditional instruction that activates when a specified trigger price is reached, usually to reduce or close a position.
Tokenized markets
Tokenized stock
A tokenized stock is a blockchain-based instrument that represents, records or tracks economic exposure to a publicly traded stock or ETF.
Tokenized treasury
A tokenized treasury is a blockchain-based instrument whose ownership record, backing or economic exposure relates to government securities or Treasury-focused funds.
xStocks
xStocks are a branded family of tokenized representations of publicly traded stocks and ETFs, backed by corresponding underlying assets and distributed through partner platforms.
How to use the glossary
- What does this glossary cover?
- It covers the terms needed to understand AI trading connections, account controls, perpetual futures and tokenized markets. Generic DeFi terms that do not support those topics are outside its scope.
- How are the definitions checked?
- Each definition is checked against the protocol standard, wallet provider, trading venue, issuer or regulator responsible for the concept. The source links and verification date appear on every term page.
- Does a definition describe how every product works?
- No. Terms such as agent wallet and tokenized stock describe categories with several possible designs. Each page separates the general definition from product-specific custody, rights and permissions.
See the connection behind the terms
The Fensory MCP page shows the endpoint, supported clients, account controls and tools in one place.