Glossary#
Key terms used throughout these docs, in alphabetical order.
Aggressive (trading style) — An execution style in which the algorithm crosses the spread as a taker to prioritize speed of completion over cost. See Maker vs. Taker.
Arrival price — The mid price at the moment an order is submitted. Implementation Shortfall strategies and post-trade analysis measure execution quality against this benchmark.
Basis point (bps) — One hundredth of one percent (0.01%). Fees and slippage are typically quoted in basis points; see Fee Rates.
CEX (centralized exchange) — An exchange that runs its own matching engine and custodies user funds, reached through an account API key. See Exchanges & Venues.
Child order — One of the smaller orders an execution algorithm slices a parent order into and sends to the exchange over time.
Clip size — The size of the child orders. By default Anboto derives it from recent trade sizes and order-book depth so child orders stay digestible for the market; you can also set it as a percentage of the parent order or as an absolute value. A ±20% randomization is applied to child orders.
Extend duration — A setting, on by default, that grants the algorithm a short grace window past the order's scheduled end to finish the remaining tail. See Managing Orders.
Hybrid (trading style) — An execution style mixing passive and aggressive behavior: mostly resting maker orders, crossing the spread opportunistically in reaction to short-term market conditions. See Maker vs. Taker.
Iceberg — A strategy that shows only a small portion of a large order in the order book at a time, concealing the total size. See Iceberg.
Impacted price — The price you would have paid by sweeping your entire order size against the order book at arrival — the "do it instantly" counterfactual. See Post-Trade Analysis.
Implementation shortfall (IS) — The difference between the arrival price and the final average execution price; also the name of the strategy that minimizes this difference by trading urgency against market impact. See Implementation Shortfall.
Limit price — The worst price you are willing to accept (maximum for a buy, minimum for a sell). When specified, the algorithm consumes liquidity at prices no worse than the limit price, which may prevent the order from fully completing.
Maker — An order that provides liquidity by adding a new order to the order book; equivalent to a limit order. Maker fills usually incur lower exchange fees. See Maker vs. Taker.
Market impact — The adverse price movement caused by your own order consuming liquidity. Execution algorithms exist largely to minimize it.
NET savings — The headline figure of the post-trade savings decomposition: maker-taker savings plus spread savings, minus the cost of repricing, in bps. Positive means passive execution paid for itself.
Non-custodial — Anboto never holds your funds. Orders execute directly on your own exchange accounts via trade-only API keys; see API Key Security.
Order book — The exchange's list of resting buy (bid) and sell (ask) limit orders at each price level for a market.
Parent order — The full order you submit to Anboto (e.g., buy 100 ETH over 4 hours), which the execution algorithm slices into child orders.
Participation rate — The share of total market volume your order accounts for. In POV, you set a target participation rate directly; it also serves as an urgency dial.
Passive (trading style) — An execution style in which the algorithm rests maker orders in the book, minimizing fees and spread costs at the price of slower fills. See Maker vs. Taker.
Perp-DEX — A decentralized exchange for trading perpetual futures on-chain. See Supported Exchanges.
Perpetual futures (perps) — Futures contracts with no expiry date, kept in line with the underlying spot price via periodic funding payments between longs and shorts.
Post-only — An order flag ensuring the order is only accepted if it would rest in the book as a maker; if it would immediately cross the spread and take liquidity, it is rejected instead.
POV (Percentage of Volume) — A strategy that executes as a fixed percentage of market volume, blending in with the natural rhythm of the market. See POV.
Reduce only — An order flag that allows the order to reduce an existing position but never to open or increase one. Available on perpetual markets.
Reversion — Where the market went after your last fill (measured at 5 minutes in post-trade analysis), signed so positive means the price moved back in your favor. Positive reversion suggests your impact was temporary rather than adverse selection.
Slippage — The difference between the expected price of a trade and the price at which it actually executes, typically measured in basis points against a benchmark.
Spread — The gap between the best bid and best ask in the order book. Crossing the spread (taking) costs this gap; resting inside it (making) can earn better prices.
Spread capture — A 0–100 score of how an order interacted with the spread: 100 means it never crossed (fully passive fills), 0 means it always crossed.
Sub-account — An additional account under one venue connection, kept separate for reporting or risk. Not every venue supports them — see the venue support matrix. Anboto team members are separate logins on a shared Anboto account, not sub-accounts; see Teams & Accounts.
Taker — An order that removes liquidity by executing against an existing order in the book; equivalent to a market order. Taker fills usually incur higher exchange fees. See Maker vs. Taker.
Trigger price — The price at which an order begins to execute. The order stays inactive until the market reaches the trigger price ("Above" or "Below" the current price). See Triggers.
TWAP (Time-Weighted Average Price) — The average price of an asset over a period, weighting each interval of time equally; also the strategy that targets this benchmark by executing evenly over time. See TWAP.
Volume participation — Your fills as a percentage of total market volume over the order's lifetime. In POV it is the rate you target; in post-trade analysis it is what the order actually achieved.
VWAP (Volume-Weighted Average Price) — The average price of an asset over a period, weighted by traded volume; also the strategy that targets this benchmark by trading in proportion to market volume. See VWAP.
Would price — The price at which you are willing to fill the entire remaining order. When enabled, the algorithm takes any available liquidity up to that level — a "get-it-done" price should the market move favorably.