| Admin | A member of a business account who can do everything, including sending money out and managing members. |
| Backer | An underwriter whose capital was reserved for a particular contract. |
| Basis risk | The difference between the reference rate the contract settles on and the rate you actually trade at. |
| Business account | An account on Stellar that belongs to a business and is shared by its team, each member with their own passkey and role. |
| Up cover | A contract that pays if the rate rises past the strike, meaning your currency weakens. For US dollars you have to pay. Named after its pair, such as USD/NGN Up cover. |
| Capacity | The free capital a pool can reserve for new contracts right now. |
| European settlement | Only the rate at expiry decides the payout. |
| Expiry | When a contract ends: purchase time plus tenor. |
| Down cover | A contract that pays if the rate falls past the strike, meaning your currency strengthens. For US dollars you will receive. |
| Fair price (fair rate) | The pricing engine's price for a contract, per dollar of notional, before the pool's markup. |
| Free money | Underwriter capital that is not reserved and can be withdrawn or back new sales. |
| Hedger | A business buying protection. |
| Limit | The rate beyond which the payout stops growing. |
| Limited protection | The buyer chooses the limit, within the range the pool allows. |
| Markup (offer) | The multiple of the fair price a pool charges for a tenor. |
| Notional | The amount protected, in USDC. |
| Open protection | The pool sets the limit from its maximum payout. |
| Operator | A member of a business account who can buy cover and manage liquidity, but cannot send money out. |
| Oracle operator | A registered party that submits exchange rates for settlement. |
| Pool | Underwriters' capital selling one contract, Up cover or Down cover, on one pair. |
| Pool creator | The account that opened a pool and sets its terms. |
| Premium | The price of protection, paid once at purchase. |
| Quote | A signed price for exact terms, valid for 120 seconds. |
| Reference rate | A published mid-market rate used for measurement, not for trading. |
| Reserve | Capital locked for a contract's maximum payout. |
| Settlement | Fixing a contract's payout from the agreed rate after expiry. |
| Reference rate (today's rate) | The market rate BlockFinaX uses to price and settle cover, shown in the app as "Ref.". A guide only, not a rate you can buy or sell currency at. |
| Strike | The rate past which protection starts to pay. |
| Tenor | A contract's length in days. |
| Underwriter | Someone who provides capital to pools and earns premiums. |
| Utilisation | The share of a pool's capital that is reserved. |
| Viewer | A member of a business account who can see it but approve nothing. |