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 the order may trade at: a maximum for a buy, a minimum for a sell. The algorithm only trades at the limit price or better. While the market is beyond it, execution pauses and resumes if the price comes back — so the order may not complete. For example, a buy limited at 2,000 buys only at 2,000 or below; while the price is above 2,000, buying pauses. Set it in the order form with + Limit (the line then reads Pauses if price > X on a buy, Pauses if price < X on a sell) or in the Limit Price tab of Advanced Settings; the two stay in sync. Available on every algo except Scale, whose ladder prices already act as limits.
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. Anboto sends its algos' passive child orders as post-only by default; see Maker vs. Taker.
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 futures markets, as the RO chip at the end of the order form's conditions line.
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 waits, inactive, until the market reaches the trigger price — rising to it ("Above", ≥) or falling to it ("Below", ≤). The direction defaults to Below for a buy and Above for a sell. Set it in the order form with + Trigger (the line then reads Starts if price ≥ X or Starts if price ≤ X) or in the Trigger Price tab of Advanced Settings. See Trigger Orders.
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.