Reference
Glossary
Definitions of the terms used across the Lull docs.
Time#
Session. The regular trading hours of the underlying stock. For AAPL, 09:30 to 16:00 ET on weekdays, with holidays and early closes taken from Pyth's schedule.
Lull. The interval from one session's close to the next session's open. Every order in a lull crosses at that open.
Early close. A session that ends before its usual close, as listed in Pyth's schedule. The lull starts at the earlier time.
Phase. A lull's current stage: scheduled, commit, reveal, sealed, pricing, crossing, then settled or cancelled.
Reveal window. The interval in which sealed tickets can be revealed. By default it runs from 30 minutes to 1 minute before the open.
Open delay. The time after the open before a price can become Popen. 30 seconds by default.
Pricing deadline. The open plus the open delay, twice the maximum lag and the TWAP window. After it, anyone can cancel a lull that has no price.
Orders#
Ticket. The on-chain account for one sealed order or LP quote. It holds the commitment and the bond, and later the revealed fields.
Seal (commit). Record a commitment and post a bond. No tokens move.
Commitment. The SHA-256 hash of a ticket's fields, its salt, the owner's address and the lull's address.
Salt. 32 random bytes generated in your browser for each ticket. Knowing it authorizes the reveal.
Reveal. Publish a ticket's fields and salt. The program checks them against the commitment and locks the amount.
Market on open (MOO). An order with no limit.
Limit on open (LOO). An order with a limit in USD per share: a maximum for a buy, a minimum for a sell.
Bond. SOL posted with each ticket. It returns at claim and is forfeited if the ticket is never revealed. 0.01 SOL by default.
Forfeit. The step that closes an unrevealed ticket after the reveal window. The bond goes to the treasury and the rent to the owner.
Claim. The step that settles a ticket into its owner's balance and returns its bond and rent.
Liquidity#
LP quote. A sealed offer from a liquidity provider to absorb the imbalance, made of a spread, a max base and a max quote.
Spread. The distance from Popen at which an LP quote fills, in basis points. 1 bps is 0.01%.
Max base. The most AAPLx a quote sells if buyers are heavy.
Max quote. The most USDC a quote spends if sellers are heavy.
Pay-as-quoted. Each LP quote fills at its own price, Popen plus or minus its own spread.
Pricing#
Popen. The price a lull crosses at: the first verified Pyth price of the underlying published at or after the open plus the open delay, or a TWAP when that price is too uncertain.
Confidence interval. Pyth's uncertainty band around a price. A direct Popen requires it to be within the market's limit relative to the price, 25 bps by default.
TWAP. The mean of several verified Pyth updates over a short window. Lull falls back to it when the first price's confidence interval is too wide.
Maximum lag. How long after the open plus the delay a price may be published and still be captured. 30 seconds by default.
Exactness flag. Set when the captured price is provably the first Pyth update at or after the open plus the delay.
The cross#
Cross. The single matching of a lull's revealed orders and quotes at Popen.
Heavy side, light side. The side with more eligible value at Popen is heavy. The light side fills in full.
Class. An order's eligibility at Popen. None: not eligible, refunded. A: matching only. B: matching and the LP leg.
Pro rata. Shared in proportion to amount. The heavy side shares the matched volume this way.
Dust. Rounding remainders, at most one raw unit per order, that stay in the vault.
Crank. The permissionless steps that move a lull forward: forfeit, price capture, tally, finalize, claim, and cancel after the deadline. Lull runs a crank that sends them, and anyone else can.
Cancelled. A lull that did not cross. Every revealed lock is refunded.
Accounts and units#
Balance. Your per-market record of the USDC and AAPLx you hold in the vault, split into Free and Locked.
Free. Balance you can withdraw, or lock at a reveal.
Locked. Balance held by a revealed order or quote until its ticket is claimed.
Vault. The market's token accounts, which hold every deposited token.
Treasury. The account that receives forfeited bonds.
Market authority. The account that publishes lulls, sets market parameters and can cancel a lull before it is priced. It cannot move user funds.
xStock. A token on Solana that tracks a listed stock. AAPLx tracks Apple.
Scaled UI multiplier. The ratio stored in the AAPLx mint that converts raw token units into shares.
Raw base. AAPLx in raw token units, before the multiplier. 8 decimals.
Raw quote. USDC in base units. 6 decimals.
Quote per share. Raw USDC per one share. Limits use this unit.
px. Raw USDC per raw AAPLx, scaled by 10¹². It already includes the multiplier.
Wallet Standard. The common interface Solana wallets use to connect to apps.