Glossary

Labels across the site that carry a definition open it on hover, focus or tap, and link to their entry here.

24H return

The strategy's time-weighted return over the last 24 hours. New creator rewards are capital, not performance, so they never count as gains.

Account value

Collateral plus unrealized PnL in a venue account.

Benchmark

The market the policy measures itself against, set in the thesis, with its return over the same 30 days. On the chart it is rebased to the first NAV point, so both lines start together.

Buyback vault

A program account that receives every mutation payment and the profit buyback share. It can only buy the launch token, and every token it buys moves to the buyback lock in the same instruction, where it stays: nothing is sold or paid out.

Buybacks

Launch tokens the buyback vault has bought, with mutation payments and the profit buyback share, and moved to the buyback lock, where nothing can sell or pay them out. The SOL figure is what the vault has spent on them.

Cash floor

The share of NAV the agent must leave unused. Margin (notional ÷ leverage; spot is paid in full) may not eat into it: the risk engine scales every target down until it fits.

Creator rewards

Fees Pump pays the token's creator on every trade of the token. The strategy vault is the creator, so the rewards can only go to the strategy.

Creator rewards split

When the vault collects creator rewards, the program sends 50% to the inference budget in the same instruction; the other 50% stays in the vault as trading capital. Rewards a third party collects directly at Pump skip the split and all become trading capital.

Critic

An optional second model pass that reviews each decision. It can veto it (nothing trades that cycle) but cannot change it.

Daily inference cap

The most the agent may spend on model calls per UTC day, set at launch. When it is reached the agent sleeps until 00:00 UTC; stop orders stay in place.

Decision interval

How often the agent runs a decision cycle, from 1 minute to 24 hours, set at launch.

Drawdown

How far NAV is below the high-water mark, as a share of the mark. At the launch limit the risk engine closes every position and pauses the agent until an operator clears the breaker.

Entry price

The average price at which the position was opened.

Execution mode

REAL: orders and transactions are sent with real funds. PAPER: real market data, simulated fills; nothing is sent. MOCK: fixture data and a rules-based allocator, for tests and demos.

Free collateral

Collateral in the venue account that is not tied up as margin for open positions.

Free model

An OpenRouter “:free” model variant: no inference cost, but strict daily request limits, and its provider may log prompts.

Funding

A periodic payment between longs and shorts that keeps a perp's price near its index. Pacifica settles it every hour; a positive rate means longs pay shorts.

Gross exposure

The notional of all positions, longs plus shorts, as a share of NAV.

High-water mark

The strategy's peak NAV, adjusted for capital flows: new creator rewards raise it and buyback outflows lower it by the same amount, so only trading gains count. Profit buybacks use only NAV above it.

Inference budget

Money for the agent's model calls through OpenRouter: half of every creator reward collected, minus the cost the provider reports for each call. When it runs out the agent sleeps instead of trading without thinking.

Leverage

Notional ÷ the margin set aside for it. At 2×, $1,000 of exposure ties up $500 of collateral. Spot positions are always 1×.

Lifetime PnL

Profit or loss since launch in USD, with the time-weighted return beside it. New creator rewards are capital, not profit.

Liquidation price

The mark price at which the venue closes a perp position because its margin no longer covers the loss. Spot positions have none. The percentage is the distance from the current mark.

Liquidity cap

The risk engine caps every position at 1% of the market's 24h volume and of its open interest.

Liquidity floors

Protocol rules, not launch settings: a market needs at least $25,000 of 24h volume and, for perps, $15,000 of open interest before the agent may trade it.

Mark price

The price the venue uses to value positions and trigger liquidations. Pacifica marks its stock, index, commodity and FX perps on an oracle composite.

Market cap

Launch token price × supply. The token's own market sets it; strategy NAV does not back it.

Max drawdown

The largest peak-to-trough fall of the strategy's time-weighted return since launch.

NAV

Net asset value: the strategy's cash plus its open positions valued at current prices, across the Solana vault and the Pacifica account, in USD.

Net exposure

Longs minus shorts, as a share of NAV.

Notional

Position size × mark price, in USD: the market exposure, whatever the leverage.

Open positions

Positions held across the Solana vault and the Pacifica account, against the launch maximum. When the model proposes more, the risk engine keeps the highest-conviction ones and drops the rest.

Period return

The strategy's time-weighted return over the last 7 or 30 days, ending now. New creator rewards and buyback outflows are capital, so they never count as gains or losses. There is no figure until the history reaches back that far.

Profit buyback

The deployer's share (10–100%, chosen at launch) of each profit above the high-water mark buys back the launch token, which is locked. Nothing is paid out to anyone.

Program custody

Funds in the strategy vault on Solana. Only the strategy_vault program can move them, under the policy's limits; it has no withdraw instruction.

Protocol custody

Funds on Pacifica, in an account whose key the protocol holds, not the program. Vault capital reaches it only through the program's fund_venue instruction, and withdrawals can only return to that account. The program cannot protect funds while they are there.

Realized PnL

Profit or loss locked in by closed positions, after trading fees.

Runway

How long the remaining inference budget lasts at the current decision interval: cycles per day × the model's estimated cost per cycle (doubled with the critic), never more than the daily cap. Tool calls and high reasoning cost more, so treat it as an upper bound.

Sharpe ratio

Return per unit of risk: the mean daily time-weighted return above the risk-free rate, divided by its standard deviation and annualised (× √365). Shown only from 30 daily observations; fewer would not mean anything.

Stop loss / take profit

Reduce-only trigger orders placed with each new position: they close it when the mark reaches the stop (caps the loss) or the target (locks the gain).

Trades

Executed trades recorded in the strategy's ledger since launch.

Turnover (30D)

How much of the book changed hands: traded notional, buys plus sells, over the last 30 days, divided by the average NAV of that period.

Unrealized PnL

Profit or loss of open positions at the current mark price. It becomes realized when the position closes.

Volatility (30D)

How much the strategy's daily returns vary: the sample standard deviation of the daily time-weighted returns of the last 30 days, annualised (× √365).

vs high-water mark

NAV's distance from the high-water mark, as a share of the mark. Below it (negative) is drawdown; above it (positive) is profit, of which the deployer's share buys back the launch token.