> ## Documentation Index
> Fetch the complete documentation index at: https://docs.magicmarkets.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> The terms used across MagicMarkets and these docs, in one place.

**Available balance.** The part of your balance that is free to trade or withdraw. The rest is committed to open positions.

**Back.** The exchange and API word for buying an outcome. See Buy.

**Bet type.** The API term for a selection: the market and outcome you are trading, such as the home win or over 2.5 goals. In the API it is a comma-separated string that starts with `for` or `against`.

**Buy.** To take a position that wins if the outcome happens. Your risk is the amount you put in. Exchanges and the API call this backing.

**Cashout.** Closing a position for a single offered figure. Cashout is offered on most markets.

**Cents.** A price expressed as implied probability. 40c means a 40 percent implied chance, and equals a decimal price of 2.50.

**Combo.** Two to ten legs combined into one position. Every leg must win. The API calls this a parlay.

**Decimal price.** A price expressed as the total return for each unit you put in, including that unit. 2.50 returns 2.50 USDT per 1 USDT.

**Fill.** A match between your order and the other side. An order can fill in part or in full.

**Filled.** Your order found a counterparty and you hold a position. Filled is not settled.

**Heartbeat.** An API safety net. If your program stops refreshing it, every open order on the account closes.

**In-play.** Markets priced while the event is running. Most volume on MagicMarkets is in-play.

**Lay.** The exchange and API word for selling an outcome. See Sell.

**Liability.** What a sell would pay out if the outcome happens. It must be free in your account before the trade is placed.

**Limit order.** An order at a price you name. It matches only at your price or better, and may not match at all.

**Liquidity provider.** One of the more than 25 sportsbooks, sports exchanges and prediction markets whose prices feed the MagicMarkets order book.

**MagicMarkets Pro.** The dense grid layout for following many markets at once. Choose Pro under Layout in settings. See [MagicMarkets Pro](/traders/trading/pro-mode).

**Maker.** Someone who posts a price nobody has met yet and waits for it to be taken.

**Market order.** An order that takes whatever is on the book now.

**Normal mode.** The default layout, shown as Standard in settings. See [MagicMarkets Pro](/traders/trading/pro-mode#compared-with-normal-mode).

**Offer.** A priced selection on the live feed, with the size available at each price.

**Open stakes.** Funds committed to positions that have not settled. Not withdrawable until they do.

**Order book.** The single list of prices and sizes for an outcome. It holds orders from other traders and aggregated liquidity from more than 25 sportsbooks, sports exchanges and prediction markets.

**Order ticket.** The ticket you fill in to place a trade. It holds a short-lived quote: the price and the size available to you at that moment. The API calls this object a betslip.

**Parlay.** The API calls a combo a `parlay`. See Combo.

**Partial fill.** An order that matched for less than its full size. The remainder keeps working until it fills, expires or you cancel it.

**Position.** What you hold after a fill: an exposure to an outcome at an average matched price.

**Sell.** To take a position that wins if the outcome does not happen. Your risk is your liability. Exchanges and the API call this laying.

**Settlement.** The event finishes, the outcome is verified, and balances move. The order shows Completed, and your balance updates.

**Smart credit.** Recognises when two of your positions offset and returns the capital behind them to your available balance instead of holding it to settlement.

**Space.** In MagicMarkets Pro, a page you build from the sports, competitions and events you follow.

**Taker.** Someone who accepts a price already on the book.

**Tick.** The smallest step between two valid prices. It widens as the price grows.

**Trade out.** Closing a position by taking the opposite side of the same outcome at the current price.

**USDT.** The stablecoin every MagicMarkets balance is held in.

**Void.** A market cancelled under the settlement rules. Committed funds return to both sides.


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