Glossary
Hedger / Solver (PartyB)
A liquidity provider on SYMMIO who sees user “Intents” (trades) and decides whether to accept or reject them. Can hedge trades off-chain (e.g., with a centralized or decentralized broker) or choose to stay unhedged.
Broker
Any external platform or strategy a Hedger uses to hedge. This could be a centralized exchange (Binance, ByBit), a DEX, an OTC desk, or even an internal algorithm. SYMMIO does not require Hedgers to hedge; it is entirely optional. Off-chain actions have no bearing on on-chain states or trust assumptions.
PartyA
A user who creates Intents (trading requests). PartyA trades through a frontend.
Intent
A proposed trade from PartyA. Examples: “I want to open a LONG position for BTCUSDT at price X with quantity Y.” Hedgers see these Intents on-chain and can lock them if they meet their criteria.
Off-Chain vs. On-Chain
SYMMIO’s on-chain contracts control positions, collateral, liquidations, etc. Off-chain hedging (if any) is the Hedger’s private business logic and does not affect the contract’s rules or solvency checks.
Directional Exposure
If a Hedger chooses not to hedge its exposure, it is essentially taking a directional bet on the market. A fully hedged approach (1:1) is “delta-neutral,” meaning the Hedger never maintains directional exposure.
Position & Liquidation
Once an Intent is opened on-chain, it becomes a position. If either side (PartyA or Hedger) becomes insolvent, a liquidator can step in to close the position forcibly. No trust is placed on the Hedger’s off-chain solvency; only on-chain collateral and UPNL.
Platform Fee:
Charged to PartyA upon opening a position. The hedger spread is embedded in the price.
Liquidator Fee (LF)
Incentive for liquidators in a forced liquidation.
Counterparty Valuation Adjustment (CVA)
Funding Rate
A periodic charge, often determined by oracles. If a Hedger or PartyA is short, they may pay a funding rate to the long side (or vice versa).
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