Glossary of Terms

PartyA

The user who creates intents (trade requests).

PartyB

PartyB is the traditional-finance term for the counterparty in a swap agreement.

PartyB, Solvers, Hedgers, Counterparty or MarketMaker describe the same entity in Symmio, they describe the Executing party of a Trade contrarian to the requesting entity, which would be referred to as PartyA, Trader or User.

On Symmio, PartyB is a liquidity provider that sees user intents and decides whether to accept or reject them. PartyB can hedge accepted trades off-chain (with a centralized or decentralized broker) or stay unhedged.

Solver

"Solver" is the standard term for the counterparty in an intent-based system, so a PartyB on Symmio can also be called a solver. The label fits the on-chain side of a PartyB especially well: a counterparty can be split across entities, with a solver handling on-chain execution and a separate market maker or hedger handling off-chain liquidity.

Hedger / Solver (PartyB)

A liquidity provider on Symmio that sees user intents and decides whether to accept or reject them. It can hedge trades off-chain (e.g. with a centralized or decentralized broker) or stay unhedged.

Broker

Any external venue or strategy a hedger uses to hedge: a centralized exchange (Binance, Bybit), a DEX, an OTC desk, or an internal algorithm. Symmio never requires a hedger to hedge; it's optional, and off-chain actions have no bearing on on-chain state or trust assumptions.

Frontend Builder

A developer or team that builds a trading interface on Symmio. They connect to one or more solvers, and provide the UI for traders (PartyA). Examples include Carbon, Thena, and Vibe. Symmio handles settlement; the frontend handles everything user-facing.

Intent

A proposed trade from PartyA, e.g. "open a LONG position for BTCUSDT at price X with quantity Y." Solvers see 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, and the rest. Off-chain hedging, if any, is the hedger's private business logic and doesn't affect the contract's rules or solvency checks.

Directional Exposure

A hedger that chooses not to hedge is taking a directional bet on the market. A fully hedged (1:1) approach is "delta-neutral": the hedger holds no directional exposure.

Liquidators

Once an intent opens on-chain it becomes a position. If either side (PartyA or the hedger) becomes insolvent, a liquidator can close the position by force. No trust is placed in the hedger's off-chain solvency; only on-chain collateral and UPNL count.

Platform Fee

Charged to PartyA when a position opens. The hedger's spread is embedded in the price.

Liquidator Fee (LF)

The incentive paid to liquidators in a forced liquidation.

Counterparty Valuation Adjustment (CVA)

A portion of the position's notional value, paid to the surviving side when the other side is liquidated. Read more Maintenance Margin & CVA Calculations.

Funding Rate

A periodic charge, set by the counterparty. A short (whether the hedger or PartyA) may pay funding to the long side, or vice versa.