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.

Trading SDK

SYMMIO's TypeScript SDK (@symmio/trading-core, @symmio/trading-react, @symmio/session-key, @symmio/utils) for building bots and frontends on HyperEVM. Docs: doc.trading-sdk.symm.io.

Session key

A local, throwaway keypair with limited trading authority delegated via the InstantLayer, so a bot or frontend can trade without prompting the owner wallet on every action.

Enigma

The solver (PartyB) and lowcap price service on SYMMIO's HyperEVM deployment, the counterparty your positions are opened against. Solver details here.