> For the complete documentation index, see [llms.txt](https://arbital-1.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://arbital-1.gitbook.io/docs/reference/terminology.md).

# Terminology

* **Maker Order** → Limit order that provides liquidity
* **Taker Order** → Market order that removes liquidity
* **Spread** → Difference between best bid & ask
* **Realized PnL** → Closed profit/loss only
* **Inventory** → Current position size
* **TWAP** → Orders spread over time