Glossary

Amount - The USDC you choose to spend on a ticket. Olive converts it into a position size and carries it as the budget ceiling the program enforces.

Collateral - The exact settlement token owed into a maturity bucket. Calls use the market's underlying token; puts use canonical USDC.

Credit - An admin-set on-chain limit letting a maker take exposure for a given token before depositing it, backed off-chain by a reviewed tri-party custody and control agreement.

Credit-backed - A funding-bucket state meaning part of the maker's obligation is not yet on-chain. It must be funded before the deadline.

DTE - Days to expiry, the time remaining until maturity.

European settlement - Settlement based only on the price at maturity, never on the path taken to get there.

Firm quote - A signed, binding maker price valid only within its own expiry window, re-verified by the Solana program at execution.

Funding bucket - An isolated Solana account and token account pooling one maker's settlement-asset obligations for one market family, one exact token, and one maturity.

Funding deadline - The on-chain time by which a bucket must hold its full obligation; currently 72 hours before maturity.

Indicative value - A non-tradeable model value shown while shaping a ticket or monitoring a position.

Long Call - A bought call. You pay USDC and receive any upside above the strike as the market's underlying token.

Long Put - A bought put. You pay USDC and receive any downside below the strike in USDC.

Maker - A market maker that prices and takes the other side of Olive tickets, and maintains the credit and bucket funding behind them.

Maturity - The fixed on-chain time at which a position settles.

Maximum payout - The most a position can pay: the position size for a call, the strike notional for a put.

Position - The object you hold after accepting a firm quote.

Position PDA - Program-owned Solana state holding an accepted position's economics, current owner, maker, funding bucket, and lifecycle status.

Product - Which payoff a ticket buys: Long Call or Long Put.

RFQ (request for quote) - The mechanism by which Olive asks makers to price your exact ticket on demand, rather than crossing an order book.

Settlement price - The single Pyth-derived price recorded on-chain for an expiry, which determines every payoff in it.

Sponsor - The Olive-controlled signer that pays the Solana network fee and account rent for an exact prepared transaction.

Strike - The price level that defines where a payoff begins.

Ticket - The editable pre-trade configuration: market, product, amount, strike, expiry, and its model-indicative economics.

Underlying - The market a payoff tracks, such as BTC, SOL, Gold, or S&P 500.