The words below come up across these docs. Each entry says what the term means in Levee, in a sentence or two, and points to the chapter that explains it properly. Numbers are the values the contracts enforce today; where a value is set at deploy time, the linked chapter names the constant.
Trading
Carry. What a hedged position earns per year before price moves: the pool's fee APR plus the perp funding a short receives (hourly funding × 8 760), minus any borrowing cost. Levee flags carry of 8 % or more as worth watching and 20 % or more as strong. See Using the app.
Funding. The periodic payment between longs and shorts that keeps a perp's price near its index. Positive funding means longs pay shorts. On the pre-market perp it settles hourly and is capped at 1 % per hour. See Graduation and pre-market perps.
Hedge. A liquidity position paired with a perp short sized to the position's delta, so price moves on the two legs roughly cancel and the fees remain. The Planner models it next to holding, providing liquidity and a plain perp. See Hedged vaults.
Hop. One leg of a swap route: a v4 pool, a DLMM pair, a Pons bonding curve, or a wrap or unwrap of ETH. The Router accepts at most three swap hops per trade. See Swaps and routing.
Idea. A position published with the argument for it and its running PnL. Mirroring an idea opens the same kind of position at your own size. See Using the app.
Limit order. On Levee, a one-sided liquidity position placed entirely above or below the price. It converts into the other token as the price crosses it and earns swap fees while it waits. See Limit orders.
Order key. A Lighter API key the signer service holds for you. It can place and cancel orders on your Lighter account and has no way to withdraw from it. See Perpetuals.
Price impact. How much worse a route's rate is than the rate for a tiny trade on the same hops. The Swap page warns above 1 %, asks you to confirm above 5 % and refuses at 15 %. See Swaps and routing.
Slippage. The most the output may fall short of the quote before the transaction reverts. You set it per trade; the app turns it into a minimum amount out.
Liquidity
Active bin. The one bin of a DLMM pair that holds both tokens. Swaps fill there at a fixed price until it runs out, then move to the next bin. See Levee pools.
Anti-snipe fee. A fee that starts high when a pool opens and falls in a straight line to the base fee over a set time, at most one hour. It makes buying the first blocks of a launch expensive. See Launch a token.
Bin and bin step. A DLMM pair splits its price range into discrete bins. The bin step is the price distance between neighbouring bins, in basis points: 1 to 100 bps. See Levee pools.
DAMM. A Uniswap v4 pool on Levee's DammHook. Its fee is a base rate plus a surcharge that rises with recent price movement, with an optional anti-snipe schedule at the start. See Levee pools.
DLMM. Levee's bin-based pair (DlmmPair): liquidity sits in discrete price bins and each bin trades at one exact price. See Levee pools.
Harvest. Collecting a position's earned swap fees, and on a vault or an automated position, adding them back as liquidity. A harvest pays 10 % of the fees it collects to the protocol, never any principal. See Position automation.
Range. The price interval a concentrated liquidity position is active in, written as two ticks. Outside it the position holds one token only and earns nothing. See One-token deposits.
Rebalance. Withdrawing a position that has drifted out of range and opening a new one centred on the current price, inside limits on slippage and timing. See Position automation.
Shape. How a DLMM deposit is spread over its bins: evenly (Spot), concentrated near the price (Curve), or weighted towards the edges (Bid-Ask). See Levee pools.
Stock pool. A v4 pool on StockHook for a tokenized stock. Every swap must leave the price inside a band around the Chainlink price, and the band and fee change with the market session. See Levee pools.
Zap. One transaction that takes a single token, swaps the part the range does not need, mints the position and refunds what is left. It charges 25 bps of the input. See One-token deposits.
Vaults and notes
Deposit cap. The deposit limit a vault is created with. It can never be changed. The vaults Levee deploys and the graduated vaults have none, so they take deposits of any size. See Vaults.
Equity jump. On a hedged vault, a hedge report that moves the vault's equity by more than 15 % at once. The report is recorded, but deposits and withdrawals pause until a report inside the band arrives. See Hedged vaults.
ERC-4626. The standard interface for tokenized vaults: you deposit an asset and receive shares; your shares' value follows the vault's total assets.
Sleeve. One part of a structured note's capital. An Income note puts 80 % into an LP sleeve; a Protected note puts 85 % into T-bills (SGOV). See Structured notes.
Stale report. A hedge report older than one hour. A hedged vault with a stale report pauses deposits and withdrawals until a fresh one arrives. See Hedged vaults.
TWAP guard. The check every vault and the keeper run before moving value at a pool's price: the spot price must be within 3 % of its 30-minute average, and that average must cover at least 10 minutes of real history. A single manipulated block cannot mint or redeem at a false price. See Vaults.
Launch
Graduation. Turning a tracked token into a vault once it is at least three days old and its pools hold enough liquidity. Anyone can call it once the conditions are met. See Graduation and pre-market perps.
Pons. A token launchpad on Robinhood Chain. Levee can route swaps through a Pons bonding curve and give a Pons token a Levee pool. See Launch a token.
Pre-launch vault. A vault that collects ETH before a token exists and spends all of it as the new pool's first swap, so every depositor pays the same average price and nobody can trade ahead of them. See Launch a token.
Pre-market perp. A perp on a virtual AMM for a token no venue lists yet: USDG margin, up to 3x, hourly funding. See Graduation and pre-market perps.
Seasoned. A screener label for a token whose pool is at least three days old, whose market cap is above $1 million, and which traded at least 100 times in the last 24 hours. It is set off chain, tells the graduator bot which tokens to work on, and is not a condition any contract checks. See Graduation and pre-market perps.
Protocol
Bounty. A payment to whoever calls a permissionless function, such as a harvest, a limit-order fill or a liquidation. It covers the caller's gas and is not protocol revenue. See Fees and referrals.
Keeper. Any account that calls Levee's permissionless maintenance functions for the bounty. Levee runs one as a bot; nothing stops anyone else from doing the same. See Indexer, API and bots.
$LEVEE. Levee's token. Protocol fees are converted to ETH, which buys $LEVEE and sends it to the burn address. See Buyback and burn.
Protocol share. The part of every Levee pool's swap fee that goes to the FeeCollector: 20 % at deploy, and never more than 50 %. Liquidity providers keep the rest. See Levee pools.
Referral share. 20 % of every protocol fee that passes through the FeeRouter, credited to the payer's referrer when one is registered. See Fees and referrals.
USDG. The dollar stablecoin Levee uses as its main quote asset on Robinhood Chain, and the margin of the pre-market perp.
packages/core/src/basis.tsthe carry formula and its two thresholdspackages/core/src/established.tsthe Seasoned labelcontracts/script/LeveeWiring.solthe values set at deploy time