| APY | Annualised Percentage Yield, net of fees. |
| LTV | Loan‑to‑Value ratio, collateral value divided by borrowed amount. |
| Flash‑Loan | A loan that must be repaid within the same block, enabling complex atomic operations. |
| Delta‑Neutral | A position hedged so net price exposure is ~zero, earning only funding or fee yield. |
| Impermanent Loss | The opportunity cost incurred by providing liquidity compared to holding the assets. |
| Yield Farming | The practice of moving assets between protocols to maximize returns from incentives and fees. |
| TVL | Total Value Locked, the total amount of assets deposited in a protocol. |
