Long Position: A buyer of futures contracts. A long position is the number of purchase contracts held by the buyer.
Short Position: A seller of futures contracts. A short position is the number of sales contracts held by the seller.
PnL: PnL stands for profit and loss. When you have open positions on a futures market and it is susceptible to change based on market conditions, the PnL is referred to as ‘unrealized’. When you close your positions, the unrealized PnL becomes a realized PnL (either partially or entirely).
Underlying Currency: This is the cryptocurrency for which a futures contract is defined. In our example, the underlying currency is LTC.
Quote currency: This is the currency in which the price of the underlying currency is quoted. In our example, the price of LTC is quoted in BTC terms. Hence, the quote currency here is BTC.
Base currency/Settlement Currency: This is the currency in which the PnL of a futures position is calculated. In our example, the base currency is the same as the quote currency, (LTC). However, this need not always be true.
Closing Price: The fair value trading price near the end of the trading session.
Contract Size (m): The amount or quantity of the commodity or cryptocurrency represented by each futures contract.
Contract Value: The current price of the futures contract multiplied by the contract size.
Basis: The difference between the current price of the cryptocurrency and its related futures price.
Locked Margin (L%): Locked Margin is the amount you will lock in the exchange to open a leveraged position and keep the trading position open. If the losses on your position increase more than the Locked Margin, the exchange will liquidate your positions to recover the losses.