$ qubo academy --glossary

Market glossary

88 terms, each linked to the lesson that explains it.

Average cost: The weighted average price paid for a position, across all purchases, including fees. Lesson: Read your portfolio: cost basis and P&L →
Balance sheet: A snapshot of what a company owns (assets), owes (liabilities) and the difference (equity) at one date. Lesson: Balance sheet: what a company owns and owes →
Benchmark: A simple reference, such as holding only BTC, used to put a portfolio’s return in context. Lesson: Measuring real performance →
Calibration: How closely stated probabilities match observed frequencies. Scenarios given 60% should happen about 60% of the time. Lesson: Reading Lens reliability scores →
Capital expenditure (capex): Money spent on long-lived assets such as equipment, buildings or software. Lesson: Cash flow beats earnings →
Chokepoint: A narrow sea route, such as the Strait of Hormuz, that a large share of energy and trade passes through. Lesson: Energy, shipping and geopolitics →
Circulating supply: The number of tokens currently available in the market. Lesson: Crypto fundamentals: supply, unlocks, FDV vs market cap →
Concentration: The degree to which a portfolio depends on one or a few positions. Lesson: Position sizing and diversification →
Confluence: Several independent signals pointing the same way at the same time. Lesson: Confluence: when signals agree →
Consensus forecast: The average of economists’ or analysts’ forecasts for a figure before it is published. Lesson: Inflation: CPI, PCE and why markets care →
Core inflation: Inflation excluding food and energy, used to read the underlying trend. Lesson: Inflation: CPI, PCE and why markets care →
Correlation: A measure from −1 to +1 of how two assets’ returns move together. Lesson: Market regimes: risk-on and risk-off →
Cost basis: The total amount paid to acquire a position, including fees. It is the reference for computing gains and losses. Lesson: Read your portfolio: cost basis and P&L →
CPI: Consumer Price Index: a monthly measure of the change in prices paid by consumers. Lesson: Inflation: CPI, PCE and why markets care →
Crowded trade: A position held by many participants at once, which can unwind sharply if they exit together. Lesson: Funding rates: what the crowd is paying →
Current ratio: Short-term assets divided by short-term liabilities. Lesson: Balance sheet: what a company owns and owes →
Decision journal: A written record of each decision, its reasons and what would prove it wrong, made before the outcome is known. Lesson: Keep a decision journal →
Disposal: An operation that ends ownership of an asset, such as a sale or a swap. Often the trigger for capital gains tax. Lesson: Taxable events in crypto →
Diversification: Spreading exposure across assets that do not always move together. Lesson: Position sizing and diversification →
Drawdown: The fall from a previous peak to a later low, in percent. Lesson: Volatility and drawdowns →
Earnings per share (EPS): Net income divided by the number of shares outstanding. Lesson: The income statement in 10 minutes →
Economic calendar: A schedule of upcoming data releases and central bank events, with forecasts and previous values. Lesson: Reading the macro calendar →
Enterprise value (EV): Market value of equity plus net debt. Lesson: Valuation ratios: P/E, EV/EBITDA, P/S →
Equity: Assets minus liabilities: the part of a company that belongs to shareholders. Lesson: Balance sheet: what a company owns and owes →
EV/EBITDA: Enterprise value divided by earnings before interest, taxes, depreciation and amortisation. Lesson: Valuation ratios: P/E, EV/EBITDA, P/S →
Fear & Greed index: An index from 0 to 100 summarising market sentiment, from extreme fear to extreme greed. Lesson: Fear & Greed: reading sentiment →
FIFO: First in, first out: a cost basis method that matches a sale with the oldest purchases first. Lesson: Cost basis methods: FIFO and others →
Forward guidance: What a central bank says about its likely future decisions. Lesson: Central banks and interest rates →
Free cash flow: Operating cash flow minus capital expenditure. Lesson: Cash flow beats earnings →
Fully diluted valuation (FDV): Token price multiplied by maximum supply. Lesson: Crypto fundamentals: supply, unlocks, FDV vs market cap →
Funding rate: A periodic payment between longs and shorts on perpetual futures that keeps the perp price close to spot. Lesson: Funding rates: what the crowd is paying →
Gross margin: Gross profit divided by revenue. Lesson: The income statement in 10 minutes →
Inflation: The pace at which the general level of prices rises. Lesson: Inflation: CPI, PCE and why markets care →
Invalidation level: The price or condition at which a scenario or idea stops making sense. Lesson: How Qubo Lens builds scenarios →
Leverage: Position size divided by the margin backing it. Lesson: Perpetual futures explained →
LIFO: Last in, first out: a cost basis method that matches a sale with the most recent purchases first. Lesson: Cost basis methods: FIFO and others →
Liquidation: The forced closure of a leveraged position when losses exhaust its margin. Lesson: Liquidations and crowded trades →
Liquidation cascade: A chain of forced position closures, each pushing the price further and triggering the next. Lesson: Liquidations and crowded trades →
Long / short: A long position gains when the price rises; a short position gains when it falls. Lesson: Perpetual futures explained →
Long/short ratio: The number of accounts holding longs divided by those holding shorts on a venue. Lesson: Open interest and long/short ratio →
Margin: The deposit that backs a leveraged position. Lesson: Perpetual futures explained →
Market capitalisation: Price multiplied by circulating supply (tokens) or shares outstanding (stocks). Lesson: Crypto fundamentals: supply, unlocks, FDV vs market cap →
Market impact: How much a piece of news coincided with a measurable price move. Lesson: How to read a headline without overreacting →
Market regime: The general mood driving most assets at a given time, such as risk-on or risk-off. Lesson: Market regimes: risk-on and risk-off →
Max supply: The maximum number of tokens that will ever exist, if a limit is set. Lesson: Crypto fundamentals: supply, unlocks, FDV vs market cap →
Money-weighted return: A return that accounts for the timing and size of deposits and withdrawals. Lesson: Measuring real performance →
Net debt: Total debt minus cash. Negative net debt is called net cash. Lesson: Balance sheet: what a company owns and owes →
Net income: Profit after all costs, interest and taxes: the bottom line of the income statement. Lesson: The income statement in 10 minutes →
On-chain data: Information read directly from a public blockchain, such as transfers and balances. Lesson: Following whales without copying them →
Open interest: The total value of derivatives positions still open. Lesson: Open interest and long/short ratio →
Operating cash flow: Cash generated by a company’s core business over a period. Lesson: Cash flow beats earnings →
Operating income: Revenue minus cost of sales and operating expenses. Lesson: The income statement in 10 minutes →
Overbought / oversold: RSI above 70 or below 30, describing strong recent momentum up or down. Lesson: What a signal is (and isn’t) →
P/E ratio: Share price divided by earnings per share. Lesson: Valuation ratios: P/E, EV/EBITDA, P/S →
PCE price index: The US Personal Consumption Expenditures price index, the inflation measure targeted by the Fed. Lesson: Inflation: CPI, PCE and why markets care →
Perpetual future: A derivative contract that tracks an asset’s price with no expiry date. Lesson: Perpetual futures explained →
Policy rate: The short-term interest rate set by a central bank. Lesson: Central banks and interest rates →
Position size: The share of a portfolio held in one asset. Lesson: Position sizing and diversification →
Positioning: How market participants are exposed, for example mostly long with leverage. Lesson: Why did it move? Reading a market move →
Price-to-sales (P/S): Market value divided by revenue. Lesson: Valuation ratios: P/E, EV/EBITDA, P/S →
Priced in: Already reflected in market prices because it was expected. Lesson: Central banks and interest rates →
Primary source: The original statement or document, as opposed to commentary about it. Lesson: The White House, the Fed and market moves →
Probability: How likely a scenario is judged to be, from 0% to 100%. A 60% scenario is expected to fail 4 times in 10. Lesson: How Qubo Lens builds scenarios →
Protocol revenue: The share of fees paid by users that a crypto protocol keeps. Lesson: Protocol revenue and treasury →
Read-only API key: An exchange key that can read balances and history but cannot trade or withdraw. Lesson: Keeping clean records →
Realised P&L: The gain or loss locked in by a sale or other disposal. Lesson: Read your portfolio: cost basis and P&L →
Rebalancing: Bringing portfolio weights back toward chosen targets. Lesson: Rebalancing without overtrading →
Revenue: Money a company earns from sales over a period. Lesson: The income statement in 10 minutes →
Risk-off: A market regime where investors favour safer assets. Lesson: Market regimes: risk-on and risk-off →
Risk-on: A market regime where investors favour riskier, growth-oriented assets. Lesson: Market regimes: risk-on and risk-off →
RSI: Relative Strength Index: a 0 to 100 momentum measure comparing recent gains with recent losses. Lesson: What a signal is (and isn’t) →
Scenario: A possible path for a price, with a probability and the conditions that would confirm or invalidate it. Lesson: How Qubo Lens builds scenarios →
Screener: A tool that filters a universe of assets using explicit criteria. Lesson: Build a screener from a thesis →
Self-custody: Holding crypto in a wallet whose keys you control, rather than on an exchange. Lesson: Following whales without copying them →
Sentiment: The overall mood of market participants. Lesson: Fear & Greed: reading sentiment →
Signal: A measurable condition that has just become true, flagging something unusual. Not a recommendation. Lesson: What a signal is (and isn’t) →
Spread: The difference between the best buying and selling prices on a market. Lesson: Rebalancing without overtrading →
Staking: Locking tokens to help secure a blockchain, usually in exchange for rewards. Lesson: Taxable events in crypto →
Thesis: A one-sentence idea that explains why something might happen, stated so it can be tested. Lesson: Build a screener from a thesis →
Time-weighted return: A return that removes the effect of deposits and withdrawals. Lesson: Measuring real performance →
Token burn: Permanently removing tokens from supply. Lesson: Crypto fundamentals: supply, unlocks, FDV vs market cap →
Token unlock: The scheduled release of previously locked tokens into circulation. Lesson: Crypto fundamentals: supply, unlocks, FDV vs market cap →
Track record: The history of past results of a method, scored after the fact. Lesson: Reading Lens reliability scores →
Treasury: The assets controlled by a protocol or company. Lesson: Protocol revenue and treasury →
Unrealised P&L: The gain or loss on a position still held, based on the current price. Lesson: Read your portfolio: cost basis and P&L →
Volatility: How much a price moves around, in both directions, over a period. Lesson: Volatility and drawdowns →
Watchlist: A short list of assets you follow, held or not. Lesson: Build a useful watchlist →
Whale: An address or entity holding a large amount of an asset. Lesson: Following whales without copying them →