> ## Documentation Index
> Fetch the complete documentation index at: https://docs.routeur.app/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> The terms these docs and the API use.

<AccordionGroup>
  <Accordion title="Ask">
    The lowest price someone is offering to sell at: what it costs to buy a Yes or a No contract now. All prices in the API are asks unless named otherwise.
  </Accordion>

  <Accordion title="Calibration">
    How often markets priced in a band resolved Yes, compared with their price. See [Calibration](/concepts/calibration).
  </Accordion>

  <Accordion title="Chance">
    An outcome's implied probability: the midpoint of its best Yes ask and one minus its best No ask.
  </Accordion>

  <Accordion title="Contract">
    A market's terms. A contract pays $1 if its question resolves in its favour and $0 otherwise.
  </Accordion>

  <Accordion title="Cross-venue">
    Involving one market on Kalshi and one on Polymarket. See [Cross-venue pairs](/concepts/cross-venue).
  </Accordion>

  <Accordion title="Depth">
    A lead sized against the live order books, walking both ladders with real fees and minimum sizes. `depth.executable` says whether at least one pair could be bought for less than it pays.
  </Accordion>

  <Accordion title="Event">
    A real-world question grouping one or more markets, such as a Fed decision with one market per possible outcome.
  </Accordion>

  <Accordion title="Graph run">
    One hourly build of the relation graph from the latest complete crawls. Graph-derived responses name the run they were read from.
  </Accordion>

  <Accordion title="Horizon">
    How many days before a market closed its price is taken, for calibration and strategies: 1, 7 or 30.
  </Accordion>

  <Accordion title="Lead">
    A two-leg purchase that pays at least \$1 in every outcome a proven relation allows. See [Leads](/concepts/leads).
  </Accordion>

  <Accordion title="Market">
    One contract, addressed by its venue and that venue's id: a ticker on Kalshi, a slug on Polymarket.
  </Accordion>

  <Accordion title="Notional">
    A fill's price times its quantity, in USD.
  </Accordion>

  <Accordion title="Relation">
    A proven constraint between two markets' outcomes: equivalent, implies, contradicts or overlaps. See [Relations](/concepts/relations).
  </Accordion>

  <Accordion title="Rules hash">
    The fingerprint of one version of a market's terms. Relations are proven against a specific version.
  </Accordion>

  <Accordion title="Strategy">
    A rule to buy one side of markets in a price band before they close, measured against settled history. See [Strategies](/concepts/strategies).
  </Accordion>

  <Accordion title="Strike">
    A market's payoff condition as a structured range on its underlying quantity, with bounds as exact rationals.
  </Accordion>

  <Accordion title="Twin">
    The same event listed on the other venue, with its outcomes proven equivalent.
  </Accordion>

  <Accordion title="Venue">
    An exchange whose markets Routeur reads: `kalshi` or `polymarket`.
  </Accordion>
</AccordionGroup>