> For the complete documentation index, see [llms.txt](https://doc.monetrix.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://doc.monetrix.xyz/monetrix-pilot/reference/glossary.md).

# Glossary

## API wallet

A revocable Hyperliquid-native authorization that allows Monetrix to trade in the selected strategy account without withdrawal rights.

## Builder fee

A fee charged through Hyperliquid's builder mechanism when a Monetrix-routed trade executes.

## Delta neutral

A position designed to minimize directional exposure by matching a long spot position with an equal-notional short perpetual position.

## Health Factor

A measure used by Pilot to monitor leverage and the safety buffer before liquidation risk increases.

## HF warning line

The Health Factor level at which Monetrix triggers a rebalance or partial close to restore safety. The current Pilot warning line is HF 1.10.

## Perpetual funding

Payments exchanged between long and short perpetual positions. When funding is positive, shorts receive funding from longs.

## Risk mode

A predefined combination of target HF, leverage, capital use and expected APY.

## Strategy account

The user-controlled Hyperliquid subaccount or dedicated connected wallet in which Pilot operates.

## Stop new entries

A control that prevents position growth while leaving the existing position and automated risk management active.