Glossary

​

Account collateral

The currency a strategy account settles in, which the strategy sets. USD strategies show it as USDx, as they treat USD stablecoins as interchangeable.

​

Account mode

An exchange setting that decides how margin works across your products, such as Portfolio Margin on Binance or a Unified Trading Account on Bybit. Each exchange’s guide says which mode the strategy needs.

​

Account status

Where a setup or account stands in Manage accounts: In Progress while you fill it in, In Review once it’s with the desk, Changes Requested if the desk asks for changes, Ready to sign once your SMA is approved, then SMA signed, and Live once the strategy is trading.

​

Allocated IPs

The IP addresses Blockhouse trades from for your account, allocated when your SMA is signed. There are three lists, for the read-only keys, the trading keys and the transfer key: see API keys and IP addresses.

​

Allowlist

The list of IP addresses an API key accepts requests from. Exchanges also call it a whitelist or an IP restriction.

​

API key

A credential that lets software act on your exchange account, limited to the permissions you choose when you create it. It comes with a secret, and on some exchanges a passphrase as well.

​

Base

The vault’s standard credit option. You deposit USDC into the Bedrock vault, receive Bedrock shares in return, and earn a fixed rate, paid into the share price each cycle.

​

Basis point

One hundredth of a percent, written bps, so 0.02% is 2 bps. Onboarding asks for your exchange fees in basis points.

​

Capital request

A request to deposit into or withdraw from a live strategy account. The desk reviews each one before any funds move, so that positions can be scaled up or down first.

​

Client ID

Your strategy account’s identifier, made from the name you signed up with and the account’s currency, for example Jane-USD. It’s set up when your SMA is signed, and until then Manage accounts shows Awaiting.

​

Countersignature

The desk’s signature on your SMA, added after yours. You don’t need to wait for it to continue, and once it’s done your signed copy is in Settings under Agreements.

​

Credential (Keyring)

A record on Ethereum showing that your wallet passed Keyring verification. The vault checks for it before it accepts a deposit.

​

Credit facility

The borrower the vault lends deposits to. Blockhouse isn’t a party to the facility and doesn’t take custody of deposits.

​

Cross margin

Margin that’s shared across all the positions in an account, rather than set aside for each position separately as isolated margin is.

​

Cycle

A lending period in the vault. Deposits may pause while a cycle runs, and a withdrawal is paid out when the next cycle completes.

​

Desk

The Blockhouse team that reviews your SMA, checks your keys and settings, takes your accounts live and reviews your capital requests.

​

DMA sub-account

An exchange sub-account held through LTP. It has a 5-digit account ID at LTP, which is separate from the UID the exchange itself assigns.

​

Fee tier

Your maker and taker fees on an exchange, which the exchange sets from your trading volume or holdings. Each strategy sets the highest fees it works with, shown on its page as Min. fee tiers.

​

Full allocation

How far you expect to scale a strategy account over time. It’s optional and not binding.

​

Hedge mode

A position mode that allows a long and a short on the same instrument at the same time. The strategy needs one-way mode instead, and Bitget defaults to hedge mode, so change it there.

​

HIP-3

Perpetuals on stocks, commodities and pre-IPO companies, listed by Hyperliquid’s builder exchanges and tradable on the terminal.

​

Inactive venue

An exchange you’ve switched off on a live account. Blockhouse stops collecting its data but keeps its keys, so you can switch it back on without entering them again.

​

Initial allocation

The capital a strategy account starts with, which must be at least the strategy’s minimum. It stays in your own exchange sub-accounts throughout.

​

Junior tranche

The vault’s first-loss tranche, offered through Royco. If the facility isn’t repaid, Junior holders take the loss first, and Senior holders pay them a premium for that cover.

​

Keyring

The identity verification the vault uses. It runs as a browser extension for desktop Chrome, Brave or Edge, so it isn’t available on mobile.

​

Maker and taker fees

A maker fee applies to an order that rests on the order book, and a taker fee to an order that fills straight away. A maker rebate is a negative fee, paid to you.

​

Manage accounts

The panel in the profile menu that lists your accounts and setups with their status, and where you resume or view a setup.

​

One-way mode

A position mode with one net position per instrument, which is what the strategy needs.

​

Passphrase

A password you choose when you create an API key on OKX or Bitget. It belongs to the key and isn’t your account password.

​

Prime broker

The firm that creates your exchange sub-accounts and moves funds between them for the strategy. Blockhouse works with BIT, LTP, Bequant and FalconX.

​

Read-only key

The API key Blockhouse uses to read balances, positions and history. It can’t place orders.

​

Risk control unit (RCU)

BIT’s grouping of sub-accounts for loans. BIT only moves funds between two sub-accounts in the same RCU, or between two in none, so if you borrow through BIT, every sub-account the strategy uses needs to be in the same RCU.

​

Routing approval

A one-time signature on the terminal that lets your orders route through Blockhouse, for a fee of at most 0.020%.

​

Secret

The private half of an API key. Most exchanges show it only once, so copy it as soon as the key is created.

​

Senior tranche

The vault’s protected tranche, offered through Royco. Senior holders pay Junior holders a premium to take the first loss.

​

Setup

A strategy account being opened, from choosing the strategy until it goes live. Until your first SMA is signed by both sides, you can have one setup in progress at a time.

​

Shares

The Bedrock shares you receive when you deposit into the vault. Their value in USDC is the share price, so your position grows as the share price rises.

​

SMA

A separately managed account: the agreement under which Blockhouse runs a strategy on accounts you own. Your first account’s SMA also covers the accounts you add later.

​

Smart-contract wallet

A wallet controlled by a contract rather than its own key, such as a Safe. It can’t accept the terms or deposit here, so use a wallet with its own key instead.

​

Strategy account

One Blockhouse strategy, in one collateral currency, running across two or more of your exchange sub-accounts.

​

Sub-account

A separate account on an exchange, created through your prime broker, with its own balances, settings and API keys. Each strategy account uses a new sub-account on each exchange.

​

Trading key (exchange)

The API key Blockhouse uses to place and cancel orders for a strategy account. Withdrawals are never enabled on it, except on Kraken’s Futures trading key, which moves margin between the account’s own Futures and Spot wallets.

​

Trading key (terminal)

A key your browser holds to sign your terminal orders on Hyperliquid, so your wallet doesn’t ask you to approve each one. It can trade, but it can’t withdraw or move funds.

​

Tranche

A slice of the vault with its own terms. The vault offers a Senior and a Junior tranche through Royco.

​

Transfer key

The API key at your prime broker that lets Blockhouse move funds between your exchange sub-accounts. It only accepts requests from the Transfer API IPs.

​

Unified Trading Account

The account type the strategy’s Bybit and Bitget sub-accounts use, written UTA. It’s the default for new Bybit sub-accounts, while on Bitget the upgrade can’t be undone.

​

Vault

Smart contracts on Ethereum that you deposit USDC into from your own wallet. You receive shares in return, and the vault lends the USDC to a credit facility over lending cycles.

​

Venue

An exchange a strategy trades on. A strategy account runs on two or more venues, each through its own sub-account.