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# Glossary

> Definitions for Exchange-specific terms — rates, quotes, orders, balances, and funding.

Terms specific to the Exchange API. For platform-wide terms see the [platform glossary](/glossary); for the concepts and how they relate, see [Core Concepts](/core-concepts).

* **Adaptive Currency Conversion (ACC)** — how Payments converts a checkout into the payer's currency when it differs from the merchant's initiation currency. Priced by an implicit per-session quote (default — minute-scale validity, refreshable in-place) or by a rate lock. Not exposed on the Exchange API; see [Adaptive Currency Conversion](/adaptive-currency-conversion) in the Collect docs.
* **All-in rate** (`allInRate`) — the rate actually transacted at: the rate a quote or lock is priced from, plus markup.
* **Balance — available / reserved / total** — *available* funds can be spent; *reserved* funds are committed to in-flight activity (pending withdrawals, accepted-but-unfilled orders); *total* is the sum.
* **Base / quote currency** (`base` / `quote`) — the two sides of a pair: `base` is the currency priced, `quote` is the currency it's priced in (`1 base = N quote`). Unrelated to a *Quote* (the RFQ resource).
* **Basis points (bps)** — the unit for markup; 100 bps = 1%.
* **Beneficiary** (`ben_`) — a pre-registered destination owned by the merchant (bank account or wallet) for **withdrawals**. Distinct from a *payout beneficiary* (a third-party recipient) — see the [Payouts glossary](/payouts-glossary).
* **Deposit** (`dep_`) — inbound funding of the account balance; *credited* once received.
* **Estimated settlement time** — the window in which a trade is expected to complete and funds reach the destination.
* **Execution option** — a specific trading/settlement path for a pair.
* **Indicative rate** — a real-time but non-binding reference rate, for display or sizing — not bookable on its own.
* **Markup** — the spread added (in basis points) over the rate a quote or lock is priced from, producing the all-in rate.
* **Mid / mid-market rate** (`midRate`) — the fair reference midpoint, with no markup. Also called the spot or reference rate.
* **Order** (`ord_`) — the booked trade created by accepting a quote; lifecycle `pending → filling → filled`.
* **OTC (over-the-counter)** — a trade executed via a trading desk rather than on an exchange.
* **Quote (RFQ)** (`qut_`) — a firm, single-use offer to trade a *specific amount* at a locked rate, valid for seconds; accepting it creates an order.
* **Rate** — the price of one currency in terms of another; indicative, amountless, and perishable on its own.
* **Side (buy / sell)** — which leg of a quote is fixed: `sell` fixes the amount given up, `buy` fixes the amount received.
* **Slippage** — price movement between quote and fill. Accepted quotes carry no slippage — the rate is honoured.
* **Withdrawal** (`wth_`) — moving the merchant's **own** funds out of the account balance to a registered beneficiary. Distinct from a **payout** (funds to a third party) — see the [Payouts glossary](/payouts-glossary).