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

# Glossary

The terms used across these docs.

| Term                 | Meaning                                                                       |
| -------------------- | ----------------------------------------------------------------------------- |
| **Covered call**     | A call option fully backed by the seller's locked tokens                      |
| **Cash-secured put** | A put option fully backed by the seller's locked ETH (WETH)                   |
| **Strike**           | Total WETH exchanged on exercise, for the whole lot                           |
| **Premium**          | Total WETH the buyer pays to fill the offer                                   |
| **Expiry**           | The time the option stops being exercisable: exercise requires `now < expiry` |
| **Fill deadline**    | Last moment an offer can be bought                                            |
| **Exercise**         | Using the option: swap at the strike before expiry                            |
| **Expire**           | Closing a filled option after expiry; collateral returns to the seller        |
| **Option NFT**       | ERC-721 representing a filled option; the holder can exercise                 |
| **Epoch**            | 24-hour period aligned to 00:00 UTC                                           |
| **FeeVault**         | Contract that collects all fees and splits them each epoch                    |
| **Keeper**           | Bot (or anyone) that runs expiries, splits and buybacks                       |
| **Timelock**         | Delayed-execution contract that owns protocol settings                        |
| **Guardian**         | Safe that can only pause and disable, never enable, unpause or move funds     |
| **TWAP**             | Time-weighted average price, here from KyteHook over 10 minutes               |
| **WETH**             | Wrapped ETH (ERC-20). Mainnet: `0x0Bd7D308f8E1639FAb988df18A8011f41EAcAD73`   |


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