> ## Documentation Index > Fetch the complete documentation index at: https://docs.spreader.sh/llms.txt > Use this file to discover all available pages before exploring further. > ## Agent Instructions > Spreader is a web service that tracks arbitrage spreads between crypto exchanges. This documentation covers only what a user of the service sees and does. > Page paths starting with /en/ are English. Translations live under /ru/ and /uk/ with the same file names. > Screenshots are illustrations. Every screenshot is accompanied by text that states the same facts, so you do not need to see the image. # Glossary > Terms used across Spreader: spread, gross and net, In and Out, leg, direction, pair kind, funding, APR, break-even, probable binding, scanner page, rule, channel, route, twin. ## Asset A coin or token as Spreader knows it, with one id, a ticker and a name. Markets on exchanges are bound to assets, and spreads are computed only between markets of the same asset. ## Market One trading instrument on one exchange: `binance:perp:BTCUSDT`. Types are `spot`, `perp` (perpetual contract) and `margin` (a spot market where the coin can be borrowed and sold short). ## Leg One of the two markets of a pair. The **long leg** is where you buy, the **short leg** is where you sell or short. ## Pair and direction A pair is two markets of the same asset. A direction is a pair with the sides fixed: long on one, short on the other. The scanner shows directions. The same two markets can appear in both directions when both can be shorted. ## Route Another word for a direction, used in Coins view, Matrix and alert messages. ## Kind The combination of leg types: `perp-perp`, `spot-perp`, `spot-spot`, `spot-margin`, `perp-margin`. See [Reading a row](https://docs.spreader.sh/en/scanner/reading-a-row.md#kind). ## Spread Price difference between the two legs in percent of their average price. **In** is the entry spread: sell price of the short leg against buy price of the long leg. **Out** is the exit spread at current prices: what closing both legs gives now. Entry plus exit is the price result of a round trip. ## Gross and net **Gross** is the raw price difference. **Net** is after taker fees on both legs. Spreader sorts and alerts by net values. ## Fees Base taker fees of each exchange for the market type, with the published exceptions for special zones. Your own fee tier is not applied. Deposits, withdrawals and transfers are not counted. ## Funding The periodic payment between longs and shorts of a perpetual contract, published by the exchange as a rate per interval. Positive funding is paid by longs to shorts. **Funding spread** is short leg funding minus long leg funding. ## APR Yearly funding income as a simple percent extrapolated from the current rates, counted from your position (**our side**): income positive. For margin kinds the borrow rate takes the place of short leg funding and is a cost. ## Break-even Hours of funding at the current rate needed to pay back the fees and the entry and exit spreads. ## Borrow rate and pool For a `margin` leg: the hourly cost of borrowing the coin and how much of it the exchange still has to lend. An empty pool means the short cannot be opened. ## Multiplier Contract size of a perpetual in units of the asset, for example `1000×` for 1000PEPE. Prices are brought to one unit before the spread is calculated. Market pages show prices per market unit. ## Quote age and spread age **Quote age** is how old the older of the two leg quotes is. **Spread age** (the Since column) is how long the net spread has stayed at or above a threshold. ## Probable A market whose binding to an asset is marked as probable rather than confirmed. The scanner shows such markets, alerts can skip them with the protection **Skip markets with an unconfirmed asset binding**. ## Delisting A market the exchange is removing. New positions are not accepted and the spread can be misleading. Hidden in the scanner by default. ## Twin Two markets of the same type for the same coin and quote on one exchange. In addresses they are told apart by the exchange symbol, see [Spread page links](https://docs.spreader.sh/en/links/spread.md). ## Scanner page A saved set of filters, columns, sort, view and hidden pairs with its own address `/scan/`. ## Rule An alert definition: what to watch, when to fire, protections and channels. See [Alerts](https://docs.spreader.sh/en/alerts/overview.md). ## Channel A delivery path for alerts: Telegram, Browser or Pushover. See [Channels](https://docs.spreader.sh/en/alerts/channels.md). ## Position A pair opened through Spreader: both legs with entry prices, fees and funding. Its status is `open`, `one leg` or `closed`. ## Auto A server side job that opens or closes a position in chunks while the spread by the order books meets a threshold. See [Auto](https://docs.spreader.sh/en/trading/auto.md). This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.