Crypto trading glossary: Arc, USDC, memecoins, prediction markets, perps

By the arky team · Last updated: 5 October 2026

This glossary explains, in plain English, the crypto trading terms you meet on arky, the trading terminal on Circle's Arc chain: Arc and USDC, memecoins and bonding curves, prediction markets and Up/Down rounds, and perps. Each term has a short definition and a link to the guide that covers it in depth.

40 terms, grouped by topic. Facts about arky are as of October 2026; facts about Arc come from the official Arc docs, about CCTP from Circle, and about perps from the Hyperliquid docs.

What do the Arc and USDC terms mean?

Arc: Arc is the EVM-compatible layer 1 blockchain built by Circle, the company that issues USDC. Its mainnet launched on 16 September 2026, and arky is the trading terminal built on it. Read more: What is Arc.
Circle Arc: Another name people use for Arc, because Circle designed and launched the chain. It is the same network, not a separate product. Read more: Circle's Arc blockchain explained.
USDC: USDC is a dollar stablecoin issued by Circle and redeemable 1:1 for US dollars. On arky every price, fee, bet and payout is shown in USDC. Read more: USDC trading on Arc.
Native gas token: The coin a blockchain uses to pay transaction fees. On Arc that coin is USDC, so you pay network fees in dollars and never need ETH. Read more: Trade crypto with USDC.
Chain ID: A number that tells your wallet which network it is talking to. Arc mainnet is chain ID 5042 and Arc Testnet is 5042002. Read more: Arc chain ID and RPC details.
RPC endpoint: The URL a wallet or app uses to read from and send transactions to a blockchain. You add Arc's RPC URL, chain ID and explorer to a wallet such as MetaMask. Read more: Add Arc to MetaMask.
Testnet: A copy of a blockchain used for testing, where tokens have no real value. Arc Testnet hands out free test USDC from a faucet. Read more: Arc testnet faucet.
Deterministic finality: The point after which a confirmed transaction cannot be reversed. Arc reaches it in under a second, so a trade is settled almost as soon as it lands. Read more: How Arc reaches finality.
EVM-compatible: A chain that runs the same smart contract model as Ethereum. Familiar wallets and tools, such as MetaMask and Uniswap pools, work on Arc for that reason. Read more: The Arc ecosystem.
CCTP (Cross-Chain Transfer Protocol): Circle's protocol for moving native USDC between blockchains by burning it on one chain and minting it on another, with no wrapped tokens. arky's Deposit and Send wizards use it. Read more: Bridge USDC to Arc.

What do the memecoin terms mean?

Memecoin: A crypto token driven by a joke, a meme or a community rather than by cash flows. Prices can swing hard in both directions, so size positions you can afford to lose. Read more: What is a memecoin.
Memecoin launchpad: An app that lets anyone create and launch a token in a few clicks, with built-in trading from the first second. arky's launchpad runs on Arc. Read more: Memecoin launchpad on Arc.
Bonding curve: A formula that sets a new token's price from its supply: each buy raises the price and each sell lowers it. On arky, new tokens trade on a bonding curve until they graduate. Read more: How a bonding curve works.
Graduation: The moment a token leaves its bonding curve and moves into a regular liquidity pool. On arky a graduated token trades in a Uniswap v4 pool. Read more: Launch a memecoin on Arc.
Uniswap v4 pool: A liquidity pool on Uniswap v4, the decentralized exchange protocol where graduated arky tokens keep trading. Read more: Memecoins on Arc.
Liquidity: How much can be bought or sold without moving the price much. Thin liquidity means bigger price jumps on each trade. Read more: How to buy memecoins on Arc.
Slippage: The difference between the price you expect and the price you get, caused by the price moving or by your own trade's size. A slippage limit cancels the trade if the gap is too big. Read more: Buying memecoins step by step.
Creator fee share: A share of a token's trading fees paid to the person who launched it. Creators who launch on arky earn one. Read more: Earn as a memecoin creator.

What do the prediction market terms mean?

Prediction market: A market where you buy shares in the outcome of a future event; each share pays out if that outcome happens. The price of a share reads as the crowd's probability. Read more: How prediction markets work.
Crypto prediction market: A prediction market that runs on a blockchain and settles in a crypto asset, often on crypto prices themselves. arky's markets settle in USDC on Arc. Read more: Crypto prediction markets.
Implied probability: The chance of an outcome implied by its share price. A Yes share at 72 cents implies roughly a 72% chance. Read more: Prediction markets in USDC.
Up/Down round: A short round where you bet whether a coin will be up or down at the end. On arky, rounds last 5 or 15 minutes on 11 pairs including BTC, ETH and SOL, with bets in USDC from 1 USDC. Read more: Bitcoin up or down.
Pari-mutuel: A betting model where all stakes go into one pot and the winning side splits it in proportion to what each person put in. arky's Up/Down rounds are pari-mutuel. Read more: Up/Down and perps on arky.
Oracle: A service that brings outside data, such as a BTC price, onto a blockchain so a contract can use it. arky's Up/Down rounds settle on RedStone signed price data. Read more: RedStone documentation.
TWAP (time-weighted average price): An average of a price over a time window, which is harder to move with one trade than a single price. Up/Down rounds on arky use a 60-second TWAP. Read more: How Up/Down rounds settle.
Void round: A round that settles with no winner and refunds every bet. On arky a tie, a one-sided round or a missing price makes the round void. Read more: Up/Down rules.

What do the perps terms mean?

Perpetual futures (perps): A futures contract with no expiry date that tracks a coin's price, so you can go long or short with leverage. arky offers perps on about 35 major coins, never on memecoins. Read more: Crypto perps on Arc.
Leverage: Trading a position bigger than your deposit, which multiplies both gains and losses. arky caps perps leverage at 20x. Read more: Perps leverage on arky.
Long and short: Going long profits if the price rises; going short profits if it falls. Perps let you do either with the same USDC. Read more: Long and short with perps.
Liquidation: The forced close of a leveraged position when losses eat through its margin. The higher the leverage, the smaller the move that triggers it. Read more: Hyperliquid documentation.
Funding rate: A periodic payment between longs and shorts that keeps a perp's price close to the spot price. Depending on its sign, holding a position costs or earns funding. Read more: Hyperliquid documentation.
Take profit and stop loss (TP/SL): Orders that close a position automatically at a target price (take profit) or a maximum loss (stop loss). arky perps support both. Read more: Perps order types.
Hyperliquid: A decentralized exchange for perpetual futures on its own layer 1. arky routes perps orders to Hyperliquid and moves USDC between Arc and Hyperliquid over CCTP. Read more: How arky routes perps.
Builder code: A Hyperliquid feature that lets an app route orders on a user's behalf and identify itself on those orders. arky sends perps orders with its builder code. Read more: Hyperliquid documentation.

What do the trading and tool terms mean?

Trading terminal: One screen that combines charts, order entry, wallets and markets so you do not jump between apps. arky is the trading terminal of Arc. Read more: Arc trading terminal.
Spot trading: Buying or selling a coin itself for immediate settlement, with no leverage and no expiry. arky routes spot trades through the KyberSwap aggregator. Read more: Spot trading with USDC.
Market and limit order: A market order fills now at the best available price; a limit order waits until the price reaches the level you set. Read more: How to trade on Arc with USDC.
AI trading agent: Software that uses a language model to read market data and suggest or prepare trades. On arky that agent is Scout. Read more: AI trading agent.
Scout: The AI agent every arky user gets. It answers from live arky data, proposes trades and can draft a memecoin; it has no web access, and your wallet signs every trade. Read more: What Scout can do.
Affiliate program: A referral scheme where you earn a share of the trading fees paid by the friends you bring. arky pays its affiliates in USDC. Read more: The arky affiliate program.

FAQ

What does perps mean in crypto?

Perps is short for perpetual futures: contracts with no expiry that track a coin's price, so you can go long or short with leverage. On arky, perps cover about 35 major coins, are routed to Hyperliquid and are capped at 20x leverage.

What is a bonding curve in memecoins?

A bonding curve is a pricing formula for a new token: each buy raises the price and each sell lowers it, so there is always a price without an order book. On arky, a memecoin trades on its curve until it graduates to a Uniswap v4 pool.

What is an Up/Down round?

An Up/Down round is a short bet on whether a coin's price will be higher or lower when the round ends. arky runs 5-minute and 15-minute rounds on 11 pairs including BTC and ETH, with bets in USDC on Arc.

Is Arc the same as Circle Arc?

Yes. Arc is the layer 1 blockchain built by Circle, so people call it Arc, Arc chain or Circle Arc. Its mainnet chain ID is 5042, and USDC is its native gas token.

Is arky related to the ARKY ETF?

No. arky (arky.bet) is a trading terminal on Circle's Arc chain. It is not affiliated with ARK Invest or its ARKY ETF.