Concepts
Glossary
Canonical terms, resources, and IDs used throughout the Time Seventeen Draft v0.1 protocol.
Draft v0.1 — design contract, not yet a live service
This documentation set defines a proposed Time Seventeen protocol for review and implementation planning. https://api.t17.capital is the approved and reserved REST origin, but neither that origin nor any documented endpoint is claimed to be live. The WebSocket origin remains unspecified. Credentials, chain IDs, contract addresses, rate limits, and SLAs remain unapproved; IDs, prices, and timestamps shown throughout are illustrative, not real production data.
This page is the authoritative definition source for terms reused across Concepts and API Reference. If a term’s meaning ever appears to differ between pages, this glossary governs.
Resource hierarchy
| Term | Definition |
|---|---|
| Index | A packaged, versioned benchmark composed of weighted Constituents. Identified by a stable index_id; presented with a mutable slug/symbol. |
| Index Version | An immutable methodology and constituent-set snapshot of an Index, with an effective_from and optional effective_to. Rebalancing publishes a new version rather than mutating the old one. |
| Constituent | A weighted, eligibility-decided member of an Index Version, mapped to one or more Markets through a Market Mapping. |
| Market Mapping | The link between a Constituent and a Venue-specific Market, including any per-venue normalization rules. |
| Venue | A source prediction-market platform or liquidity venue that hosts a Market. |
| Source Event / Source Series | The venue-native grouping (event, series) that a Market belongs to, preserved for traceability even though Time Seventeen’s primary hierarchy is index-centric. |
| Event | A Time Seventeen–normalized real-world occurrence that one or more Markets and/or a Severity Assessment can reference. |
| Market | A tradable instrument with one or more Outcomes, resolution rules, schedule, and status. |
| Outcome | A single tradable side of a Market (for example a binary YES/NO token, or one leg of a multi-outcome market). |
| Price Observation | A timestamped, provenance-tagged price/quote reading for a Market or Index at a point in time. |
| Index Price Observation | A Price Observation for an Index, referencing the Index Version and the source Market Price Observations used to calculate it. |
| Market Rating | An independent assessment of a Market’s quality and integrity (resolution clarity, source reliability, liquidity, manipulation resistance, data quality, venue operational risk). See Market Ratings. |
| Severity Assessment | An independent assessment of an Event’s observed or forecast real-world impact. See Severity. |
| Account | An authenticated trading identity holding Balances, Positions, Orders, and Settlement records. |
| Order | A signed instruction to buy or sell a quantity of an Outcome at or better than a limit price, under a time-in-force. |
| Fill | An immutable execution record produced when an Order (or part of it) matches. |
| Position | An Account’s aggregated settled and unsettled exposure to an Outcome. |
| Settlement | The on-chain or custodial finalization of a Fill or set of Fills into redeemable value, tracked independently of order and fill state. |
| Audit Record | A durable, append-only trace of who/what produced a value or state transition, including methodology/schema versions and supersession links. |
Identity and versioning
- Resource ID — a stable, opaque string with a human-readable type prefix (for example
idx_,mkt_,ord_). Clients MUST NOT derive semantics from the prefix; it exists only for debugging readability. - Slug / Symbol — a mutable, human-readable presentation field. Never used as a foreign key or stable identifier.
- Revision /
supersedes_id— append-only versioning fields used by Ratings, Severity Assessments, and price corrections. A new revision supersedes but never overwrites the prior record. correction_reason— a required field on any revision that corrects a previously published value.as_of— a query parameter that requests a point-in-time view of a resource. Draft v0.1 requires thatas_ofnever silently fall back to the current version.
Status labels used in this documentation
| Label | Meaning |
|---|---|
| Draft v0.1 | Proposed Time Seventeen protocol behavior; subject to breaking change before implementation |
| Normative | MUST / SHOULD / MAY language that clients and servers implementing this draft are expected to follow |
| Illustrative | Example IDs, prices, timestamps, and payload values only |
| Production configuration | Required before launch but deliberately unspecified here |
Market Rating scale (MR1–MR5, NR)
| Band | Meaning |
|---|---|
MR1 | Strongest observed market quality under the stated methodology |
MR2 | Strong quality with limited weaknesses |
MR3 | Usable with material limitations |
MR4 | Weak/restricted quality; elevated caution |
MR5 | Unacceptable for normal index eligibility |
NR | Not rated or insufficient evidence |
Severity scale (SEV-0–SEV-5, UNKNOWN)
| Level | Meaning |
|---|---|
SEV-0 | No verified material impact |
SEV-1 | Limited/localized impact |
SEV-2 | Material but contained impact |
SEV-3 | Severe multi-system or regional impact |
SEV-4 | Extreme national/cross-border impact |
SEV-5 | Catastrophic/systemic impact |
UNKNOWN | Insufficient or conflicting evidence |
Two independent scales
Market Rating (MR1–MR5/NR) measures market quality. Severity Assessment (SEV-0–SEV-5/UNKNOWN) measures real-world event impact. Neither scale is derived from, nested inside, or a substitute for the other, and no rating endpoint returns severity fields or vice versa.
Trading and order terms
| Term | Definition |
|---|---|
| BUY / SELL | Economic intent paired with an explicit outcome_id; clients never infer side from bid/ask field position. |
| Limit order | An order with an explicit worst acceptable price. |
| Marketable limit order | A limit order priced to cross the book immediately, used in place of an unbounded market order, always paired with FOK or FAK. |
GTC / GTD / FOK / FAK | Time-in-force values. See Trading Lifecycle. |
IOC | Documentation alias for FAK; the canonical wire value remains FAK. |
post_only | A maker-only flag; an order that would cross the book is rejected with no fill instead of taking liquidity. |
| Maker / taker | Roles assigned per fill depending on whether the matched order was resting (maker) or aggressing (taker). |
| Self-trade prevention (STP) | Server-side logic that prevents an account’s own orders from matching each other. |
| Idempotency key | A client-supplied key on mutating requests that guarantees a semantically identical retry returns the original result. |
| Reduce-only | An order flag restricting execution to only reduce an existing position, where meaningful for the account/market. |
Wire-format terms
| Term | Definition |
|---|---|
| Fixed-point decimal string | A base-10 numeric value encoded as a JSON string (never a floating-point JSON number) to avoid binary floating-point rounding on money, quantity, weight, price, and fee fields. |
*_ts_ms | A Unix epoch millisecond integer field present alongside an RFC 3339 timestamp wherever latency-sensitive ordering matters. |
| Cursor pagination | Opaque, filter/order-bound pagination tokens used for mutable or high-volume collections. |
| Response envelope | The consistent { "data": ..., "meta": {...} } (single resource) or { "data": [...], "page": {...}, "meta": {...} } (collection) wrapper. See Conventions. |
Continue to Product Model to see these terms applied to the full resource hierarchy.