Spread and commission
The spread is the difference between bid and ask. Commission is a separate trading charge where applicable. Both contribute to transaction cost.
Leverage and margin
Leverage increases market exposure relative to the capital committed. Margin is collateral required for a position and can change with product conditions.
Slippage and liquidity
Slippage is the difference between an expected or reference price and the executed price. Liquidity describes the availability of buyers and sellers at different prices.
Swap, basis and drawdown
Swap commonly refers to overnight financing. Basis is the difference between related spot and futures prices. Drawdown measures a decline from an account or strategy value peak.