diff --git a/daemon/migrations/20211025050345_rename_term_to_settlement_time_interval.sql b/daemon/migrations/20211025050345_rename_term_to_settlement_time_interval.sql
new file mode 100644
index 0000000..15481a2
--- /dev/null
+++ b/daemon/migrations/20211025050345_rename_term_to_settlement_time_interval.sql
@@ -0,0 +1,5 @@
+alter table orders
+rename column term_seconds to settlement_time_interval_seconds;
+
+alter table orders
+rename column term_nanoseconds to settlement_time_interval_nanoseconds;
diff --git a/daemon/sqlx-data.json b/daemon/sqlx-data.json
index 415258d..903ba03 100644
--- a/daemon/sqlx-data.json
+++ b/daemon/sqlx-data.json
@@ -1,25 +1,7 @@
 {
   "db": "SQLite",
-  "221a6283db798bacaba99e7e85130f9a8bbea1299d8cb99d272b1d478dc19775": {
-    "query": "\n        select\n            state\n        from cfd_states\n        where cfd_id = $1\n        order by id desc\n        limit 1;\n        ",
-    "describe": {
-      "columns": [
-        {
-          "name": "state",
-          "ordinal": 0,
-          "type_info": "Text"
-        }
-      ],
-      "parameters": {
-        "Right": 1
-      },
-      "nullable": [
-        false
-      ]
-    }
-  },
-  "3e122ab8f81d5fb1ab7f137316c9aa15ea419114de5720b2667267a33daad6bd": {
-    "query": "\n        with ord as (\n            select\n                id as order_id,\n                uuid,\n                trading_pair,\n                position,\n                initial_price,\n                min_quantity,\n                max_quantity,\n                leverage,\n                liquidation_price,\n                creation_timestamp_seconds as ts_secs,\n                creation_timestamp_nanoseconds as ts_nanos,\n                term_seconds as term_secs,\n                term_nanoseconds as term_nanos,\n                origin,\n                oracle_event_id\n            from orders\n        ),\n\n        cfd as (\n            select\n                ord.order_id,\n                id as cfd_id,\n                quantity_usd\n            from cfds\n                inner join ord on ord.order_id = cfds.order_id\n        ),\n\n        state as (\n            select\n                id as state_id,\n                cfd.order_id,\n                cfd.quantity_usd,\n                state\n            from cfd_states\n                inner join cfd on cfd.cfd_id = cfd_states.cfd_id\n            where id in (\n                select\n                    max(id) as id\n                from cfd_states\n                group by (cfd_id)\n            )\n        )\n\n        select\n            ord.uuid as \"uuid: crate::model::cfd::OrderId\",\n            ord.trading_pair as \"trading_pair: crate::model::TradingPair\",\n            ord.position as \"position: crate::model::Position\",\n            ord.initial_price,\n            ord.min_quantity,\n            ord.max_quantity,\n            ord.leverage as \"leverage: crate::model::Leverage\",\n            ord.liquidation_price,\n            ord.ts_secs as \"ts_secs: i64\",\n            ord.ts_nanos as \"ts_nanos: i32\",\n            ord.term_secs as \"term_secs: i64\",\n            ord.term_nanos as \"term_nanos: i32\",\n            ord.origin as \"origin: crate::model::cfd::Origin\",\n            ord.oracle_event_id,\n            state.quantity_usd,\n            state.state\n\n        from ord\n            inner join state on state.order_id = ord.order_id\n        ",
+  "07b8db7d3a709a7f06a20251d5b7251c2a3428ec73c6710a83048d6c8e974958": {
+    "query": "\n        select\n            uuid as \"uuid: crate::model::cfd::OrderId\",\n            trading_pair as \"trading_pair: crate::model::TradingPair\",\n            position as \"position: crate::model::Position\",\n            initial_price,\n            min_quantity,\n            max_quantity,\n            leverage as \"leverage: crate::model::Leverage\",\n            liquidation_price,\n            creation_timestamp_seconds as \"ts_secs: i64\",\n            creation_timestamp_nanoseconds as \"ts_nanos: i32\",\n            settlement_time_interval_seconds as \"settlement_time_interval_secs: i64\",\n            settlement_time_interval_nanoseconds as \"settlement_time_interval_nanos: i32\",\n            origin as \"origin: crate::model::cfd::Origin\",\n            oracle_event_id\n\n        from orders\n        where uuid = $1\n        ",
     "describe": {
       "columns": [
         {
@@ -73,12 +55,12 @@
           "type_info": "Int64"
         },
         {
-          "name": "term_secs: i64",
+          "name": "settlement_time_interval_secs: i64",
           "ordinal": 10,
           "type_info": "Int64"
         },
         {
-          "name": "term_nanos: i32",
+          "name": "settlement_time_interval_nanos: i32",
           "ordinal": 11,
           "type_info": "Int64"
         },
@@ -91,20 +73,10 @@
           "name": "oracle_event_id",
           "ordinal": 13,
           "type_info": "Text"
-        },
-        {
-          "name": "quantity_usd",
-          "ordinal": 14,
-          "type_info": "Text"
-        },
-        {
-          "name": "state",
-          "ordinal": 15,
-          "type_info": "Text"
         }
       ],
       "parameters": {
-        "Right": 0
+        "Right": 1
       },
       "nullable": [
         false,
@@ -120,14 +92,12 @@
         false,
         false,
         false,
-        false,
-        false,
         false
       ]
     }
   },
-  "7610f0d5a9d216dba503cb5f9980fa5d9cabd13dc0131166bb6439ded37ee5dd": {
-    "query": "\n        with ord as (\n            select\n                id as order_id,\n                uuid,\n                trading_pair,\n                position,\n                initial_price,\n                min_quantity,\n                max_quantity,\n                leverage,\n                liquidation_price,\n                creation_timestamp_seconds as ts_secs,\n                creation_timestamp_nanoseconds as ts_nanos,\n                term_seconds as term_secs,\n                term_nanoseconds as term_nanos,\n                origin,\n                oracle_event_id\n            from orders\n        ),\n\n        cfd as (\n            select\n                ord.order_id,\n                id as cfd_id,\n                quantity_usd\n            from cfds\n                inner join ord on ord.order_id = cfds.order_id\n        ),\n\n        state as (\n            select\n                id as state_id,\n                cfd.order_id,\n                cfd.quantity_usd,\n                state\n            from cfd_states\n                inner join cfd on cfd.cfd_id = cfd_states.cfd_id\n            where id in (\n                select\n                    max(id) as id\n                from cfd_states\n                group by (cfd_id)\n            )\n        )\n\n        select\n            ord.uuid as \"uuid: crate::model::cfd::OrderId\",\n            ord.trading_pair as \"trading_pair: crate::model::TradingPair\",\n            ord.position as \"position: crate::model::Position\",\n            ord.initial_price,\n            ord.min_quantity,\n            ord.max_quantity,\n            ord.leverage as \"leverage: crate::model::Leverage\",\n            ord.liquidation_price,\n            ord.ts_secs as \"ts_secs: i64\",\n            ord.ts_nanos as \"ts_nanos: i32\",\n            ord.term_secs as \"term_secs: i64\",\n            ord.term_nanos as \"term_nanos: i32\",\n            ord.origin as \"origin: crate::model::cfd::Origin\",\n            ord.oracle_event_id,\n            state.quantity_usd,\n            state.state\n\n        from ord\n            inner join state on state.order_id = ord.order_id\n\n        where ord.uuid = $1\n        ",
+  "1ea6916f2e25bdd8f4761f0810178ed3b5e52817e6440b54d2bf4e13fb786405": {
+    "query": "\n        with ord as (\n            select\n                id as order_id,\n                uuid,\n                trading_pair,\n                position,\n                initial_price,\n                min_quantity,\n                max_quantity,\n                leverage,\n                liquidation_price,\n                creation_timestamp_seconds as ts_secs,\n                creation_timestamp_nanoseconds as ts_nanos,\n                settlement_time_interval_seconds as settlement_time_interval_secs,\n                settlement_time_interval_nanoseconds as settlement_time_interval_nanos,\n                origin,\n                oracle_event_id\n            from orders\n        ),\n\n        cfd as (\n            select\n                ord.order_id,\n                id as cfd_id,\n                quantity_usd\n            from cfds\n                inner join ord on ord.order_id = cfds.order_id\n        ),\n\n        state as (\n            select\n                id as state_id,\n                cfd.order_id,\n                cfd.quantity_usd,\n                state\n            from cfd_states\n                inner join cfd on cfd.cfd_id = cfd_states.cfd_id\n            where id in (\n                select\n                    max(id) as id\n                from cfd_states\n                group by (cfd_id)\n            )\n        )\n\n        select\n            ord.uuid as \"uuid: crate::model::cfd::OrderId\",\n            ord.trading_pair as \"trading_pair: crate::model::TradingPair\",\n            ord.position as \"position: crate::model::Position\",\n            ord.initial_price,\n            ord.min_quantity,\n            ord.max_quantity,\n            ord.leverage as \"leverage: crate::model::Leverage\",\n            ord.liquidation_price,\n            ord.ts_secs as \"ts_secs: i64\",\n            ord.ts_nanos as \"ts_nanos: i32\",\n            ord.settlement_time_interval_secs as \"settlement_time_interval_secs: i64\",\n            ord.settlement_time_interval_nanos as \"settlement_time_interval_nanos: i32\",\n            ord.origin as \"origin: crate::model::cfd::Origin\",\n            ord.oracle_event_id,\n            state.quantity_usd,\n            state.state\n\n        from ord\n            inner join state on state.order_id = ord.order_id\n\n        where ord.uuid = $1\n        ",
     "describe": {
       "columns": [
         {
@@ -181,12 +151,12 @@
           "type_info": "Int64"
         },
         {
-          "name": "term_secs: i64",
+          "name": "settlement_time_interval_secs: i64",
           "ordinal": 10,
           "type_info": "Int64"
         },
         {
-          "name": "term_nanos: i32",
+          "name": "settlement_time_interval_nanos: i32",
           "ordinal": 11,
           "type_info": "Int64"
         },
@@ -234,26 +204,26 @@
       ]
     }
   },
-  "8cbe349911b35d8e79763d64b4f5813b4bd98f12e0bba5ada84d2cae8b08ef4f": {
-    "query": "\n        select\n            id\n        from cfds\n        where order_uuid = $1;\n        ",
+  "221a6283db798bacaba99e7e85130f9a8bbea1299d8cb99d272b1d478dc19775": {
+    "query": "\n        select\n            state\n        from cfd_states\n        where cfd_id = $1\n        order by id desc\n        limit 1;\n        ",
     "describe": {
       "columns": [
         {
-          "name": "id",
+          "name": "state",
           "ordinal": 0,
-          "type_info": "Int64"
+          "type_info": "Text"
         }
       ],
       "parameters": {
         "Right": 1
       },
       "nullable": [
-        true
+        false
       ]
     }
   },
-  "b593977ea0af1bfe0a111ec908bab2149cf6d0cdee74e3321b5f2fa8154480e5": {
-    "query": "\n        with ord as (\n            select\n                id as order_id,\n                uuid,\n                trading_pair,\n                position,\n                initial_price,\n                min_quantity,\n                max_quantity,\n                leverage,\n                liquidation_price,\n                creation_timestamp_seconds as ts_secs,\n                creation_timestamp_nanoseconds as ts_nanos,\n                term_seconds as term_secs,\n                term_nanoseconds as term_nanos,\n                origin,\n                oracle_event_id\n            from orders\n        ),\n\n        cfd as (\n            select\n                ord.order_id,\n                id as cfd_id,\n                quantity_usd\n            from cfds\n                inner join ord on ord.order_id = cfds.order_id\n        ),\n\n        state as (\n            select\n                id as state_id,\n                cfd.order_id,\n                cfd.quantity_usd,\n                state\n            from cfd_states\n                inner join cfd on cfd.cfd_id = cfd_states.cfd_id\n            where id in (\n                select\n                    max(id) as id\n                from cfd_states\n                group by (cfd_id)\n            )\n        )\n\n        select\n            ord.uuid as \"uuid: crate::model::cfd::OrderId\",\n            ord.trading_pair as \"trading_pair: crate::model::TradingPair\",\n            ord.position as \"position: crate::model::Position\",\n            ord.initial_price,\n            ord.min_quantity,\n            ord.max_quantity,\n            ord.leverage as \"leverage: crate::model::Leverage\",\n            ord.liquidation_price,\n            ord.ts_secs as \"ts_secs: i64\",\n            ord.ts_nanos as \"ts_nanos: i32\",\n            ord.term_secs as \"term_secs: i64\",\n            ord.term_nanos as \"term_nanos: i32\",\n            ord.origin as \"origin: crate::model::cfd::Origin\",\n            ord.oracle_event_id,\n            state.quantity_usd,\n            state.state\n\n        from ord\n            inner join state on state.order_id = ord.order_id\n\n        where ord.oracle_event_id = $1\n        ",
+  "571575003ef3ad8ad627213f11c9080c25a29bb665077ada9047630acfe4465c": {
+    "query": "\n        with ord as (\n            select\n                id as order_id,\n                uuid,\n                trading_pair,\n                position,\n                initial_price,\n                min_quantity,\n                max_quantity,\n                leverage,\n                liquidation_price,\n                creation_timestamp_seconds as ts_secs,\n                creation_timestamp_nanoseconds as ts_nanos,\n                settlement_time_interval_seconds as settlement_time_interval_secs,\n                settlement_time_interval_nanoseconds as settlement_time_interval_nanos,\n                origin,\n                oracle_event_id\n            from orders\n        ),\n\n        cfd as (\n            select\n                ord.order_id,\n                id as cfd_id,\n                quantity_usd\n            from cfds\n                inner join ord on ord.order_id = cfds.order_id\n        ),\n\n        state as (\n            select\n                id as state_id,\n                cfd.order_id,\n                cfd.quantity_usd,\n                state\n            from cfd_states\n                inner join cfd on cfd.cfd_id = cfd_states.cfd_id\n            where id in (\n                select\n                    max(id) as id\n                from cfd_states\n                group by (cfd_id)\n            )\n        )\n\n        select\n            ord.uuid as \"uuid: crate::model::cfd::OrderId\",\n            ord.trading_pair as \"trading_pair: crate::model::TradingPair\",\n            ord.position as \"position: crate::model::Position\",\n            ord.initial_price,\n            ord.min_quantity,\n            ord.max_quantity,\n            ord.leverage as \"leverage: crate::model::Leverage\",\n            ord.liquidation_price,\n            ord.ts_secs as \"ts_secs: i64\",\n            ord.ts_nanos as \"ts_nanos: i32\",\n            ord.settlement_time_interval_secs as \"settlement_time_interval_secs: i64\",\n            ord.settlement_time_interval_nanos as \"settlement_time_interval_nanos: i32\",\n            ord.origin as \"origin: crate::model::cfd::Origin\",\n            ord.oracle_event_id,\n            state.quantity_usd,\n            state.state\n\n        from ord\n            inner join state on state.order_id = ord.order_id\n\n        where ord.oracle_event_id = $1\n        ",
     "describe": {
       "columns": [
         {
@@ -307,12 +277,12 @@
           "type_info": "Int64"
         },
         {
-          "name": "term_secs: i64",
+          "name": "settlement_time_interval_secs: i64",
           "ordinal": 10,
           "type_info": "Int64"
         },
         {
-          "name": "term_nanos: i32",
+          "name": "settlement_time_interval_nanos: i32",
           "ordinal": 11,
           "type_info": "Int64"
         },
@@ -360,8 +330,26 @@
       ]
     }
   },
-  "b708b7116aa14093e0e21ab8f87e52928a70649a62250902054ef6526f1d6f66": {
-    "query": "\n        select\n            uuid as \"uuid: crate::model::cfd::OrderId\",\n            trading_pair as \"trading_pair: crate::model::TradingPair\",\n            position as \"position: crate::model::Position\",\n            initial_price,\n            min_quantity,\n            max_quantity,\n            leverage as \"leverage: crate::model::Leverage\",\n            liquidation_price,\n            creation_timestamp_seconds as \"ts_secs: i64\",\n            creation_timestamp_nanoseconds as \"ts_nanos: i32\",\n            term_seconds as \"term_secs: i64\",\n            term_nanoseconds as \"term_nanos: i32\",\n            origin as \"origin: crate::model::cfd::Origin\",\n            oracle_event_id\n\n        from orders\n        where uuid = $1\n        ",
+  "8cbe349911b35d8e79763d64b4f5813b4bd98f12e0bba5ada84d2cae8b08ef4f": {
+    "query": "\n        select\n            id\n        from cfds\n        where order_uuid = $1;\n        ",
+    "describe": {
+      "columns": [
+        {
+          "name": "id",
+          "ordinal": 0,
+          "type_info": "Int64"
+        }
+      ],
+      "parameters": {
+        "Right": 1
+      },
+      "nullable": [
+        true
+      ]
+    }
+  },
+  "b5a6bcafbfa745d147c30410e0acf8ee6c7733cc3e550a2db0c7860737c756dd": {
+    "query": "\n        with ord as (\n            select\n                id as order_id,\n                uuid,\n                trading_pair,\n                position,\n                initial_price,\n                min_quantity,\n                max_quantity,\n                leverage,\n                liquidation_price,\n                creation_timestamp_seconds as ts_secs,\n                creation_timestamp_nanoseconds as ts_nanos,\n                settlement_time_interval_seconds as settlement_time_interval_secs,\n                settlement_time_interval_nanoseconds as settlement_time_interval_nanos,\n                origin,\n                oracle_event_id\n            from orders\n        ),\n\n        cfd as (\n            select\n                ord.order_id,\n                id as cfd_id,\n                quantity_usd\n            from cfds\n                inner join ord on ord.order_id = cfds.order_id\n        ),\n\n        state as (\n            select\n                id as state_id,\n                cfd.order_id,\n                cfd.quantity_usd,\n                state\n            from cfd_states\n                inner join cfd on cfd.cfd_id = cfd_states.cfd_id\n            where id in (\n                select\n                    max(id) as id\n                from cfd_states\n                group by (cfd_id)\n            )\n        )\n\n        select\n            ord.uuid as \"uuid: crate::model::cfd::OrderId\",\n            ord.trading_pair as \"trading_pair: crate::model::TradingPair\",\n            ord.position as \"position: crate::model::Position\",\n            ord.initial_price,\n            ord.min_quantity,\n            ord.max_quantity,\n            ord.leverage as \"leverage: crate::model::Leverage\",\n            ord.liquidation_price,\n            ord.ts_secs as \"ts_secs: i64\",\n            ord.ts_nanos as \"ts_nanos: i32\",\n            ord.settlement_time_interval_secs as \"settlement_time_interval_secs: i64\",\n            ord.settlement_time_interval_nanos as \"settlement_time_interval_nanos: i32\",\n            ord.origin as \"origin: crate::model::cfd::Origin\",\n            ord.oracle_event_id,\n            state.quantity_usd,\n            state.state\n\n        from ord\n            inner join state on state.order_id = ord.order_id\n        ",
     "describe": {
       "columns": [
         {
@@ -415,12 +403,12 @@
           "type_info": "Int64"
         },
         {
-          "name": "term_secs: i64",
+          "name": "settlement_time_interval_secs: i64",
           "ordinal": 10,
           "type_info": "Int64"
         },
         {
-          "name": "term_nanos: i32",
+          "name": "settlement_time_interval_nanos: i32",
           "ordinal": 11,
           "type_info": "Int64"
         },
@@ -433,10 +421,20 @@
           "name": "oracle_event_id",
           "ordinal": 13,
           "type_info": "Text"
+        },
+        {
+          "name": "quantity_usd",
+          "ordinal": 14,
+          "type_info": "Text"
+        },
+        {
+          "name": "state",
+          "ordinal": 15,
+          "type_info": "Text"
         }
       ],
       "parameters": {
-        "Right": 1
+        "Right": 0
       },
       "nullable": [
         false,
@@ -452,6 +450,8 @@
         false,
         false,
         false,
+        false,
+        false,
         false
       ]
     }
diff --git a/daemon/src/db.rs b/daemon/src/db.rs
index e4d444d..19d2460 100644
--- a/daemon/src/db.rs
+++ b/daemon/src/db.rs
@@ -27,8 +27,8 @@ pub async fn insert_order(order: &Order, conn: &mut PoolConnection<Sqlite>) -> a
             liquidation_price,
             creation_timestamp_seconds,
             creation_timestamp_nanoseconds,
-            term_seconds,
-            term_nanoseconds,
+            settlement_time_interval_seconds,
+            settlement_time_interval_nanoseconds,
             origin,
             oracle_event_id
         ) values ($1, $2, $3, $4, $5, $6, $7, $8, $9, $10, $11, $12, $13, $14)"#,
@@ -53,8 +53,8 @@ pub async fn insert_order(order: &Order, conn: &mut PoolConnection<Sqlite>) -> a
             .duration_since(SystemTime::UNIX_EPOCH)?
             .subsec_nanos() as i32,
     )
-    .bind(&order.term.whole_seconds())
-    .bind(&order.term.subsec_nanoseconds())
+    .bind(&order.settlement_time_interval_hours.whole_seconds())
+    .bind(&order.settlement_time_interval_hours.subsec_nanoseconds())
     .bind(&order.origin)
     .bind(&order.oracle_event_id.to_string())
     .execute(conn)
@@ -84,8 +84,8 @@ pub async fn load_order_by_id(
             liquidation_price,
             creation_timestamp_seconds as "ts_secs: i64",
             creation_timestamp_nanoseconds as "ts_nanos: i32",
-            term_seconds as "term_secs: i64",
-            term_nanoseconds as "term_nanos: i32",
+            settlement_time_interval_seconds as "settlement_time_interval_secs: i64",
+            settlement_time_interval_nanoseconds as "settlement_time_interval_nanos: i32",
             origin as "origin: crate::model::cfd::Origin",
             oracle_event_id
 
@@ -107,7 +107,10 @@ pub async fn load_order_by_id(
         leverage: row.leverage,
         liquidation_price: Usd::new(Decimal::from_str(&row.liquidation_price)?),
         creation_timestamp: convert_to_system_time(row.ts_secs, row.ts_nanos)?,
-        term: Duration::new(row.term_secs, row.term_nanos),
+        settlement_time_interval_hours: Duration::new(
+            row.settlement_time_interval_secs,
+            row.settlement_time_interval_nanos,
+        ),
         origin: row.origin,
         oracle_event_id: row.oracle_event_id.parse::<BitMexPriceEventId>()?,
     })
@@ -251,8 +254,8 @@ pub async fn load_cfd_by_order_id(
                 liquidation_price,
                 creation_timestamp_seconds as ts_secs,
                 creation_timestamp_nanoseconds as ts_nanos,
-                term_seconds as term_secs,
-                term_nanoseconds as term_nanos,
+                settlement_time_interval_seconds as settlement_time_interval_secs,
+                settlement_time_interval_nanoseconds as settlement_time_interval_nanos,
                 origin,
                 oracle_event_id
             from orders
@@ -294,8 +297,8 @@ pub async fn load_cfd_by_order_id(
             ord.liquidation_price,
             ord.ts_secs as "ts_secs: i64",
             ord.ts_nanos as "ts_nanos: i32",
-            ord.term_secs as "term_secs: i64",
-            ord.term_nanos as "term_nanos: i32",
+            ord.settlement_time_interval_secs as "settlement_time_interval_secs: i64",
+            ord.settlement_time_interval_nanos as "settlement_time_interval_nanos: i32",
             ord.origin as "origin: crate::model::cfd::Origin",
             ord.oracle_event_id,
             state.quantity_usd,
@@ -321,7 +324,10 @@ pub async fn load_cfd_by_order_id(
         leverage: row.leverage,
         liquidation_price: Usd::new(Decimal::from_str(&row.liquidation_price)?),
         creation_timestamp: convert_to_system_time(row.ts_secs, row.ts_nanos)?,
-        term: Duration::new(row.term_secs, row.term_nanos),
+        settlement_time_interval_hours: Duration::new(
+            row.settlement_time_interval_secs,
+            row.settlement_time_interval_nanos,
+        ),
         origin: row.origin,
         oracle_event_id: row.oracle_event_id.parse::<BitMexPriceEventId>()?,
     };
@@ -353,8 +359,8 @@ pub async fn load_all_cfds(conn: &mut PoolConnection<Sqlite>) -> anyhow::Result<
                 liquidation_price,
                 creation_timestamp_seconds as ts_secs,
                 creation_timestamp_nanoseconds as ts_nanos,
-                term_seconds as term_secs,
-                term_nanoseconds as term_nanos,
+                settlement_time_interval_seconds as settlement_time_interval_secs,
+                settlement_time_interval_nanoseconds as settlement_time_interval_nanos,
                 origin,
                 oracle_event_id
             from orders
@@ -396,8 +402,8 @@ pub async fn load_all_cfds(conn: &mut PoolConnection<Sqlite>) -> anyhow::Result<
             ord.liquidation_price,
             ord.ts_secs as "ts_secs: i64",
             ord.ts_nanos as "ts_nanos: i32",
-            ord.term_secs as "term_secs: i64",
-            ord.term_nanos as "term_nanos: i32",
+            ord.settlement_time_interval_secs as "settlement_time_interval_secs: i64",
+            ord.settlement_time_interval_nanos as "settlement_time_interval_nanos: i32",
             ord.origin as "origin: crate::model::cfd::Origin",
             ord.oracle_event_id,
             state.quantity_usd,
@@ -423,7 +429,10 @@ pub async fn load_all_cfds(conn: &mut PoolConnection<Sqlite>) -> anyhow::Result<
                 leverage: row.leverage,
                 liquidation_price: Usd::new(Decimal::from_str(&row.liquidation_price)?),
                 creation_timestamp: convert_to_system_time(row.ts_secs, row.ts_nanos)?,
-                term: Duration::new(row.term_secs, row.term_nanos),
+                settlement_time_interval_hours: Duration::new(
+                    row.settlement_time_interval_secs,
+                    row.settlement_time_interval_nanos,
+                ),
                 origin: row.origin,
                 oracle_event_id: row.oracle_event_id.parse::<BitMexPriceEventId>()?,
             };
@@ -460,8 +469,8 @@ pub async fn load_cfds_by_oracle_event_id(
                 liquidation_price,
                 creation_timestamp_seconds as ts_secs,
                 creation_timestamp_nanoseconds as ts_nanos,
-                term_seconds as term_secs,
-                term_nanoseconds as term_nanos,
+                settlement_time_interval_seconds as settlement_time_interval_secs,
+                settlement_time_interval_nanoseconds as settlement_time_interval_nanos,
                 origin,
                 oracle_event_id
             from orders
@@ -503,8 +512,8 @@ pub async fn load_cfds_by_oracle_event_id(
             ord.liquidation_price,
             ord.ts_secs as "ts_secs: i64",
             ord.ts_nanos as "ts_nanos: i32",
-            ord.term_secs as "term_secs: i64",
-            ord.term_nanos as "term_nanos: i32",
+            ord.settlement_time_interval_secs as "settlement_time_interval_secs: i64",
+            ord.settlement_time_interval_nanos as "settlement_time_interval_nanos: i32",
             ord.origin as "origin: crate::model::cfd::Origin",
             ord.oracle_event_id,
             state.quantity_usd,
@@ -533,7 +542,10 @@ pub async fn load_cfds_by_oracle_event_id(
                 leverage: row.leverage,
                 liquidation_price: Usd::new(Decimal::from_str(&row.liquidation_price)?),
                 creation_timestamp: convert_to_system_time(row.ts_secs, row.ts_nanos)?,
-                term: Duration::new(row.term_secs, row.term_nanos),
+                settlement_time_interval_hours: Duration::new(
+                    row.settlement_time_interval_secs,
+                    row.settlement_time_interval_nanos,
+                ),
                 origin: row.origin,
                 oracle_event_id: row.oracle_event_id.parse::<BitMexPriceEventId>()?,
             };
diff --git a/daemon/src/lib.rs b/daemon/src/lib.rs
index 0f52c61..403f0e6 100644
--- a/daemon/src/lib.rs
+++ b/daemon/src/lib.rs
@@ -79,7 +79,7 @@ where
             Box<dyn MessageChannel<NewTakerOnline>>,
             Box<dyn MessageChannel<FromTaker>>,
         ) -> T,
-        term: time::Duration,
+        settlement_time_interval_hours: time::Duration,
     ) -> Result<Self>
     where
         F: Future<Output = Result<M>>,
@@ -100,7 +100,7 @@ where
         let cfd_actor_addr = maker_cfd::Actor::new(
             db,
             wallet_addr,
-            term,
+            settlement_time_interval_hours,
             oracle_pk,
             cfd_feed_sender,
             order_feed_sender,
diff --git a/daemon/src/maker.rs b/daemon/src/maker.rs
index 888c27c..32aad62 100644
--- a/daemon/src/maker.rs
+++ b/daemon/src/maker.rs
@@ -51,9 +51,9 @@ struct Opts {
     #[clap(short, long)]
     json: bool,
 
-    /// The term length of each CFD in hours.
+    /// The time interval until potential settlement of each CFD in hours
     #[clap(long, default_value = "24")]
-    term: u8,
+    settlement_time_interval_hours: u8,
 
     #[clap(subcommand)]
     network: Network,
@@ -190,7 +190,8 @@ async fn main() -> Result<()> {
     housekeeping::transition_non_continue_cfds_to_setup_failed(&mut conn).await?;
     housekeeping::rebroadcast_transactions(&mut conn, &wallet).await?;
 
-    let term = time::Duration::hours(opts.term as i64);
+    let settlement_time_interval_hours =
+        time::Duration::hours(opts.settlement_time_interval_hours as i64);
     let MakerActorSystem {
         cfd_actor_addr,
         cfd_feed_receiver,
@@ -201,7 +202,7 @@ async fn main() -> Result<()> {
         db.clone(),
         wallet.clone(),
         oracle,
-        |cfds, channel| oracle::Actor::new(cfds, channel, term),
+        |cfds, channel| oracle::Actor::new(cfds, channel, settlement_time_interval_hours),
         {
             |channel, cfds| {
                 let electrum = opts.network.electrum().to_string();
@@ -209,7 +210,7 @@ async fn main() -> Result<()> {
             }
         },
         |channel0, channel1| maker_inc_connections::Actor::new(channel0, channel1),
-        time::Duration::hours(opts.term as i64),
+        time::Duration::hours(opts.settlement_time_interval_hours as i64),
     )
     .await?;
 
diff --git a/daemon/src/maker_cfd.rs b/daemon/src/maker_cfd.rs
index b4e8535..cc76c03 100644
--- a/daemon/src/maker_cfd.rs
+++ b/daemon/src/maker_cfd.rs
@@ -61,7 +61,7 @@ pub struct FromTaker {
 pub struct Actor<O, M, T, W> {
     db: sqlx::SqlitePool,
     wallet: Address<W>,
-    term: Duration,
+    settlement_time_interval_hours: Duration,
     oracle_pk: schnorrsig::PublicKey,
     cfd_feed_actor_inbox: watch::Sender<Vec<Cfd>>,
     order_feed_sender: watch::Sender<Option<Order>>,
@@ -98,7 +98,7 @@ impl<O, M, T, W> Actor<O, M, T, W> {
     pub fn new(
         db: sqlx::SqlitePool,
         wallet: Address<W>,
-        term: Duration,
+        settlement_time_interval_hours: Duration,
         oracle_pk: schnorrsig::PublicKey,
         cfd_feed_actor_inbox: watch::Sender<Vec<Cfd>>,
         order_feed_sender: watch::Sender<Option<Order>>,
@@ -110,7 +110,7 @@ impl<O, M, T, W> Actor<O, M, T, W> {
         Self {
             db,
             wallet,
-            term,
+            settlement_time_interval_hours,
             oracle_pk,
             cfd_feed_actor_inbox,
             order_feed_sender,
@@ -637,8 +637,9 @@ where
         min_quantity: Usd,
         max_quantity: Usd,
     ) -> Result<()> {
-        let oracle_event_id =
-            oracle::next_announcement_after(time::OffsetDateTime::now_utc() + self.term)?;
+        let oracle_event_id = oracle::next_announcement_after(
+            time::OffsetDateTime::now_utc() + self.settlement_time_interval_hours,
+        )?;
 
         let order = Order::new(
             price,
@@ -646,7 +647,7 @@ where
             max_quantity,
             Origin::Ours,
             oracle_event_id,
-            self.term,
+            self.settlement_time_interval_hours,
         )?;
 
         // 1. Save to DB
@@ -751,8 +752,9 @@ where
 
         let dlc = cfd.open_dlc().context("CFD was in wrong state")?;
 
-        let oracle_event_id =
-            oracle::next_announcement_after(time::OffsetDateTime::now_utc() + cfd.order.term)?;
+        let oracle_event_id = oracle::next_announcement_after(
+            time::OffsetDateTime::now_utc() + cfd.order.settlement_time_interval_hours,
+        )?;
         let announcement = self
             .oracle_actor
             .send(oracle::GetAnnouncement(oracle_event_id))
diff --git a/daemon/src/model/cfd.rs b/daemon/src/model/cfd.rs
index a6af4e0..f6c2e57 100644
--- a/daemon/src/model/cfd.rs
+++ b/daemon/src/model/cfd.rs
@@ -114,7 +114,7 @@ pub struct Order {
     pub creation_timestamp: SystemTime,
 
     /// The duration that will be used for calculating the settlement timestamp
-    pub term: Duration,
+    pub settlement_time_interval_hours: Duration,
 
     pub origin: Origin,
 
@@ -131,7 +131,7 @@ impl Order {
         max_quantity: Usd,
         origin: Origin,
         oracle_event_id: BitMexPriceEventId,
-        term: Duration,
+        settlement_time_interval_hours: Duration,
     ) -> Result<Self> {
         let leverage = Leverage(2);
         let maintenance_margin_rate = dec!(0.005);
@@ -148,7 +148,7 @@ impl Order {
             liquidation_price,
             position: Position::Sell,
             creation_timestamp: SystemTime::now(),
-            term,
+            settlement_time_interval_hours,
             origin,
             oracle_event_id,
         })
@@ -682,25 +682,29 @@ impl Cfd {
     }
 
     pub fn refund_timelock_in_blocks(&self) -> u32 {
-        (self.order.term * Cfd::REFUND_THRESHOLD).as_blocks().ceil() as u32
+        (self.order.settlement_time_interval_hours * Cfd::REFUND_THRESHOLD)
+            .as_blocks()
+            .ceil() as u32
     }
 
     pub fn expiry_timestamp(&self) -> OffsetDateTime {
         self.order.oracle_event_id.timestamp()
     }
 
-    /// A factor to be added to the CFD order term for calculating the refund timelock.
+    /// A factor to be added to the CFD order settlement_time_interval_hours for calculating the
+    /// refund timelock.
     ///
     /// The refund timelock is important in case the oracle disappears or never publishes a
     /// signature. Ideally, both users collaboratively settle in the refund scenario. This
     /// factor is important if the users do not settle collaboratively.
-    /// `1.5` times the term as defined in CFD order should be safe in the extreme case where a user
-    /// publishes the commit transaction right after the contract was initialized. In this case, the
-    /// oracle still has `1.0 * cfdorder.term` time to attest and no one can publish the refund
+    /// `1.5` times the settlement_time_interval_hours as defined in CFD order should be safe in the
+    /// extreme case where a user publishes the commit transaction right after the contract was
+    /// initialized. In this case, the oracle still has `1.0 *
+    /// cfdorder.settlement_time_interval_hours` time to attest and no one can publish the refund
     /// transaction.
     /// The downside is that if the oracle disappears: the users would only notice at the end
-    /// of the cfd term. In this case the users has to wait for another `1.5` times of the
-    /// term to get his funds back.
+    /// of the cfd settlement_time_interval_hours. In this case the users has to wait for another
+    /// `1.5` times of the settlement_time_interval_hours to get his funds back.
     const REFUND_THRESHOLD: f32 = 1.5;
 
     pub const CET_TIMELOCK: u32 = 12;
diff --git a/daemon/src/oracle.rs b/daemon/src/oracle.rs
index 077ff72..3ba7bbb 100644
--- a/daemon/src/oracle.rs
+++ b/daemon/src/oracle.rs
@@ -17,7 +17,7 @@ pub struct Actor {
     announcements: HashMap<BitMexPriceEventId, (OffsetDateTime, Vec<schnorrsig::PublicKey>)>,
     pending_attestations: HashSet<BitMexPriceEventId>,
     attestation_channel: Box<dyn StrongMessageChannel<Attestation>>,
-    term: Duration,
+    announcement_lookahead: Duration,
 }
 
 pub struct Sync;
@@ -62,7 +62,7 @@ impl Actor {
     pub fn new(
         cfds: Vec<Cfd>,
         attestation_channel: Box<dyn StrongMessageChannel<Attestation>>,
-        term: Duration,
+        announcement_lookahead: Duration,
     ) -> Self {
         let mut pending_attestations = HashSet::new();
 
@@ -96,13 +96,17 @@ impl Actor {
             announcements: HashMap::new(),
             pending_attestations,
             attestation_channel,
-            term,
+            announcement_lookahead,
         }
     }
 
-    fn ensure_having_announcements(&mut self, term: Duration, ctx: &mut xtra::Context<Self>) {
-        // we want inclusive the term length hence +1
-        for hour in 1..term.whole_hours() + 1 {
+    fn ensure_having_announcements(
+        &mut self,
+        announcement_lookahead: Duration,
+        ctx: &mut xtra::Context<Self>,
+    ) {
+        // we want inclusive the settlement_time_interval_hours length hence +1
+        for hour in 1..announcement_lookahead.whole_hours() + 1 {
             let event_id = try_continue!(next_announcement_after(
                 time::OffsetDateTime::now_utc() + Duration::hours(hour)
             ));
@@ -235,7 +239,7 @@ impl Actor {
     }
 
     fn handle_sync(&mut self, _: Sync, ctx: &mut xtra::Context<Self>) {
-        self.ensure_having_announcements(self.term, ctx);
+        self.ensure_having_announcements(self.announcement_lookahead, ctx);
         self.update_pending_attestations(ctx);
     }
 }
diff --git a/daemon/src/taker.rs b/daemon/src/taker.rs
index 665eb31..3258c4d 100644
--- a/daemon/src/taker.rs
+++ b/daemon/src/taker.rs
@@ -27,7 +27,7 @@ use xtra::Actor;
 
 mod routes_taker;
 
-pub const TERM: time::Duration = time::Duration::hours(24);
+pub const ANNOUNCEMENT_LOOKAHEAD: time::Duration = time::Duration::hours(24);
 
 #[derive(Clap)]
 struct Opts {
@@ -181,7 +181,7 @@ async fn main() -> Result<()> {
         oracle,
         send_to_maker,
         read_from_maker,
-        |cfds, channel| oracle::Actor::new(cfds, channel, TERM),
+        |cfds, channel| oracle::Actor::new(cfds, channel, ANNOUNCEMENT_LOOKAHEAD),
         {
             |channel, cfds| {
                 let electrum = opts.network.electrum().to_string();
diff --git a/daemon/src/to_sse_event.rs b/daemon/src/to_sse_event.rs
index 309761d..6810dbc 100644
--- a/daemon/src/to_sse_event.rs
+++ b/daemon/src/to_sse_event.rs
@@ -172,7 +172,7 @@ pub struct CfdOrder {
     pub liquidation_price: Usd,
 
     pub creation_timestamp: u64,
-    pub term_in_secs: u64,
+    pub settlement_time_interval_in_secs: u64,
 }
 
 pub trait ToSseEvent {
@@ -290,11 +290,11 @@ impl ToSseEvent for Option<model::cfd::Order> {
                 .duration_since(UNIX_EPOCH)
                 .expect("timestamp to be convertible to duration since epoch")
                 .as_secs(),
-            term_in_secs: order
-                .term
+            settlement_time_interval_in_secs: order
+                .settlement_time_interval_hours
                 .whole_seconds()
                 .try_into()
-                .expect("term is always positive number"),
+                .expect("settlement_time_interval_hours is always positive number"),
         });
 
         Event::json(&order).event("order")
diff --git a/daemon/tests/happy_path.rs b/daemon/tests/happy_path.rs
index 51cb8c2..9b39d01 100644
--- a/daemon/tests/happy_path.rs
+++ b/daemon/tests/happy_path.rs
@@ -165,7 +165,7 @@ impl Maker {
 
         let wallet_addr = Wallet {}.create(None).spawn_global();
 
-        let term = time::Duration::hours(24);
+        let settlement_time_interval_hours = time::Duration::hours(24);
 
         let maker = daemon::MakerActorSystem::new(
             db,
@@ -174,7 +174,7 @@ impl Maker {
             |_, _| Oracle,
             |_, _| async { Ok(Monitor) },
             |channel0, channel1| maker_inc_connections::Actor::new(channel0, channel1),
-            term,
+            settlement_time_interval_hours,
         )
         .await
         .unwrap();
diff --git a/frontend/src/components/Types.tsx b/frontend/src/components/Types.tsx
index 97055e0..caa60e1 100644
--- a/frontend/src/components/Types.tsx
+++ b/frontend/src/components/Types.tsx
@@ -8,7 +8,7 @@ export interface Order {
     leverage: number;
     liquidation_price: number;
     creation_timestamp: number;
-    term_in_secs: number;
+    settlement_time_interval_in_secs: number;
 }
 
 export class Position {