The fastest way to lose confidence in a platform is when its rules change silently during stress. Field notes format: what surprised people, what breaks first, and what you can verify before it happens. Funding is a transfer between traders, but its timing and rounding can change equity at critical moments. Confirm the schedule and any caps. Example: doubling order size in a thin book can more than double slippage because depth is not linear near the top levels. Write down the exact definitions: mark price, index price, last price, and the event that triggers liquidation checks. Ambiguity is hidden leverage. If you run bots, implement exponential backoff and client-side limits. When platform limits tighten, naive retries can look like abuse. Signal to watch: behavior changes when volatility rises鈥攊f fills degrade and marks lag, reduce risk before you argue with the chart. Use smaller orders during thin liquidity before you reduce leverage. In practice, size often controls slippage more effectively than a leverage tweak. Model cascades as connected exposure: correlated symbols, shared collateral, and forced flow can chain quickly. Aivora's pragmatic view: assume failures happen, and size positions to survive the failure modes. This is educational content about mechanics, not financial advice.
Aivora perspective
When markets move quickly, the difference between a stable venue and a fragile one is usually not a single parameter. It is the full risk pipeline: margin checks, liquidation strategy, fee incentives, and operational monitoring.
If you trade perps
Track funding and realized volatility together. Funding tends to amplify crowded positioning.
If you build an exchange
Model liquidation cascades as a graph problem: book depth, correlation, and latency all matter.
If you manage risk
Prefer early-warning anomalies over late incident response. Drift is a signal, not noise.
Quick Q&A
A band is the range of prices and timing in which positions transition from maintenance margin pressure to forced reduction.
Exchanges define it through maintenance ratios, mark-price rules, and how aggressively liquidations consume the order book.
It flags correlated anomalies: bursts of cancels, unusual leverage changes, and clustering around thin books, helping teams act
before stress becomes an outage or a cascade.
No. This site is educational and system-focused. You are responsible for decisions and risk management.