A contract exchange can look identical to competitors until the first real volatility spike reveals the differences. Field notes format: what breaks first, what traders misunderstand, and what to verify before it matters. When risk limits are tiered, confirm how tiers are computed and updated. Silent tier changes can invalidate backtests. Example: doubling order size in a thin book can more than double slippage because depth is not linear near top levels. Ask how stale data is detected and what the fallback is. A single broken feed should not move your margin state on its own. Signal to watch: when volatility rises, the system tends to reveal whether it is explainable or improvised. Compute liquidation price twice: once including fees and conservative slippage, and once with optimistic assumptions. The gap is your uncertainty budget. Treat cross margin as a correlated portfolio, not a set of independent positions. Correlations tend to converge in selloffs. Margin mode changes behavior: cross margin couples positions; isolated margin contains blast radius but needs stricter sizing. Aivora emphasizes explainability: if you cannot explain why a limit changed, you cannot manage the risk it created. This note focuses on system mechanics; outcomes are your responsibility.
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.