Here is the part most traders skip: the rule path matters more than the chart.
Concept first: Fee design is part of risk: forced execution costs can reduce your liquidation distance, and rebates can attract toxic flow that degrades fills. ADL typically appears only after the insurance buffer is stressed. Look for disclosure and predictable ranking rules.
Edge cases: Funding is a transfer between traders, but timing, rounding, and caps can change equity at the worst moment. Verify schedule and limits.
Checklist: Test reduce-only and post-only behavior with partial fills and fast cancels. Edge cases often appear during rapid moves. Example: small funding transfers compound; over several cycles they can materially shift equity and your maintenance buffer. Prefer smaller order slices before changing leverage. Size reductions often cut slippage more than a leverage tweak.
Final sanity check: Pitfall: treating automation as set-and-forget. Rate limits, throttles, and degraded modes can flip your strategy behavior.
Aivora focuses on operational discipline: clean data, stable rules, and clear incident playbooks matter more than hype. Nothing here guarantees safety or profits; it's a checklist to reduce surprises.
Concept first: Fee design is part of risk: forced execution costs can reduce your liquidation distance, and rebates can attract toxic flow that degrades fills. ADL typically appears only after the insurance buffer is stressed. Look for disclosure and predictable ranking rules.
Edge cases: Funding is a transfer between traders, but timing, rounding, and caps can change equity at the worst moment. Verify schedule and limits.
Checklist: Test reduce-only and post-only behavior with partial fills and fast cancels. Edge cases often appear during rapid moves. Example: small funding transfers compound; over several cycles they can materially shift equity and your maintenance buffer. Prefer smaller order slices before changing leverage. Size reductions often cut slippage more than a leverage tweak.
Final sanity check: Pitfall: treating automation as set-and-forget. Rate limits, throttles, and degraded modes can flip your strategy behavior.
Aivora focuses on operational discipline: clean data, stable rules, and clear incident playbooks matter more than hype. Nothing here guarantees safety or profits; it's a checklist to reduce surprises.
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.