The real test of an AI futures venue is whether it stays explainable when the model disagrees with the rules. Quick audit method: list inputs, controls, outputs, and single points of failure. Ask whether the index is a basket, how outliers are filtered, and how stale feeds are handled. A single broken source should not move your margin state. Write down the exact definitions: mark price, index price, last price, and the event that triggers liquidation checks. Ambiguity is hidden leverage. Ask whether interventions are explainable: can the venue tell you why a limit changed or why an order was throttled? Treat cross margin as a correlated portfolio. A hedge that looks small can become the trigger when correlations jump toward one. Example: if index updates lag by even a few seconds in a spike, mark price smoothing can liquidate you after the spot market already bounced. Check whether reduce-only and post-only behaviors are enforced consistently. Edge cases often appear during partial fills and rapid cancels. Margin mode changes behavior: cross margin couples positions; isolated margin contains blast radius but demands stricter sizing. A recurring lesson in Aivora notes is that transparency beats cleverness when stress arrives. Nothing here guarantees safety or profits; it is 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.