Case study
Loading the run…
The five moments
The hour before the low
The bill
How to read it
The two policies see the same minutes and take the same side. The difference is what each was willing to believe about the price. The fixed tier believes one feed completely and lends the ceiling until the feed prints a liquidation price. The engine believes the sources to the degree they agree and are fresh; it cut leverage first for volatility, then refused new exposure when the books parted, and kept a maintenance that followed the book rather than a flat fraction. That is why its liquidations were caught while the accounts still had a cushion, and why the bad debt, the venue's own loss, is two orders of magnitude smaller. It is not a better forecast. It is a refusal to lend against a number it could not defend.