What can go wrong, including with us
Leveraged derivatives, an estimated price, portfolio margin and a pre-launch venue, each with the specific way it can hurt you.
Leverage
A leveraged position can lose more than the margin posted for it. At 19× a move of a few percent against you is the whole account. The ceiling on this venue moves with the quality of the data, which means it can fall while you hold a position; existing exposure keeps the leverage it was opened under, but nothing new can be added until confidence returns.
Liquidation
When equity falls below maintenance, the engine closes exposure in steps, at a penalty, without asking. It is designed to warn, restrict and net before it sells, and it is still a forced sale at a bad time. Maintenance here is 0.6 of initial margin plus a reserve, which is stricter than the flat half-percent common on large venues. Our own replay shows both sides: on fast, clean moves this rule closes positions earlier than a conventional tier would, and under a flat tier one liquidation in four is detected with the account already below zero, which under this rule has not happened once. That is published on the replay page, including the runs we lose.
The price is an estimate
There is no single price. The mark is our estimate from two or three venues, with a confidence attached, and it can be wrong when they disagree, go stale or drop out. On 10 October 2025 three live venues quoted Solana eighteen percent apart in the same minute. When that happens the regime falls to Unavailable and the venue stops opening risk; it cannot make the true price appear.
Portfolio margin
Offsets between positions reduce the margin required. A correlation that held historically can vanish in stress, and then the credit was a loan. Cross-class credit is zero here and intra-class credit is capped, and it can still surprise its authors.
Reference markets and weekends
Macro instruments follow markets that close. Over a closing, the mark can only move with the sources that remain, and the reopening can gap. Leverage is cut over closings by the instrument's genome; the gap can still exceed the cut.
Availability and data
One machine, no failover. Restarts, resets and wipes happen. Displayed candles, depth and prints come from reference venues and can be delayed or wrong. Do not use anything here for a decision that matters without your own verification.
What this venue can lose you
Your deposit. A leveraged position can lose all of the collateral behind it, and the liquidation engine exists to stop the loss at that line, not before it. If you run at the ceiling of leverage, the venue will let you, and that habit is how accounts end.