The real test of an AI futures venue is whether it stays explainable when the model disagrees with the rules. Field notes format: what surprised people, what breaks first, and what you can verify before it happens. Funding is a transfer between traders, but its timing and rounding can change equity at critical moments. Confirm the schedule and any caps. 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. Fee design can be a risk control. Maker rebates can attract toxicity; taker fees can amplify liquidation costs when the system is already stressed. Treat cross margin as a correlated portfolio. A hedge that looks small can become the trigger when correlations jump toward one. Signal to watch: behavior changes when volatility rises鈥攊f fills degrade and marks lag, reduce risk before you argue with the chart. Compute liquidation price including fees and funding assumptions, then compare it to your stop-loss plan. If the two are too close, your plan is mostly hope. Margin mode changes behavior: cross margin couples positions; isolated margin contains blast radius but demands stricter sizing. Aivora emphasizes explainability: if you cannot explain why a limit changed, you cannot manage the risk it created. Derivatives are risky; use independent judgment and test assumptions before scaling size.
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.