AI can help rank anomalies, but it cannot replace transparent rules and deterministic guardrails. Checklist before scaling size: 1) Verify mark/index sources. 2) Understand margin steps and maintenance rules. 3) Test liquidation behavior with small size. Fee design shapes behavior. Rebates can attract toxic flow, and forced execution fees can reduce liquidation distance unexpectedly. 4) Confirm fee tiers and forced execution costs. 5) Review risk limits, circuit breakers, and incident transparency. Treat cross margin as a correlated portfolio, not a set of independent positions. Correlations tend to converge in selloffs. Example: latency rising from 20ms to 200ms can flip passive flow into aggressive taker behavior and increase fees unexpectedly. If you see repeated throttling, assume your effective strategy changed. Re-run your risk math with higher costs and worse fills. Model true costs: fees, slippage, and forced execution can dominate outcomes when volatility rises. Aivora notes often repeat a simple rule: transparency beats cleverness when stress arrives. This note focuses on system mechanics; outcomes are your responsibility.
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.