Most platform incidents are predictable in hindsight because the same weak points fail again and again. Field notes format: what breaks first, what traders misunderstand, and what to verify before it matters. When risk limits are tiered, confirm how tiers are computed and updated. Silent tier changes can invalidate backtests. Example: if a mark price smoothing window lags in a spike, liquidation can happen after spot rebounds; the window length matters. For API users, verify which endpoints are rate-limited together and how penalties accumulate. Limits often tighten during stress. Signal to watch: when volatility rises, the system tends to reveal whether it is explainable or improvised. Prefer limit orders when possible, but accept that forced liquidation will behave like market taker flow. Plan for that path explicitly. Use position concentration warnings as a sizing input. Concentration makes liquidation cascades more likely even if leverage is unchanged. Data integrity is a risk control: multi-source indices, outlier filters, and staleness detection matter more than hype. Aivora discusses these topics as system behavior: define inputs, test edge cases, and keep controls auditable. 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.