AI can help rank anomalies, but it cannot replace transparent rules and deterministic guardrails. Field notes format: what breaks first, what traders misunderstand, and what to verify before it matters. Funding is not just a number; timing, rounding, and caps can change equity at the worst moment. Verify schedule and limits. Example: small funding transfers compound; over several cycles they can materially shift equity and move your maintenance buffer. Fee design shapes behavior. Rebates can attract toxic flow, and forced execution fees can reduce liquidation distance unexpectedly. Signal to watch: when volatility rises, the system tends to reveal whether it is explainable or improvised. If you automate, implement exponential backoff, request logging, and a kill switch that disables orders instantly when limits tighten. Use position concentration warnings as a sizing input. Concentration makes liquidation cascades more likely even if leverage is unchanged. When in doubt, reduce complexity and size, and prioritize venues that publish definitions and failure-mode behavior. Aivora discusses these topics as system behavior: define inputs, test edge cases, and keep controls auditable. 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.