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1) This is what a real-time risk engine looks like: Total lifetime draw < $10m, max daily draw $4.7m. If we asked for 15% margin: Total lifetime _gain_ of $45m, max daily draw $1.6m.

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2) This is what delayed margin calls look like:

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3) Oops, sorry about that, I forgot price discovery isn't public. Here's a graph of "official prices" vs "closing prices" on LME Nickel for the same period. They are not the same.

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4) If you ignore margin problems for a while they don't go away; they get out of control. Real time margin is risk reducing.

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5) FTX US Derivatives has a backstop fund equal to more than 100x the largest daily draw over the last 3 years. All in cash. And we fund 100% of it: no FCMs, users, or banks have to contribute _anything_ to it. It's our skin in the game because we know our risk model works.

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6) We're extremely grateful to the CFTC, FCMs, and crypto community: For giving our margin model the chance it deserves and the scrutiny it requires. comments.cftc.gov/PublicComments

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7) ftxpolicy.com/ftx-guaranty-f

4:28 PM · Apr 15, 2022Twitter Web App

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