1) What does this mean in practice?
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3) It's been operational the whole time, 24/7.
It requires about 10% of the initial margin as current US futures exchanges do. (FTX US Derivatives would be more conservative.)
Have there been any mutualized losses?
Fuck no.
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4) As always, insurance fund activity was small.
Today was the highest volume day in crypto history, and insurance fund needed way less than 1% of the guaranty fund we've preemptively created for FTX US Derivatives.
And that's all _our_ skin in the game, no one else's.
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5) The standard risk engine and BLP system ran smoothly.
As always, the real time nature and pre-collateralization meant that the risk engine didn't have to margin call accounts with tons of collateral, but still successfully managed risk.
ftxpolicy.com/ftx-guaranty-f
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Sam, last night the site was working completely functional and I was trying to close a position for 10-15 mins and it kept saying “ order submitted “ but my position was not closing when I was pressing market close, which caused me devastating losses,
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I feel as though there was a unique site issue in that moment as I have traded on FTX for a few years and I’ve seen how it functions during Melt downs and it never says “ order submitted “ i feel like there was an actual issue, and it caused me large damage.
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Any comment on the losses sustained by traders on Drift after they shut down the "dex" twice?
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