macrocephalopod

That feels like a bit of a stretch.

At the very least you want to know the answer to the question "how big of a crash do we need before my futures shorts are at risk of liquidation even if I am only using 1x leverage"

Your 1x leveraged short is the senior tranche but once you've blown through the equity, junior and mezz things start looking a little dicey.

All the tranches below you, who are now long in a falling market, are doing to start trying to close out their risk asafp and pushing the market down further.

I’m not sure the exchange details are available to answer those questions. But the same questions exist for any traditional exchange.

Most exchanges only socialize losses among members, not among anyone with an account (and most futures exchanges have *much* higher margin reqs than crypto derivatives exchanges which alleviates a lot of the risk)

And clawbacks have happened in the past. Exchanges have worked hard to make more stable liquidation procedures and increase their insurance funds. e.g. FTX has an insurance fund worth over $100mm right now.