Why a spread needs less margin than two naked legs — offsets, stress scenarios, and when models break.
Resolving liquidity matrix...
Loading listed desk
Margin, liquidation, orders, combos, basis, naked shorts — not financial advice, not an OMS. Pair feed is live / partial / mock on the banner. Full curriculum stays at /guides.
Pair-aware literacy nest for this track. Guides stay at /guides — this page does not republish curriculum. Pair feed is live, partial, or mock on the banner. Not financial advice, not an OMS.
Why a spread needs less margin than two naked legs — offsets, stress scenarios, and when models break.
When margin equity fails maintenance — forced closes, marks, insurance funds, and socialized pain.
Price control versus certainty of fill — especially painful on thin option wings and multi-leg packages.
Leg risk when one side fills and the other does not — combos, RFQ, and staging tactics.
Harvest basis between spot, perpetual, and dated futures — options optional, risk not optional.
Short calls and short puts without a wing — premium income first, theoretically ugly tails, and crypto liquidation mechanics in the middle.
HowTo JSON-LD lockstep with /guides — this nest lists step names only, not article paragraphs. Pair Chart hops below.
GEX walls and flip are naive OI×γ — not dealer inventory. Risk lab and calculator are simulated P&L, not order execution.