Risk controls
Trade watches the liquidation distance of each leg, keeps the two legs together, reconciles positions with the exchange and alerts you. This page explains what each control does.
Liquidation distance
Trade uses the liquidation price reported by the exchange and measures the distance from the current bid for the long leg and the current ask for the short leg. Risk actions use only a current liquidation price from the exchange.
| liquidation distance parameters | |
|---|---|
| pause-opening line | At or below this distance, the combo stops opening and adding. Closing continues. |
| alert line | At or below this distance, Trade alerts you and switches the combo to reduce-only, also when liquidation guard is off. |
| Liquidation guard | When on, at or below the liquidation guard line, Trade sends reduce-only market orders, each capped by the Maximum order size. It reduces both legs together, trims the leading leg first when they differ, and never adds to the lagging leg. You confirm before turning it on for the first time. |
| exit buffer | The liquidation guard stops once the distance is above the liquidation guard line plus this buffer. |
The three lines must decrease in this order: pause-opening line, alert line, liquidation guard line.
Leg gap
The two legs trade as one combo. The order type decides how a leg that falls behind catches up: a market leg or a Post-only, catch up at market leg closes the leg gap with an IOC order; a post-only leg closes it when its order fills, and the leading leg waits.
Reconciliation
Trade compares each combo’s combo position with the actual position on the exchange. Reconciliation only compares and doesn’t change either side. With the difference alert on, a contract leg’s difference that stays above the Alert amount for 10 seconds in a row raises a position difference alert. Differences on spot and margin legs are shown for reference only and don’t alert.
| Position actions | |
|---|---|
| Calibrate combo position | Rewrites the contract legs’ combo position from the exchange position. No orders are placed. Spot and margin leg quantities stay the same; change them with Set combo position manually if needed. |
| Set combo position manually | Corrects the quantity and average price by hand. No orders are placed. |
| Automatic alignment | Reduces the difference with reduce-only market orders, without crossing zero, then leaves the combo in reduce-only. With automatic alignment on (the difference alert must be on too), it runs when a contract leg holds less on the exchange than its combo position and the difference stays above the Automatic alignment amount for 10 seconds in a row. For derivatives only. |
| Small-position cleanup | Available when the residual is within the small-position threshold. After you confirm, residuals that can be ordered are closed at market and amounts below the minimum order size are cleared in the record only. The combo position goes to zero once every residual is cleared. |
Exchange rejections
When an exchange rejects an order, Trade backs off and keeps trying. Parameters and positions stay as they are, and the exchange’s request-frequency limits and ban times are respected.
Stop and run
Stop takes effect at once and can’t be blocked. It keeps the combo position, cost and PnL, the parameters and the reduce-only setting. Orders still on the exchange are no longer tracked by the combo and are cancelled by account cleanup; a fill before that shows up as a reconciliation difference.
Run starts the combo again from a clean state. After a server restart, running combos trade from their parameters and don’t resume earlier orders.
Reduce-only blocks opening and adding; closing, reducing and risk actions continue. Resume opening lifts it.
Alerts and notifications
Alerts show in Trade: the combo row is highlighted and a sound plays. You can also send them to Telegram or Feishu, and choose the channels, repeat interval and how long a condition must hold for each alert type. do not disturb stops sounds and messages, but risk alerts such as Forced liquidation risk and Position discrepancies can’t be muted.
Trade doesn’t send notifications when an exchange rejects a key, bans an egress IP or the disk fills up. Open Trade to see them on the Accounts page and in System maintenance.