01
User-defined stops
Stop, stop-limit, trailing and bracket orders rest in the protocol, so they trigger whether or not your session is open.
Risk · Aegis
Risk is simulated before capital is committed.
Before an order is confirmed, Aegis applies it to the whole portfolio — collateral, liquidity, correlation, concentration, Greeks and liquidation paths — and shows what would change. The same graph then guards the position for as long as it is open.
- Pre-trade simulation
- Streaming exposure
- Protection controls
- Deterministic recovery
The unified risk graph
Six dimensions. One portfolio.
Margin is usually measured account by account and product by product. Aegis measures the portfolio as a graph, so a change in one dimension shows its effect on all the others.
AEGIS
Unified risk graph
Select a risk dimension
Collateral · Volatility · Liquidity · Concentration · Correlation · Counterparty
Margin used
Liquidation distance
Aegis sits at the center of a radial chart whose six spokes are collateral, volatility, liquidity, concentration, correlation and counterparty exposure, with a shaded shape tracing the portfolio’s current exposure. Selecting a spoke explains the effect of a change along it — for example, rising volatility expands margin requirements and shortens liquidation distance, while converging correlations shrink the offsets portfolio margin can recognize.
Four phases
Risk is managed before, during and after the trade.
- 01
Pre-trade
Before you confirm, you see the margin an order will use, the liquidation distance it leaves and any limit it would touch.
- 02
In-trade
As prices, volatility and correlations move, the graph re-prices exposure, reruns stress tests and re-grades collateral.
- 03
Protect
Protective orders, hedges, market circuit breakers and agent kill controls respond to conditions set before the market moves.
- 04
Recover
If maintenance margin is breached, exposure is reduced in stages, and any loss beyond your collateral follows a published waterfall.
Pre-trade preview
See the liquidation distance before you trade.
The order ticket shows how far the market would have to move against a new position before liquidation begins — calculated on the whole portfolio, not on the order in isolation. Change the size, leverage or margin mode, and the distance updates before anything is submitted.
When the order arrives, Aegis runs the same check again inside ApexMatch, against current state. An order that would cross a margin, leverage or policy limit is rejected with its reason and never reaches the book.
- Initial and maintenance margin for the post-trade portfolio
- Liquidation price and distance for each position
- Projected funding for perpetual positions
- Policy checks for accounts, subaccounts and agents
Price chart
Order ticket
- Side / type
- Price / size
- Risk / stop
- Route / fee
Portfolio risk
Liquidation distance
Margin used
Correlation
Cortex guidanceCorrelated exposure is approaching your policy limit. A hedge is proposed — simulation required before approval.
Illustrative interface · no live market data
Margin modes
Three ways to hold collateral against risk.
Each mode changes what a loss can draw on and which offsets are recognized.
Collateral
- Isolated margin
- Assigned to a single position
- Cross margin
- Shared across positions in the account
- Portfolio margin
- Shared across instruments in the portfolio
What a loss can draw on
- Isolated margin
- Only the margin assigned to that position
- Cross margin
- All eligible collateral in the account
- Portfolio margin
- All eligible collateral in the portfolio
Offsets recognized
- Isolated margin
- None
- Cross margin
- Unrealized gains support other positions
- Portfolio margin
- Hedged and correlated positions, within published parameters
Requirement method
- Isolated margin
- Per position
- Cross margin
- Per account
- Portfolio margin
- Scenario-based, across the portfolio
Liquidation scope
- Isolated margin
- The single position
- Cross margin
- Positions sharing the account’s collateral
- Portfolio margin
- Positions across the portfolio, reduced to restore margin
Leverage can magnify losses as well as gains. Portfolio margin can lower requirements for hedged positions and raise them for concentrated ones. Available modes depend on market, account and jurisdiction.
Recovery
When margin runs short, the sequence is published.
- 01
Alert
As margin nears the maintenance level, alerts reach you and any agent acting for you.
- 02
Partial liquidation
Aegis trims the position in increments until maintenance margin is restored, rather than closing it outright.
- 03
Own collateral
Any loss from the liquidation is met first by the collateral that backed the position.
- 04
Insurance waterfall
A loss that exceeds that collateral — a close beyond the bankruptcy price — is absorbed in a published order, starting with the insurance fund.
- 05
Auto-deleveraging
Only if the waterfall cannot absorb a loss are opposing positions reduced, in a priority order each account can see in advance.
Every step emits a signed record, so any liquidation can be reconstructed afterwards. ADL conditions and your current priority are shown in the position view.
Protection controls
Controls you set, enforced by the engine.
02
Agent kill controls
One command halts your Cortex agents, withdraws their open orders and revokes their permissions, while positions stay under your protection rules.
03
Circuit breakers
Price bands and volatility pauses halt matching in a market when moves exceed defined thresholds.
04
Oracle confidence
When Prism confidence in a reference price falls, bands tighten or matching pauses rather than liquidating on unreliable data.
Margin and liquidation
Questions traders ask first.
What is auto-deleveraging, and when can it happen?
Auto-deleveraging (ADL) reduces positions on the opposite side of a liquidation whose loss neither the account’s collateral nor the insurance waterfall can absorb. It is the last step of recovery, its conditions are published, and each position’s priority is visible in advance.
Does portfolio margin always lower requirements?
No. It recognizes offsets between hedged positions, which can lower requirements, and it also measures concentration and correlation, which can raise them.
Can an AI agent exceed the limits I set?
Not by design. Every agent order is re-checked by Aegis inside ApexMatch against the limits in the agent’s policy — capital, loss, leverage and markets — and rejected if it falls outside them. Automation can fail or behave unexpectedly, which is why the kill control does not depend on the agent itself.
Trade with the consequences in view.
Start with the trading and leverage risk disclosure, then explore how Aegis models the whole portfolio.