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Move one price, revalue every book it touches, and test each account against its maintenance requirement.Note 16
| Shock | BTC price | Liquidated | Equity that goes | Share of measured |
|---|---|---|---|---|
| As BTC rises | ||||
| 50% | 118,396.5 | 5 | $250.0k | 0.4% |
| 40% | 110,503.4 | 5 | $250.0k | 0.4% |
| 30% | 102,610.3 | 4 | $237.3k | 0.4% |
| 20% | 94,717.2 | 4 | $237.3k | 0.4% |
| 15% | 90,770.65 | 4 | $237.3k | 0.4% |
| 10% | 86,824.1 | 2 | $13.5k | 0.0% |
| 5% | 82,877.55 | 0 | — | — |
| now | 78,931 spot | 0 | — | — |
| As BTC falls | ||||
| -5% | 74,984.45 | 0 | — | — |
| -10% | 71,037.9 | 1 | $875.0k | 1.5% |
| -15% | 67,091.35 | 1 | $875.0k | 1.5% |
| -20% | 63,144.8 | 2 | $888.1k | 1.5% |
| -30% | 55,251.7 | 2 | $888.1k | 1.5% |
| -40% | 47,358.6 | 4 | $3.25M | 5.5% |
| -50% | 39,465.5 | 5 | $3.70M | 6.2% |
Only the named instrument moves. A market-wide fall takes the correlated book with it, so these are a floor on the damage rather than an estimate of it.
The same computation is at GET /api/v1/stress, where ?scale=sigma places the rungs by how far out they are rather than at round numbers. The API also has the cascade — what the forced selling from these liquidations does to everyone else.