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Move one price, revalue every book it touches, and test each account against its maintenance requirement.Note 16
| Shock | LINK price | Liquidated | Equity that goes | Share of measured |
|---|---|---|---|---|
| As LINK rises | ||||
| 50% | 19.4828 | 0 | — | — |
| 40% | 18.1839 | 0 | — | — |
| 30% | 16.8851 | 0 | — | — |
| 20% | 15.5862 | 0 | — | — |
| 15% | 14.9368 | 0 | — | — |
| 10% | 14.2874 | 0 | — | — |
| 5% | 13.6379 | 0 | — | — |
| now | 12.9885 spot | 0 | — | — |
| As LINK falls | ||||
| -5% | 12.3391 | 0 | — | — |
| -10% | 11.6897 | 0 | — | — |
| -15% | 11.0402 | 0 | — | — |
| -20% | 10.3908 | 0 | — | — |
| -30% | 9.0919 | 1 | $1.60M | 4.4% |
| -40% | 7.7931 | 1 | $1.60M | 4.4% |
| -50% | 6.4943 | 1 | $1.60M | 4.4% |
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.
A scenario, not a bound. Only LINK moves here; every other price a book holds stays where it is, so a book hedged in another asset looks worse than it would, and one exposed to assets that fall together looks better. Each book is judged on its whole account, its equity against the maintenance margin all of its positions require at the venue’s ceiling, not on the leverage one position was opened at. Books with no margin reading are counted above and not simulated.
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.