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In the last 30hrs market action was mayhem - and @bulktrade risk engine performed as expected, saving 335 accounts from getting fully wiped out! BULK processed $60.97m in trading volume, with $14.31 million in average OI.. There were liquidations, yes. There were substantial losses. But across the 335 accounts that underwent liquidation, every account still held an open position immediately after its final reduction This is has been reported overwhelmingly positive exp by our users Looking at the wider numbers, BULK recorded $1.26m in liquidations, while hyperliquid recorded 280m + and binance $818m. (The window also completed with zero recorded ADL events on bulk) Our 24-hour trading volume was 4.56x its gross OI, compared with approx 3.16x for lighter, 1.83x for binance and 1.54x for hyperliquid BULK had the lowest absolute liquidation notional among the four venues, alongside the highest trading turnover relative to gross OI To understand what happened, we need to look deeper into how liquidations work on BULK Whenever an account is selected for liquidation, BULK runs a portfolio optimiser. It evaluates reductions across the account and selects those that most efficiently restore margin health, accounting for correlations, risk contributions. It then recomputes the portfolio and repeats if needed in the next ticks Take account HNHW… > held 11 positions with a $71,000 exposure > by its liquidation at 23:42 UTC, BTC mark price had fallen 2.54%, ETH 2.98% and SOL 4.54% > when the account crossed its liquidation threshold, the engine trimmed its PAXG long by 30% The other ten position quantities were unchanged! All eleven positions remained open - approximately 95.89% of the portfolio’s gross exposure remained after liquidations. The same distinction matters at larger sizes too.. Another account, Ebao.., experienced $883,598 of forced HYPE and ZEC reductions across 21 events. Immediately after its final reduction, it still held both positions and had $58,611 of recorded collateral value, excluding unrealized P&L. Preserving some exposure does not mean avoiding losses. It means the engine can reduce risk without necessarily closing every position in the account Across the full 24hour: > 320 of 335 accounts (95.52%) received partial reductions. > Sixteen individual position legs fully closed across 15 accounts, but those accounts retained their other positions. > The median individual liquidations left 90% of the targeted position’s quantity open..wow another example: on account BLN6.., the engine closed ZEC and HYPE legs and reduced XRP + PUMP longs, while leaving an ETH short of 0.043 untouched. That ETH short was closed later by the user for a profit! We also compared actual portfolios under different margin models Account 97Nq… held a $469,341 portfolio of BTC, ETH and XRP shorts against MON, LIT and HYPE longs. At identical reference prices and equity: BULK’s maintenance requirement was $13,645. Hyperliquid’s standard perpetual cross-margin rules produced $18,283. That is $4,638 of additional maintenance headroom in BULK's calculation We also simulated a real account that was liquidated on Hyperliquid. On 29 oct, an HL account’s 1.19 BTC short approx $97,468 at the liquidation mark - was closed completely We then passed that same state through BULK’s native liquidation logic at the same mark: With assumed fills at the fixed mark, the model retained 45% of the position! Approx 10,880 accounts were fully closed on HL during these events! The aim of a risk engine is to manage exposure robustly as conditions change. On BULK, that includes recognising portfolio offsets, evaluating reductions across the account, and reducing positions in stages where the risk permits For traders, the practical consequence is straightforward: a liquidation intervention can leave meaningful position open - same would be fully closed on other venues, including positions that continue to serve a role in your portfolio. Your hedges should count. Your portfolio should be evaluated as a portfolio. And liquidations should only take whats needed to keep you safe! Keep trading on bulk and we will keep building the best engines to keep you safe 🫡