Last night I was watching a position. The margin/limit was only 23u, and even then it still made me nervous. The oracle side feeds prices with a delay of a dozen or so seconds—meanwhile the on-chain price had already jumped down. On your end, the health looked okay, but in the very next moment it went straight to “liquidated.” Put simply, it’s not that you miscalculated; it’s that you’re dealing with a “delayed reality.”

What’s even more miserable is that when liquidation happens, it can also “bite” a bit more along the way. It feels like lining up in a bear market to get a number—once it’s your turn, the rules suddenly change. Lately it’s not like a bunch of memes and celebrity trading calls haven’t been going around. After one round of attention moves, new users always love to rush in at the very last moment. But in leverage trading, it’s even harsher: even the “last second” might not count for you. In any case, I’d rather keep a bit more buffer now, even if it means earning less—if I fall asleep, at least I won’t be taken out just because of those ten-some seconds.