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⚠ Nothing on this page is callable Design preview. The risk data described here is not a live trading or liquidation-protection service. The canonical v2 schema defines no risk schedule or account-risk message. Its one liquidation message, kairos.v2.PublicLiquidation, is defined but is not published on any subject today. The public perpetual market-data surface is live in production behind PERPETUALS_PUBLIC_API_ENABLED, but enabling that flag did not make this page callable in any environment. See Overview.
This page describes how Kairos intends to model perpetual risk: versioned margin schedules, the provenance of every risk value, and the difference between a public liquidation print and a private account consequence. Perp risk cannot be reduced to a leverage number. Venues apply margin schedules, position tiers, price bands, concentration rules, and account restrictions that can change over time.

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Versioned risk schedules

A risk schedule has a provider, environment, instrument or risk group, effective period, source, and version. It can contain:
  • maximum leverage
  • initial and maintenance margin rates
  • notional or position-size tiers
  • maintenance deductions
  • order size and price limits
  • concentration or open-interest limits
  • reduce-only and withdrawal restrictions
The schedule used for a calculation must be reproducible. Applying today’s tier to a historical position is not a valid historical risk calculation.

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Observed versus calculated

Every risk value identifies its provenance:
An estimate is never silently substituted for a venue-reported value. Calculations fail outright when a required price, tier, collateral rule, or multiplier is absent — you get no number rather than a guessed one.

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Account risk state

Private account risk can include equity, initial and maintenance requirements, available margin, liquidation status, and account restrictions. The observation is scoped to one trading account and carries its own freshness state. Cross-margin risk must be evaluated at the account or venue risk-group scope. An isolated position can be evaluated only with its assigned collateral and the venue’s isolated-margin rules.

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Liquidations

Public liquidation events describe market activity. Private liquidation events describe an account consequence. They use related shapes but are separate data classes. A liquidation event can include:
  • instrument and exact execution values
  • liquidated position side, distinct from aggressor side
  • liquidation method
  • account scope for authorized private data
  • venue event, order, fill, or liquidation identifiers
  • multi-leg or bundle identifiers
  • bankruptcy, backstop, or insurance-fund attribution when supplied
One public print is not one fully closed position. A single liquidation process can produce multiple trades, instruments, or ledger entries. The schema handles the multi-leg case by reusing liquidation_id and adding a leg_index or a stable liquidation_leg_id — so grouping by liquidation_id alone will over-count legs as separate events.

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ADL and backstop events

Auto-deleveraging, backstop fills, and insurance-fund actions are not ordinary liquidations. Kairos preserves the venue’s method and does not map every forced execution to the same label. The schema’s LiquidationMethod names them explicitly — MARKET, BACKSTOP, ADL, OTHER — with UNSPECIFIED reserved for a venue that says nothing. OTHER is a venue method Kairos chose not to collapse; it is not a synonym for MARKET.

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Safety rules

  • Do not trade from stale or incomplete risk state.
  • Do not use a public liquidation feed to infer private account state.
  • Do not compare leverage across venues without the applicable margin rules.
  • Do not use an estimate as a liquidation guarantee.
Next: Streaming and recovery.