The classes of risk that make up the overall risk of a decentralized finance protocol, where each one arises and why a code audit covers only part of the picture.
What initial and maintenance margin are, how leverage relates to the liquidation threshold and why, in a peer-to-peer model, one side's loss can become bad debt for the other.
Removing the trading fee takes away one line of costs, not all of them. We look at what else makes up the cost of a trade: spread, slippage, funding, liquidation penalties and transfer fees.
