The page the other courses must use

A proposal's headrooms are $3,100, $1,400 and $2,600. What is the largest size your page allows?

• $3,100, the largest headroom
• $2,367, the average
• $1,400, the smallest headroom

A later course proposes a funding-rate hedge that shorts a perpetual future. What happens before any headroom is worked out?

• It stops at "leverage allowed: none", because a perp short is margined exposure
• It is sized at the smallest headroom like any other line
• It counts only against the reserve