One rally, two margin accounts

Your cross-venue pair is flat in total after a rally. Can the short leg still be liquidated?

• No, because the pair's total equity hasn't changed
• Yes, because each venue looks only at its own leg's margin
• Only if both venues use cross margin

On a snapshot venue that settles at 00:00, 08:00 and 16:00, you hold a short from 01:00 to 07:00. What funding do you receive there?

• None, because you held through no timestamp
• Six hours' worth, pro rata
• One full 8-hour payment