Flips, spikes, and the caps side by side

Which of these is a priced exit rule?

• "Close if funding looks bad"
• "Close on any negative print"
• "Close if expected negative funding over the flip exceeds what it costs to close and reopen both legs"

A crash triggers auto-deleveraging on the perp venue. Which leg of your carry is at risk of being closed?

• The spot leg
• The short perp, which is in profit while longs are going bankrupt
• Neither, because ADL only closes losing positions