Liquidity Stress Without a Shared Vault Story

In a crash, your pair's long leg is down and its short leg is up. Which leg is ADL more likely to close?

• The long leg, because it is losing
• The short leg, because ADL ranks profitable positions first
• Neither, ADL only closes unhedged accounts

Net = Gross − Fees − Slippage + Funding. A leg's gross is −$50, fees $2, slippage $5, and it received $3 of funding. What is Net?

• −$54
• −$60
• −$46