Read the protocol as a stack
List the chain, wallet, front end, contracts, oracle, liquidity source, liquidation actors, governance, and settlement asset. Each component can affect a position independently.
Hybrid systems may use off-chain order matching or sequencing while settling on-chain. Product labels do not reveal the full dependency map.
Oracles and liquidity
Oracles feed reference prices into smart contracts. Liquidity can come from order books, automated market makers, or vaults. The price used for risk can differ from the price available for execution.
Review the DeFi perpetuals risk map for a detailed due-diligence sheet.
Governance is part of the contract
Upgrade authority, timelocks, emergency controls, and parameter changes can alter collateral or market behavior. Audits and public code are useful evidence, not guarantees.
Keep leverage low enough to accommodate transaction confirmation and competing liquidations during stress.