Venue architecture first
Centralized perps use internal ledgers and risk engines. On-chain protocols rely on wallets, smart contracts, oracles, and transaction inclusion. Standardized futures add their own benchmark and clearing structure.
Compare the complete route from collateral deposit to final withdrawal, not only the trading screen.
Execution during stress
Network fees, priority settings, confirmation, and liquidity can affect an on-chain close or margin top-up. The key risk is timing: a transaction can be affordable yet arrive too late.
The research note on Solana derivatives under stress provides an operational checklist.
Collateral and oracle sensitivity
SOL collateral can fall with a long SOL position. Stablecoins reduce direct beta but add depeg risk. Oracle and mark-price rules determine when margin is considered insufficient.
Stress executable price, oracle price, collateral value, and transaction delay together rather than one at a time.