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Learn how Fairground handles order execution, risk management, and protocol backstops.

Order matching

How orders are matched, including no-rush residual fills.

Liquidation

When positions are liquidated and how it works.

Insurance fund

Protocol backstop for undercollateralized positions.

ADL

Auto-deleveraging when liquidation losses threaten a market’s insurance fund budget.

Glossary

Definitions for protocol terms.
Last modified on October 23, 2026