HIP3 ADL Dashboard

ADL Queue Rank

Calculates your rank in the ADL queue for each position.

• How many people and how much position notional ahead of you get ADL’d first
• [Blue chart] X axis is queue rank, Y axis is notional ADL'd

Liquidation → ADL Estimates

Estimates which liquidated positions trigger ADL.

• What is the liquidation amount the book can facilitate under stress?
  • To estimate this, we discount the orderbook bbo to the liquidation mark price and discount the depth structure.
  • We check to see if the entire position can be closed with the adjusted orderbook, before hitting the bankruptcy price stop.
  • If a position cannot be fully liquidated, the excess hits the ADL queue.
• [Red chart] X axis is price move, Y axis is amount ADL'd under this liquidity regime.