Real-time risk management, in a market that never closes

The phrase is used loosely, so here is the mechanism. A fill lands over a persistent connection with per-source sequence numbers, gap detection and resync. The book applies it as an event rather than overwriting a snapshot. A risk engine running off the request path revalues exposure, margin, collateral and limits across the whole book, and the result is pushed to every open screen over a live stream with a polling fallback. The browser displays; it never calculates. Nobody presses refresh and nobody waits for a page to reload.

• Streaming ingestion — WebSocket with sequence gap detection, FIX drop-copy, NATS
• Event-sourced book: corrections are appended as events, never silent overwrites
• Whole-book revaluation on a continuous loop, off the request path
• Results pushed to every client over a live stream, with a polling fallback
• Continuous mark-to-market against live venue prices

Overnight risk assumes the market pauses and that the difference between two closes is the story. In digital assets the damaging moves happen between those points, and the margin schedules themselves change intraday — a venue can raise initial margin on a symbol at any hour, which silently turns every client tier priced beneath it loss-making. A report produced the next morning tells you what the loss was. A live book tells you while it can still be acted on.

The only moment a limit is cheap to hold is before a trade exists. Safetifi prices a hypothetical ticket against the live book: the margin spread on that trade, its marginal portfolio-margin effect after offsets, the before-and-after view of net exposure, value-at-risk and liquidity, and a limit check that isolates this trade’s own contribution rather than flagging a breach the book was already carrying.