# About Margin Brief Margin Brief | The Margin Brief desk | Updated: 24 September 2026 ## In short Margin Brief is issued by the The Margin Brief desk, and that byline is the whole of the authorship. No page here carries a personal name, a photograph or a biography, because what is published is a set of readings rather than an opinion anyone signs. The brief covers one instrument, the crypto perpetual future, across 10 venues that run a central limit order book, and reads each of them on the collateral it holds, the depth standing behind an exit and what a round trip costs. Every figure carries the source it came from and the day it was taken. ## Where every figure in this brief comes from - Venue facts — fee schedules, margin schedules and risk tiers, market lists, settlement and withdrawal pages, restricted jurisdictions, audit reports — are read from each venue's own documentation, public interface and terms of use. The reading behind this issue was taken on 18 September 2026, and that date is printed beside the fact wherever the fact appears. - Order-book readings are measured, not reported. The public BTC perpetual book of 28 venues was read over 122 polls between 21 September 2026 and 22 September 2026, and each median printed carries the count of reads behind it, 121 for a typical venue in that stretch. Depth is the money resting within 10 basis points of the mid price, both sides added together; impact is the distance between the average fill price of a market order and the mid at the same moment. - Open interest and 24-hour volume is declared by the venue and listed by CoinMarketCap on 22 September 2026, and they are reported as that and as nothing more. A venue reporting its own turnover is not evidence of a book, which is why the two never stand in for each other here. - The scoring runs on six criteria, weighted 30, 22, 20, 14, 9 and 5, fixed on 22 September 2026 before a venue was scored against them and set out in words on [how we rate](/how-we-rate). Totals run from 0 to 15. What a page is about decides which venues appear on it and which reading sets the sequence; it never moves a weight. ## What was not done, and what the brief therefore cannot say No account was opened at any venue in this brief, no order was placed and no collateral was deposited. Every reading came from a public endpoint and every other fact from a document a reader can open unaided. That leaves a class of question the brief does not answer and does not guess at: how quickly a large withdrawal is actually paid, how a disputed liquidation is handled, what happens in the hour after a chain stops producing blocks. Where a public record of an incident exists it is quoted with its date, and where none exists the page says so rather than filling the gap. A total on this site means one narrow thing. It is what a venue's published terms and its measured book come to under one published formula, and it carries no further meaning: not a recommendation to trade at that venue, not a forecast, and not investment advice. Every contract discussed here is leveraged, and the margin posted behind a position is the whole of what that position can lose. ## This is not an insurance publication Margin Brief does not offer, arrange, broker, underwrite or advise on insurance, is not registered or authorised to do any of those things, and publishes nothing that should be read as cover. Nothing described on this site is insured, covered, protected or guaranteed — not a position, not a deposit, not an account balance, not a loss. A venue that operates a reserve of its own is described in the venue's own words with the date those words were read, and no such reserve is treated on any page here as protection for a trader's money. The word in this domain's name describes what the address once pointed at, not what is published on it now, and it should not be read as a promise of anything. ## What stood at this address before the brief Before this publication, this address was the website link printed in the feed of a podcast for the insurance trade. That programme is still running: it took a different name in November 2025 and now publishes at another address, and this one was let go (the programme's own listing, read on 22 September 2026). Margin Brief has no connection with that programme, with the people who present it or with the company that publishes it, and speaks for none of them. Its name, the names of its hosts, its artwork, its episode titles and its feed are reproduced nowhere on this site, and nothing published here continues it, revives it or trades on the attention it earned. Correspondence meant for that programme cannot be answered from this address and belongs at its current one. ## The commercial position, stated plainly Placement on this site is paid for. A venue named in these pages paid for the brief to be published, and the brief does not describe itself as independent, unbiased or unsponsored, on this page or on any other. What the money does not buy is a place in a table. Every sequence on this site is the published formula applied to figures that each carry a source and a date, or a venue's own published schedule reproduced as that venue publishes it. No venue is tinted, boxed, badged, starred or moved by hand, and every venue in the brief, including whichever one stands at the head of a given table, carries at least two documented shortcomings taken from its own terms or from the public record. Most tables here run in order of the total. Where one runs instead in the order of a single published reading — the cost of a round trip, the depth measured in the book — the line above the table says so, and the total is printed in a column that takes no part in that order. A reader who disputes a placing can redo it: the weights, the inputs and the rule behind each criterion are all on [how we rate](/how-we-rate). ## Corrections, and how often a page is read again Corrections reach the brief at editorial@insurancerefocused.com. A message that names the page and points at the document holding the current value is acted on; a complaint with no document behind it is not. When a figure moves, the page is reissued under a new date. The two halves of a page are kept on different clocks. Anything with a charge in it — the maker and taker columns, the cost of a round trip, the rungs of a margin ladder — is read again every fortnight, because a schedule can be rewritten overnight and a stale rate is the figure a reader would act on. The writing around those columns, and the descriptions of what each venue is, are taken apart twice a year unless something forces it sooner. A date is never advanced on its own, and a page that has not changed keeps the date it already had. This page belongs to a paid placement. Every figure on this site carries the date it was taken and the source it came from, the order of every table comes from one published formula, and nothing here is advice or cover against a loss. The Margin Brief desk, 24 September 2026. Corrections: editorial@insurancerefocused.com. Placement in this file is paid for; the order of every table follows the published formula and nothing else.