Outstanding Orders Must Reserve Potential Agent Exposure
By DX Research Group · · Execution mechanics
An unfilled order can consume a future exposure budget. A simultaneous-worker example defines worst-case reservations without assuming offsetting orders execute together.
An exposure policy should account for outstanding orders as well as current positions. We would maintain local reservations for unresolved increases so concurrent agent turns cannot each spend the same remaining capacity. HyperCore documents margin checks at order opening and again at matching. Venue margin checks serve venue risk rules; an owner’s stricter exposure budget still needs its own reservation accounting.
Open orders are future claims on the budget
Illustrative case: an owner caps long exposure at 10 units. The account holds 4 and has a resting 3-unit buy. A new worker requesting 4 sees only current inventory and concludes that 8 fits the cap. If both orders execute, exposure reaches 11. Counting the 3-unit reserved increase leaves capacity of 10 − 4 − 3 = 3. The proposed 4-unit increase exceeds the owner budget even if the venue has enough collateral.
Reserve against a reachable order outcome
Use the worst permitted position effect across outstanding orders, with an explicit policy for mutually exclusive instructions. A simultaneous sell should offset a buy reservation only when the exclusivity or sequencing is supported. Release capacity after authoritative order reconciliation. Keep unknown submissions reserved until resolved. Test two workers requesting the same remaining 3 units and require one atomic reservation winner. A second fixture should reject naive offsetting of independent buy and sell orders that could execute in only one direction.
Prove the budget calculation
A reservation is a local authorization record, separate from venue margin consumption. Its amount can be stricter than the venue requirement because the owner may cap gross exposure or concentration. Document the budget units and order interaction assumptions. An account with abundant collateral can still have zero owner-authorized capacity, and the next agent turn should receive that reason explicitly.
Our execution and reconciliation framework provides the broader mandate-to-outcome trace. The state and memory contract explains how the verified result should enter the next decision. These notes narrow those published methods to one execution boundary; the worked amounts above are illustrative and the test is a proposed local fixture. The source inspected for the venue-specific statements is the official HyperCore order book.