Sharing my timeline >1 4:56 - Got woken up by my own ADL risk line. It looked like it was close to ADL, but still had some distance. >2 5:13 - At this point, one leg of my arbitrage position actually got ADL’d, and I didn’t even realize it (Issue #1: I set up risk alerts but didn’t set specific ADL liquidation alerts). Between 2~3, my brain was in chaos: a. Worried whether other arbitrage positions would get ADL’d. b. Watching the price crash, thinking there might be a chance to pick up the scraps. Sold some ETH 3500 Put—risk isn’t too high as long as I don’t oversell. Also took advantage of the liquidity squeeze premium on options. At least there’s a chance for a rebound before taking delivery. c. Kept trying to transfer funds out of Binance’s flexible savings. >3 5:35 After placing the Sell Put order, I still couldn’t get funds out of Binance savings. Staring at the price, wondering if there’s a bigger risk that could trigger more ADLs. Suddenly realized one of my positions had already been ADL’d at 5:13. Quickly closed out the other leg. Worrying about arbitrage positions and managing exposure took up most of my mental energy. My mind was too chaotic to think about anything else. The liquidation market Sell Put and taking delivery were part of my pre-planned strategy, so I could only execute that on the spot. Ultimately, I wasn’t prepared enough and failed to realize the opportunity to capitalize on USDE, BNSOL, and WBETH de-pegging during liquidation, or assess the risk of their continued de-pegging.