FTX had the liquidity to cover spot. Most assets were in the margin/lending program. (Customers, incl. Alameda, could opt into margin trading using a shared collateral pool.) FTX could cover the rest. No margin exchange is 100% liquid. https://storage.courtlistener.com/recap/gov.uscourts.nysd.590940/gov.uscourts.nysd.590940.328.1_1.pdf https://storage.courtlistener.com/recap/gov.uscourts.deb.188450/gov.uscourts.deb.188450.507.1.pdf https://storage.courtlistener.com/recap/gov.uscourts.nysd.590939/gov.uscourts.nysd.590939.583.1.pdf(SBF)