No liquidation engine. Not because we're brave — because there's nothing to liquidate. The standard failure mode of on-chain derivatives is the cascade: price gaps, margin evaporates, the liquidation bot is late, bad debt lands on an insurance fund — and when the fund runs dry, "socialized losses" is the euphemism of the week. All of that machinery exists to manage one gap: positions whose worst case exceeds what the trader posted. rOptions closes the gap at the source. Every contract is a capped spread on a fixed strike grid — long K₁, short K₂ — so payoff = clamp(S − K₁, 0, K₂ − K₁). The worst case isn't estimated by a risk model; it's a constant: the width. ▸ Write a TSLA 348.91/366.36 call spread and the contract pulls exactly $17.45 per unit into escrow — the maximum you can ever owe. Premium accrues to you as takers fill. ▸ Every long is minted against that escrow: long + short always redeem to exactly the cap, at every settlement price. Conservation, not solvency-hopefully. ▸ Buyer's worst case = premium paid. Seller's worst case = width − premium, prepaid. Neither depends on when a bot woke up. So "margin call", "maintenance margin", "ADL", "insurance fund" simply don't appear in the codebase. There is no admin key that decides who eats a loss, because no loss ever exceeds what's already locked. The honest caveat: full collateral is capital-inefficient by construction. A margined venue lets a seller write 10× the notional on the same capital — right up until the day it doesn't. We price that day at infinity. If you want leverage, buy the spread instead of writing it: max payout ÷ premium on an OTM rung is your odds multiple, liquidation-free. http://roptions.exchange(Miki)