Execution risks

What can go wrong.

• Legs are not atomic: you can end up with one leg open.
• Slippage and liquidity: an order can fill at a worse price within your bound or only partly.
• Leverage can lose more than the capital you allocated to a leg.
• Funding is paid or received while positions are open.
• Lighter's Robinhood instance is separate infrastructure with its own liquidity and its own risks.
• Perpetual markets on equities give price exposure. They are not shares.