ApeX Omni

Liquidation and auto-deleveraging 12/20

How positions are picked for auto-deleveraging

Published, with the ranking formulaThe ADL pages rank positions by leveraged return and publish the formulas: position PnL percentage times account margin rate, and profit percentage from oracle price and open value.apex-pro.gitbook.io (opens in a new tab) · 3 November 2026

Partial liquidation

Not disclosedThe liquidation process section says the clearing engine takes over underwater positions and closes them in order of risk, but does not say whether a liquidation can close only part of a position.apex-pro.gitbook.io (opens in a new tab) · 3 November 2026

Auto-deleveraging in the last 24 months

None foundNo auto-deleveraging event was found in ApeX announcements or news since November 2024 (searched 2026-11-03); the docs describe the mechanism only.apex-pro.gitbook.io (opens in a new tab) · 3 November 2026

Risky markets isolated or capped

NoOmni runs cross margin only with no isolated mode, and its contract config sets only per-account limits (maxPositionValue, openPositionOiLimitRate 0.05) with no market-wide open-interest cap.omni.apex.exchange (opens in a new tab) · 3 November 2026

Insurance fund and who absorbs losses 5/15

Backstop balance readable on-chain

Not disclosedThe Omni docs describe no insurance fund, since liquidation shortfalls go straight to ADL and the Protocol Vault is a yield product fed by liquidation fees rather than a stated backstop.apex-pro.gitbook.io (opens in a new tab) · 3 November 2026

Backstop against total open interest

Not disclosedNo insurance fund or backstop balance is published, so the ratio cannot be computed; the Protocol Vault's 20M USDT cap is a deposit limit, not a backstop size.apex-pro.gitbook.io (opens in a new tab) · 3 November 2026

Order of loss absorption published

YesThe docs give the order: the trader's equity is used up by liquidation at market, then any shortfall is absorbed by ADL against the highest-ranked profitable opposite positions.apex-pro.gitbook.io (opens in a new tab) · 3 November 2026

Price oracle 6/15

Independent sources in the liquidation price

Three or moreLiquidations use the Mark Price, built on an Index Price that is a weighted average of spot prices from several exchanges (for example Binance, Bybit, Coinbase and Kraken), though the exact list for each market is not given.apex-pro.gitbook.io (opens in a new tab) · 3 November 2026

Price update interval

Not disclosedThe page says only that the 5-minute basis moving average updates every second and gives no update interval for the index or mark price itself.apex-pro.gitbook.io (opens in a new tab) · 3 November 2026

Who signs prices

One key or one serviceThe docs describe the index and mark prices as computed by ApeX from exchange feeds and name no decentralized oracle network for crypto perps; Chainlink is linked only for TradFi markets.apex-pro.gitbook.io (opens in a new tab) · 3 November 2026

Oracle failure with user losses, last 24 months

None foundNo oracle failure with user losses found in four searches since Nov 2024 or in the Nov 2026 product update.apex.exchange (opens in a new tab) · 3 November 2026

Custody and withdrawal 4/15

Users hold their own funds

YesRaised to high: L2BEAT shows funds held in zkLink X contracts, and the terms say the operator does not hold users' private keys.apex-pro.gitbook.io (opens in a new tab) · 3 November 2026

Contract-level exit if the operator stops

NoKept: L2BEAT finds no system-wide exit because the secondary-chain verifiers reject exit proofs; an unread docs page titled 'Force Withdrawal' exists.l2beat.com (opens in a new tab) · 22 July 2025

Withdrawals can be frozen without a delayed vote

Yesl2beat.com (opens in a new tab) · 22 July 2025

Delay before upgrades apply

None: upgrades can apply at oncel2beat.com (opens in a new tab) · 22 July 2025

Incidents in the last 24 months 15/15

None found since November 2024.

Liquidity 6/10

A $100,000 market order in BTC or ETH, buying and selling, moved the price by 0.96 basis points on average (2 readings, 3 November 2026). The median across the venues we measure was 1.00.

Who provides the liquidity

Not disclosedThe docs do not publish who provides liquidity or how much of it each provider or vault supplies.api-docs.pro.apex.exchange (opens in a new tab) · 3 November 2026

Transparency and operations 4/10

Public audits of core code, last 24 months

NoneThe ApeX audit FAQ points to the zkLink audit list, whose four ABDK reports all date from February to August 2023, and a search found no newer public audit.docs.zk.link (opens in a new tab) · 3 November 2026

Core code public

YesThe zkLink X core contracts that hold Omni funds are public on GitHub, but the matching and liquidation engine code is not.github.com (opens in a new tab) · 3 November 2026

Public status page

NoNo status page is linked from the site or the docs index, common status subdomains do not resolve, and a search found none.apex.exchange (opens in a new tab) · 3 November 2026

Operating company named in the terms

YesThe terms name APEX DAO Inc. and its affiliates, under Panama law, without stating where it is incorporated.apex-pro.gitbook.io (opens in a new tab) · 3 November 2026