About this Chart

Summed debt divided by summed collateral within each bucket rather than an average of per-position ratios, so large positions dominate as they should. Being a summed ratio it says nothing about dispersion: a book at a comfortable average can still hold positions on the edge of liquidation, which Margin to Liquidation shows. Debt is principal only against daily-repriced collateral, so LTV is understated, and the liquidation boundary is not drawn here and varies by market and venue.