Witnessed a market swing tonight where spot prints dipped sharply, triggering stops across retail traders—yet on certain perpetual platforms, positioning stayed intact. Here's why: platforms using a global Mark Price instead of relying on the most volatile spot ticks create a buffer. Combined with deterministic order sequencing and immutable execution rules even during volatility spikes, traders get fundamentally different liquidation dynamics. The difference isn't luck—it's architecture. When your PnL and liquidation threshold anchor to a median price feed rather than the noisiest print, flash wicks become less lethal.