FTX had the liquidity to cover spot.

Most assets were in the margin/lending program. (Customers, incl. Alameda, could opt into margin trading using a shared collateral pool.) FTX could cover the rest.

No margin exchange is 100% liquid.

t.co/lUXVTGK6sV

t.co/9HWmUismGf

t.co/XcY0edGgvm