Went ahead and closed the ETH position about 10 above entry but overall the position ended up down a few % due to the aggressive re-balancing on our way down, despite us not having reached what would have been the standard "hard liquidation" level in the 1600's. It's worth noting that had this been a traditional perp product it would have likely closed in profit as we would have essentially held through the drawdown, not hit liquidation, and the rode the entire position back up and into profit (as opposed to our situation here where around 20% of the position was automatically cut at a loss during the temporary drawdown). Also important to note that upon closing the position you can choose to receive the original currency (ETH) or a number of alternatives. While I initially assumed receiving ETH would not trigger a taxable event, after looking at what's happening on the back-end (multiple swaps since the position was opened) it seems to me that even receiving the same currency you originally deposited will still trigger a taxable event (check with a tax profession in your jurisdiction) which is unfortunate as this was a big potential pro in my eyes. Ultimately it seems to me that due to the aggressive re-balancing, high leverage longs on the platform may not be ideal- as the higher the leverage the more re-balancing you are likely to face on even short term/temporary drawdown which means you may incur significant losses (10-20%) on your position even if drawdown is not enough to hit what would normally be a liquidate-able level. I am curious to see how things might change on a lower leverage position with less frequent re-balancing.