Few market participants seem ready for what happens when portfolio margin gets fully unleashed. Picture this: someone holding $800 million in a single volatile asset suddenly has access to lever that position 2x over with $1.6 billion in additional buying power. The math works on paper, but real market conditions? That's where things get scary. One cascade liquidation and the whole structure collapses. The risk is baked in—not just for individual traders, but for broader market stability when massive positions unwind.