{
  "version": "1.0.0",
  "reviewedAt": "2026-10-15",
  "reviewDue": "2026-10-29",
  "methodology": "Eight public-document findings, including source inconsistencies and unresolved deployment questions. No live order, withdrawal, account-margin, security or jurisdictional eligibility test. Not a ranking or LIVE operational certification.",
  "records": [
    {
      "topic": "Architecture",
      "finding": "Aevo describes off-chain matching and on-chain settlement on a custom OP-stack rollup. This is not fully on-chain order matching.",
      "limit": "DN did not benchmark latency, resilience, decentralisation or execution quality.",
      "source": "https://www.aevo.xyz/"
    },
    {
      "topic": "ETH option contract",
      "finding": "The ETH specification describes calls and puts, USDC cash settlement and 08:00 UTC expiration, with daily, weekly, monthly and quarterly expiries.",
      "limit": "Check the actual listed instrument, expiry and settlement reference before placing an order. Documentation is not proof of current liquidity.",
      "source": "https://www.aevo.xyz/docs/aevo-products/aevo-exchange/trading-on-aevo/options-specifications/eth-options.md"
    },
    {
      "topic": "Standard margin",
      "finding": "The documentation says accounts use Standard Margin by default and evaluate positions individually, without recognising offsetting or correlated positions.",
      "limit": "Do not assume a hedge automatically reduces the account margin requirement. Inspect the actual mode and order preview.",
      "source": "https://www.aevo.xyz/docs/aevo-products/aevo-exchange/technical-architecture/margin-framework/standard-margin.md"
    },
    {
      "topic": "Portfolio margin",
      "finding": "The separate portfolio model describes scenario margin and floor margin, with 15 price/volatility scenarios. Its parameters are changeable and examples include historical initial settings.",
      "limit": "A smaller requirement is not proof of lower economic risk. DN has not reproduced the current account risk engine or confirmed access to this mode.",
      "source": "https://www.aevo.xyz/docs/aevo-products/aevo-exchange/technical-architecture/margin-framework/portfolio-margin.md"
    },
    {
      "topic": "Collateral",
      "finding": "The collateral page states USDC settlement and lists multiple collateral assets with different value ratios. Its table includes ETH and WBTC at 90%, and weETH at 85%. It describes collateral conversion after negative USDC balances.",
      "limit": "The page also uses future-tense rollout wording. Verify deployed assets, ratios and conversion rules in the account; documentation alone does not prove rollout completion.",
      "source": "https://www.aevo.xyz/docs/aevo-products/aevo-exchange/technical-architecture/collateral-framework.md"
    },
    {
      "topic": "Options fees",
      "finding": "The page lists maker 0.03% and taker 0.05% of notional with a premium-based cap. It describes 0.015% in-the-money settlement fees, another cap and an exemption for daily options.",
      "limit": "Confirm account and instrument fees. The worked trading-fee example contains arithmetic inconsistencies; the DN tool therefore uses explicit user-entered total fees, not copied sample totals.",
      "source": "https://www.aevo.xyz/docs/aevo-products/aevo-exchange/fees/options-fees.md"
    },
    {
      "topic": "Perpetual fees",
      "finding": "The page lists standard maker 0.05% and taker 0.08% of notional, multiple tiers and a notice that standard fees will be reduced.",
      "limit": "That unresolved update notice makes the actual account fee preview essential. These published figures are not a verified current executable quote.",
      "source": "https://www.aevo.xyz/docs/aevo-products/aevo-exchange/fees/perpetuals-fees.md"
    },
    {
      "topic": "Withdrawals",
      "finding": "The withdrawal page describes different destination timings, bridge-congestion dependence and additional security checks for flagged withdrawals.",
      "limit": "DN did not test withdrawals. A documented estimate is not a deadline guarantee or proof of an unrestricted exit.",
      "source": "https://www.aevo.xyz/docs/aevo-products/aevo-exchange/technical-architecture/withdrawals.md"
    }
  ]
}