Which Futures Exchanges Typically Use the Socialized Loss Model?

The socialized loss model was more prevalent in the early days of crypto futures trading. Some smaller or decentralized exchanges (DEXs) might still employ variations of it.

However, most major centralized exchanges (CEXs) like Binance, Bybit, and OKX have moved away from socialized loss in favor of the insurance fund and ADL system. The older model was often criticized for its lack of precision and fairness.