> For the complete documentation index, see [llms.txt](https://delpho.gitbook.io/delpho-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://delpho.gitbook.io/delpho-docs/risk.md).

# Risk

This chapter is the consolidated risk reference for Delpho. It is written for allocators and risk-aware users who need the failure modes, the structural responses, and the stress-test evidence in one place.

## Pages

* [**Risk overview**](/delpho-docs/risk/risk-overview.md) - the four primary failure surfaces and how to read this chapter.
* [**Funding rate risk**](/delpho-docs/risk/funding-rate-risk.md) - compressed and negative funding, and the protocol's responses.
* [**Peg and redemption risk**](/delpho-docs/risk/peg-and-redemption-risk.md) - how the USDV peg is defended and separated from sUSDV yield.
* [**Liquidation and collateral risk**](/delpho-docs/risk/liquidation-and-collateral-risk.md) - auto-deleverage, treasury-absorbed liquidation, and headroom.
* [**Oracle risk**](/delpho-docs/risk/oracle-risk.md) - price-feed dependence, staleness, and manipulation defense.
* [**Smart-contract and execution risk**](/delpho-docs/risk/smart-contract-and-execution-risk.md) - audits, CoreWriter timing, and operational surface.
* [**Governance and parameter risk**](/delpho-docs/risk/governance-and-parameter-risk.md) -  multisig authority, timelocks, and upgrade scope.
* [**Regulatory and structural risk**](/delpho-docs/risk/regulatory-and-structural-risk.md) - regulatory uncertainty and venue concentration.
* [**Trust assumptions and multisig**](/delpho-docs/risk/trust-assumptions-and-multisig.md) - the full authorization matrix.
* [**Stress test results**](/delpho-docs/risk/stress-test-results.md) - the 10 October 2025 ADL backtest.

The recommended reading order is top-to-bottom for a first pass, then by topic for diligence.