The position holds a Bitcoin reserve and a delta-neutral book together, and the facility is drawn against the whole. The delta-neutral book is the floor. It is sized so that its value alone keeps the facility within its limits — whatever Bitcoin does above it.
The floor is sized so that, even if the reserve fell to nothing, the delta-neutral book alone would keep the facility above the liquidation line. It is coverage that a market move cannot take away.
Coverage is monitored continuously by The Continuum™, the autonomous agent ensemble that enforces the structure's limits. As the reserve appreciates, a measured portion is realised and returned to the floor, so the coverage deepens over time rather than drifting.