FTX had the liquidity to cover spot.
Most assets were in the margin/lending program. (Customers, incl. Alameda, could opt into margin trading using a shared collateral pool.) FTX could cover the rest.
No margin exchange is 100% liquid.
https://t.co/lUXVTGK6sV
https://t.co/9HWmUismGf
https://t.co/XcY0edGgvm