diff --git a/liquidator/src/liquidate.rs b/liquidator/src/liquidate.rs
index 07dc336d4..dbdd12a55 100644
--- a/liquidator/src/liquidate.rs
+++ b/liquidator/src/liquidate.rs
@@ -168,7 +168,7 @@ impl<'a> LiquidateHelper<'a> {
         > = stream::iter(self.liqee.active_perp_positions())
             .then(|pp| async {
                 let base_lots = pp.base_position_lots();
-                if base_lots == 0 {
+                if base_lots == 0 || pp.has_open_taker_fills() {
                     return Ok(None);
                 }
                 let perp = self.client.context.perp(pp.market_index);
@@ -505,7 +505,7 @@ impl<'a> LiquidateHelper<'a> {
     }
 
     async fn token_liq_bankruptcy(&self) -> anyhow::Result<Option<Signature>> {
-        if !self.health_cache.can_call_spot_bankruptcy() {
+        if !self.health_cache.in_phase3_liquidation() || !self.health_cache.has_spot_borrows() {
             return Ok(None);
         }
 
@@ -557,7 +557,7 @@ impl<'a> LiquidateHelper<'a> {
         Ok(Some(sig))
     }
 
-    async fn send_liq_tx(&self) -> anyhow::Result<Signature> {
+    async fn send_liq_tx(&self) -> anyhow::Result<Option<Signature>> {
         // TODO: Should we make an attempt to settle positive PNL first?
         // The problem with it is that small market movements can continuously create
         // small amounts of new positive PNL while base_position > 0.
@@ -572,10 +572,18 @@ impl<'a> LiquidateHelper<'a> {
         //
         // TODO: All these close ix could be in one transaction.
         if let Some(txsig) = self.perp_close_orders().await? {
-            return Ok(txsig);
+            return Ok(Some(txsig));
         }
         if let Some(txsig) = self.serum3_close_orders().await? {
-            return Ok(txsig);
+            return Ok(Some(txsig));
+        }
+
+        if self.health_cache.has_phase1_liquidatable() {
+            anyhow::bail!(
+                "Don't know what to do with phase1 liquidatable account {}, maint_health was {}",
+                self.pubkey,
+                self.maint_health
+            );
         }
 
         //
@@ -583,7 +591,7 @@ impl<'a> LiquidateHelper<'a> {
         //
 
         if let Some(txsig) = self.perp_liq_base_position().await? {
-            return Ok(txsig);
+            return Ok(Some(txsig));
         }
 
         // Now that the perp base positions are zeroed the perp pnl won't
@@ -596,7 +604,24 @@ impl<'a> LiquidateHelper<'a> {
         // }
 
         if let Some(txsig) = self.token_liq().await? {
-            return Ok(txsig);
+            return Ok(Some(txsig));
+        }
+
+        if self.health_cache.has_perp_open_fills() {
+            log::info!(
+                "Account {} has open perp fills, maint_health {}, waiting...",
+                self.pubkey,
+                self.maint_health
+            );
+            return Ok(None);
+        }
+
+        if self.health_cache.has_phase2_liquidatable() {
+            anyhow::bail!(
+                "Don't know what to do with phase2 liquidatable account {}, maint_health was {}",
+                self.pubkey,
+                self.maint_health
+            );
         }
 
         //
@@ -605,12 +630,12 @@ impl<'a> LiquidateHelper<'a> {
 
         // Negative pnl: take over (paid by liqee or insurance) or socialize the loss
         if let Some(txsig) = self.perp_liq_quote_and_bankruptcy().await? {
-            return Ok(txsig);
+            return Ok(Some(txsig));
         }
 
         // Socialize/insurance fund unliquidatable borrows
         if let Some(txsig) = self.token_liq_bankruptcy().await? {
-            return Ok(txsig);
+            return Ok(Some(txsig));
         }
 
         // TODO: What about unliquidatable positive perp pnl?
@@ -670,7 +695,7 @@ pub async fn maybe_liquidate_account(
     );
 
     // try liquidating
-    let txsig = LiquidateHelper {
+    let maybe_txsig = LiquidateHelper {
         client: mango_client,
         account_fetcher,
         pubkey,
@@ -684,16 +709,18 @@ pub async fn maybe_liquidate_account(
     .send_liq_tx()
     .await?;
 
-    let slot = account_fetcher.transaction_max_slot(&[txsig]).await?;
-    if let Err(e) = account_fetcher
-        .refresh_accounts_via_rpc_until_slot(
-            &[*pubkey, mango_client.mango_account_address],
-            slot,
-            config.refresh_timeout,
-        )
-        .await
-    {
-        log::info!("could not refresh after liquidation: {}", e);
+    if let Some(txsig) = maybe_txsig {
+        let slot = account_fetcher.transaction_max_slot(&[txsig]).await?;
+        if let Err(e) = account_fetcher
+            .refresh_accounts_via_rpc_until_slot(
+                &[*pubkey, mango_client.mango_account_address],
+                slot,
+                config.refresh_timeout,
+            )
+            .await
+        {
+            log::info!("could not refresh after liquidation: {}", e);
+        }
     }
 
     Ok(true)
diff --git a/programs/mango-v4/src/error.rs b/programs/mango-v4/src/error.rs
index c1f564104..1df9789fb 100644
--- a/programs/mango-v4/src/error.rs
+++ b/programs/mango-v4/src/error.rs
@@ -83,6 +83,8 @@ pub enum MangoError {
     HasLiquidatableTrustedPerpPnl,
     #[msg("account is frozen")]
     AccountIsFrozen,
+    #[msg("has open perp taker fills")]
+    HasOpenPerpTakerFills,
 }
 
 impl MangoError {
diff --git a/programs/mango-v4/src/health/cache.rs b/programs/mango-v4/src/health/cache.rs
index d9959402f..e712a478c 100644
--- a/programs/mango-v4/src/health/cache.rs
+++ b/programs/mango-v4/src/health/cache.rs
@@ -223,6 +223,7 @@ pub struct PerpInfo {
     pub quote: I80F48,
     pub prices: Prices,
     pub has_open_orders: bool,
+    pub has_open_fills: bool,
 }
 
 impl PerpInfo {
@@ -251,6 +252,7 @@ impl PerpInfo {
             quote: quote_current,
             prices,
             has_open_orders: perp_position.has_open_orders(),
+            has_open_fills: perp_position.has_open_taker_fills(),
         })
     }
 
@@ -452,6 +454,10 @@ impl HealthCache {
         self.perp_infos.iter().any(|p| p.base_lots != 0)
     }
 
+    pub fn has_perp_open_fills(&self) -> bool {
+        self.perp_infos.iter().any(|p| p.has_open_fills)
+    }
+
     pub fn has_perp_positive_maint_pnl_without_base_position(&self) -> bool {
         self.perp_infos
             .iter()
@@ -483,11 +489,13 @@ impl HealthCache {
 
     /// Phase2 is for:
     /// - token-token liquidation
-    /// - liquidation of perp base positions
+    /// - liquidation of perp base positions (an open fill isn't liquidatable, but
+    ///   it changes the base position, so need to wait for it to be processed...)
     /// - bringing positive trusted perp pnl into the spot realm
     pub fn has_phase2_liquidatable(&self) -> bool {
         self.has_spot_assets() && self.has_spot_borrows()
             || self.has_perp_base_positions()
+            || self.has_perp_open_fills()
             || self.has_perp_positive_maint_pnl_without_base_position()
     }
 
@@ -501,6 +509,10 @@ impl HealthCache {
             !self.has_perp_base_positions(),
             MangoError::HasLiquidatablePerpBasePosition
         );
+        require!(
+            !self.has_perp_open_fills(),
+            MangoError::HasOpenPerpTakerFills
+        );
         require!(
             !self.has_perp_positive_maint_pnl_without_base_position(),
             MangoError::HasLiquidatableTrustedPerpPnl
@@ -525,33 +537,10 @@ impl HealthCache {
             && self.has_phase3_liquidatable()
     }
 
-    pub fn has_liquidatable_assets(&self) -> bool {
-        let spot_liquidatable = self.has_spot_assets();
-        let serum3_cancelable = self.has_serum3_open_orders_funds();
-        let perp_liquidatable = self.perp_infos.iter().any(|p| {
-            // can use perp_liq_base_position
-            p.base_lots != 0
-            // can use perp_liq_force_cancel_orders
-            || p.has_open_orders
-            // A remaining quote position can be reduced with perp_settle_pnl and that can improve health.
-            // However, since it's not guaranteed that there is a counterparty, a positive perp quote position
-            // does not prevent bankruptcy.
-        });
-        spot_liquidatable || serum3_cancelable || perp_liquidatable
-    }
-
     pub fn has_spot_borrows(&self) -> bool {
         self.token_infos.iter().any(|ti| ti.balance_native < 0)
     }
 
-    pub fn has_borrows(&self) -> bool {
-        let perp_borrows = self
-            .perp_infos
-            .iter()
-            .any(|p| p.quote.is_negative() || p.base_lots != 0);
-        self.has_spot_borrows() || perp_borrows
-    }
-
     pub(crate) fn compute_serum3_reservations(
         &self,
         health_type: HealthType,
@@ -598,7 +587,7 @@ impl HealthCache {
         (token_max_reserved, serum3_reserved)
     }
 
-    fn health_sum(&self, health_type: HealthType, mut action: impl FnMut(I80F48)) {
+    pub(crate) fn health_sum(&self, health_type: HealthType, mut action: impl FnMut(I80F48)) {
         for token_info in self.token_infos.iter() {
             let contrib = token_info.health_contribution(health_type);
             action(contrib);
@@ -656,22 +645,6 @@ impl HealthCache {
         }
         health
     }
-
-    /// Sum of only the positive health components (assets) and
-    /// sum of absolute values of all negative health components (liabs, always >= 0)
-    pub fn health_assets_and_liabs(&self, health_type: HealthType) -> (I80F48, I80F48) {
-        let mut assets = I80F48::ZERO;
-        let mut liabs = I80F48::ZERO;
-        let sum = |contrib| {
-            if contrib > 0 {
-                cm!(assets += contrib);
-            } else {
-                cm!(liabs -= contrib);
-            }
-        };
-        self.health_sum(health_type, sum);
-        (assets, liabs)
-    }
 }
 
 pub(crate) fn find_token_info_index(infos: &[TokenInfo], token_index: TokenIndex) -> Result<usize> {
diff --git a/programs/mango-v4/src/health/client.rs b/programs/mango-v4/src/health/client.rs
index 9f9e59076..97aca881f 100644
--- a/programs/mango-v4/src/health/client.rs
+++ b/programs/mango-v4/src/health/client.rs
@@ -13,10 +13,6 @@ use crate::util::checked_math as cm;
 use super::*;
 
 impl HealthCache {
-    pub fn can_call_spot_bankruptcy(&self) -> bool {
-        !self.has_liquidatable_assets() && self.has_spot_borrows()
-    }
-
     pub fn is_liquidatable(&self) -> bool {
         if self.being_liquidated {
             self.health(HealthType::Init).is_negative()
@@ -25,6 +21,22 @@ impl HealthCache {
         }
     }
 
+    /// Sum of only the positive health components (assets) and
+    /// sum of absolute values of all negative health components (liabs, always >= 0)
+    pub fn health_assets_and_liabs(&self, health_type: HealthType) -> (I80F48, I80F48) {
+        let mut assets = I80F48::ZERO;
+        let mut liabs = I80F48::ZERO;
+        let sum = |contrib| {
+            if contrib > 0 {
+                cm!(assets += contrib);
+            } else {
+                cm!(liabs -= contrib);
+            }
+        };
+        self.health_sum(health_type, sum);
+        (assets, liabs)
+    }
+
     /// The health ratio is
     /// - 0 if health is 0 - meaning assets = liabs
     /// - 100 if there's 2x as many assets as liabs
@@ -951,6 +963,7 @@ mod tests {
             quote: I80F48::ZERO,
             prices: Prices::new_single_price(I80F48::from_num(2.0)),
             has_open_orders: false,
+            has_open_fills: false,
         };
 
         let health_cache = HealthCache {
diff --git a/programs/mango-v4/src/instructions/perp_liq_base_position.rs b/programs/mango-v4/src/instructions/perp_liq_base_position.rs
index db8e6466a..a6712e85c 100644
--- a/programs/mango-v4/src/instructions/perp_liq_base_position.rs
+++ b/programs/mango-v4/src/instructions/perp_liq_base_position.rs
@@ -88,6 +88,11 @@ pub fn perp_liq_base_position(
 
     // Fetch perp positions for accounts, creating for the liqor if needed
     let liqee_perp_position = liqee.perp_position_mut(perp_market_index)?;
+    require!(
+        !liqee_perp_position.has_open_taker_fills(),
+        MangoError::HasOpenPerpTakerFills
+    );
+
     let liqor_perp_position = liqor
         .ensure_perp_position(perp_market_index, perp_market.settle_token_index)?
         .0;
diff --git a/programs/mango-v4/src/instructions/token_liq_with_token.rs b/programs/mango-v4/src/instructions/token_liq_with_token.rs
index fc8713bbf..04313cbb0 100644
--- a/programs/mango-v4/src/instructions/token_liq_with_token.rs
+++ b/programs/mango-v4/src/instructions/token_liq_with_token.rs
@@ -283,7 +283,7 @@ pub fn token_liq_with_token(
         liab_transfer: liab_transfer.to_bits(),
         asset_price: asset_price.to_bits(),
         liab_price: liab_price.to_bits(),
-        bankruptcy: !liqee_health_cache.has_liquidatable_assets() & liqee_init_health.is_negative()
+        bankruptcy: !liqee_health_cache.has_phase2_liquidatable() & liqee_init_health.is_negative()
     });
 
     Ok(())
diff --git a/programs/mango-v4/src/state/mango_account_components.rs b/programs/mango-v4/src/state/mango_account_components.rs
index d3080a785..4953639ab 100644
--- a/programs/mango-v4/src/state/mango_account_components.rs
+++ b/programs/mango-v4/src/state/mango_account_components.rs
@@ -575,12 +575,22 @@ impl PerpPosition {
         cm!(self.quote_position_native += quote_change_native);
     }
 
-    /// Does the perp position have any open orders or fill events?
+    /// Does the user have any orders on the book?
+    ///
+    /// Note that it's possible they were matched already: This only becomes
+    /// false when the fill event is processed or the orders are cancelled.
     pub fn has_open_orders(&self) -> bool {
-        self.asks_base_lots != 0
-            || self.bids_base_lots != 0
-            || self.taker_base_lots != 0
-            || self.taker_quote_lots != 0
+        self.asks_base_lots != 0 || self.bids_base_lots != 0
+    }
+
+    // Did the user take orders and hasn't been filled yet?
+    pub fn has_open_taker_fills(&self) -> bool {
+        self.taker_base_lots != 0 || self.taker_quote_lots != 0
+    }
+
+    /// Are there any open orders or fills that haven't been processed yet?
+    pub fn has_open_orders_or_fills(&self) -> bool {
+        self.has_open_orders() || self.has_open_taker_fills()
     }
 
     /// Calculate the average entry price of the position, in native/native units