Не допускайте ликвидации: игра с ценой ликвидации, которую нужно освоить

The Basics: What Gets Your Position Rekt?

Liquidation happens when your Mark Price hits the Liquidation Price—basically your position gets force-closed because you’ve hit the maintenance margin wall. Think of it as your broker saying “game over, we’re closing this out whether you like it or not.”

Simple example: LP is 15,000 USDT, Mark Price is 20,000 USDT. When price drops to 15K, boom—liquidated. Your unrealized losses just ate through your maintenance margin buffer.

Isolated Margin: The Risk Sandbox

With isolated margin, your position margin is locked away—separate from your account balance. Good news? Your max loss is limited to what you put into that position. Bad news? You can still get rekt hard if you don’t manage leverage.

The Formula (Long Position):

LP = Entry Price - [(Initial Margin - Maintenance Margin) / Position Size] - (Extra Margin Added / Position Size)

Quick Math:

• Initial Margin = (Contract Size × Entry Price) / Leverage
• Maintenance Margin = (Position Value × MMR) - Maintenance Margin Deduction

Real Example 1: You buy 1 BTC at 20,000 USDT with 50x leverage, no extra margin added.

• Initial Margin = 1 × 20,000 / 50 = 400 USDT
• Maintenance Margin (assuming 0.5% MMR) = 1 × 20,000 × 0.5% = 100 USDT
• Liquidation Price = 20,000 - (400 - 100) = 19,700 USDT

So if BTC drops to 19,700, you’re done. Only 300 USDT of room.

Real Example 2 (Adding Margin as Backup): Short 1 BTC at 20,000 USDT with 50x leverage, then add 3,000 USDT extra.

• Same initial calc: 400 USDT initial margin, 100 USDT maintenance margin
• LP = [20,000 + (400 - 100)] + (3,000 / 1) = 23,300 USDT

Adding margin pushes your LP further away from entry price—you’re buying safety.

Real Example 3 (Funding Fees Eat Your Margin): This one hurts. You’re long 1 BTC at 20,000 USDT with 50x, LP is 19,700 USDT. But you owe 200 USDT in funding fees and have no cash balance left—the fee gets deducted from your position margin.

• New LP = [20,000 - (400 - 100)] - (200 / 1) = 19,900 USDT

That 200 USDT funding fee just moved your liquidation price 200 USDT closer to current price. Tighter and tighter.

Cross Margin: The Shared Pool (More Complex)

Cross margin is where things get spicy. Your available balance is shared across all positions, but each position’s initial margin is isolated. This means:

1. Your LP can keep changing because your available balance fluctuates with unrealized P&L
2. Unrealized losses hurt you (they reduce available balance)
3. Unrealized profits don’t help (most platforms don’t count them for margin)
4. When you get close to liquidation, the whole domino effect speeds up

Key Formula (Long with Unrealized Profit):

LP = [Entry Price - (Available Balance + Initial Margin - Maintenance Margin)] / Net Position Size

Scenario 1: Perfect Hedge = Never Liquidated

Hold 1 BTC long and 1 BTC short of BTCUSDT under cross margin? Your unrealized profit on one side always cancels the loss on the other. Zero liquidation risk.

Scenario 2: Partial Hedge (The Messy Real World)

Trader holds:

• 2 BTC long at 10,000 USDT (unrealized loss: 1,000 USDT at 9,500 mark price)
• 1 BTC short at 9,500 USDT (always profitable when price goes up)
• Available balance: 3,000 USDT

The short never gets liquidated. For the long, you only count net exposure: 2 - 1 = 1 BTC.

• Initial Margin = (1 × 10,000) / 100 = 100 USDT
• Maintenance Margin = 1 × 10,000 × 0.5% = 50 USDT
• LP = [9,500 - (3,000 + 100 - 50)] / 1 = 6,450 USDT

Scenario 3: Multi-Symbol Chaos

Holding BTCUSDT long, ETHUSDT long, BITUSDT short across cross margin:

1. BTCUSDT: 1 BTC long at 20,000 USDT, 100x leverage, unrealized loss 500 USDT (Mark: 19,500)

   • IM: 200 USDT, MM: 100 USDT
   • LP: 19,500 - (2,500 + 200 - 100) / 1 = 16,900 USDT

2. ETHUSDT: 10 ETH long at 2,000 USDT, 50x leverage, unrealized profit 100 USDT

   • IM: 400 USDT, MM: 100 USDT
   • LP: 2,000 + (2,500 + 400 - 100) / 10 = 2,280 USDT

3. BITUSDT: 10,000 BIT short at 0.6 USDT, 25x leverage

   • IM: 240 USDT, MM: 60 USDT
   • LP: 0.6 + (2,500 + 240 - 60) / 10,000 = 0.788 USDT

Key Insight: When one position goes deeper into loss under cross margin, it eats into shared available balance, pushing all other positions’ LP closer to liquidation. It’s a cascading effect.

The Bottom Line

• Isolated margin = Simple, predictable LP, limited loss per position
• Cross margin = Dynamic LP, more capital efficient, but one bad position can threaten others
• Funding fees are sneaky—they’re the silent killer of otherwise solid positions
• Unrealized losses in cross margin are real immediately; unrealized gains don’t help
• The lower your leverage, the further your LP from current price = breathing room

Know your LP, monitor it, add margin if unsure. Getting liquidated = 0% profit forever.