What is the liquidation price?

A leveraged position is backed by margin. The venue also sets a maintenance margin, the minimum equity you have to keep against the position size. Once losses eat your margin down to that line, the venue closes the position, and most or all of the collateral behind it is gone.

Take a made-up trade: a 10x isolated long on a $100 asset, so you put up $10 per unit. With a maintenance margin of 0.5 percent, liquidation comes at about $90.45, not $90, because the venue closes you before equity hits zero. The same trade at 20x is liquidated around $95.48. Doubling the leverage cut the room to fall from about 9.5 percent to about 4.5 percent.

The real number drifts over time. Fees and funding shrink margin. Cross margin shares collateral, so a loss on another position drags this one closer too. Adding margin pushes the liquidation price away. Adding size or leverage pulls it in.

Cascades happen when many positions share similar levels. Forced selling pushes price into the next cluster, which triggers more forced selling, until the leverage is gone. That is why the move so often overshoots the level everyone was watching.

Also called: liq price, liquidation level.

Perps positions shows each open position of a watched Hyperliquid address with its liquidation price and how far mark is from it in percent. That distance bar goes amber once mark is within 25 percent of liquidation and red inside 10, where the whole row gets a red tint and the header keeps a count. Sort by Liq and the closest position comes first. Paper trading does not model liquidation, fees or funding, so a paper position can survive a move that would have closed a real one.

• Paper trading
• Perps positions

• Leverage
• Mark price
• Perpetual futures
• Open interest