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Futures Contracts
USDⓈ-M Futures Contracts
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How to Calculate Liquidation Price of USDⓈ-M Futures Contracts
Binance
2020-08-14 02:14
Below is the liquidation price formula for USDT-Ⓜ futures contract (LP1) under cross margin mode:
where
WBWallet Balance
TMM1
Maintenance Margin of all other contracts, excluding Contract 1
If it is an isolated margin mode, then TMM=0,UPNL=0
UPNL1
Unrealized PNL of all other contracts, excluding Contract 1
If it is an isolated margin mode, then UPNL=0
cumBMaintenance Amount of BOTH position (one-way mode)
cumLMaintenance amount of LONG position (hedge mode)
cumSMaintenance amount of SHORT position (hedge mode)
Side1BOTHDirection of BOTH position, 1 as long position, -1 as short position
Position1BOTH Absolute value of BOTH position size (one-way mode)
EP1BOTHEntry Price of BOTH position (one-way mode)
Position1LONGAbsolute value of LONG position size (hedge mode)
EP1LONGEntry Price of LONG position (hedge mode)
Position1SHORT Absolute value of SHORT position size (hedge mode)
EP1SHORTEntry Price of SHORT position (hedge mode)
MMR BMaintenance margin rate of BOTH position (one-way mode)
MMR LMaintenance margin rate of LONG position (hedge mode)
MMR SMaintenance margin rate of SHORT position (hedge mode)
Notes:
  • In Cross margin mode, WB is crossWalletBalance
  • In Isolated margin mode, WB is isolatedWalletBalance of the isolated position, TMM=0, UPNL=0, substitute the position quantity, MMR, cum into the formula to calculate.
  • Under cross margin, same ticker/symbol, both long and short position share the same liquidation price except isolated mode. Under isolated mode, each isolated position will have different liquidation prices depending on the margin allocated to the positions.
  • If the liquidation price is less than 0, the UI display would be “--”

Maintenance Margin Rate

You can find the “Maintenance Margin Rate” from the table below with the position value in USDT.
For example, if the position of USDT-margined BTCUSDT Contract is 264,000 USDT, then the maintenance margin rate would be 1% (or 0.01).
Note:
If your position (calculated at the liquidation price) and the current position (calculated at the opening price) are of different levels, then you must substitute (i.e. to calculate at the liquidation price) the maintenance margin rate and the maintenance margin amount of the position level, to recalculate the liquidation price.

Maintenance Amount

You can find the “Maintenance Amount” from the table below with the position value in USDT. For example, if the position of USDT-margined BTC/USDT Contract is 500,000 USDT, then the maintenance amount would be 1,300 USDT.
Maintenance Amount formula
= [ Floor of Position Bracket on Level n * difference between Maintenance Margin Rate on Level n and Maintenance Margin Rate on Level n-1) ] + Maintenance Amount on Level n-1
For example, the Maintenance Amount on Level 3
= 250,000 * (1% - 0.5%) + 50 USDT
= 1,300 USDT

125x USDT-Margined Perpetual Contract (BTCUSDT)

LevelPosition Bracket
(Notional Value in USDT)
Maintenance
Margin Rate
Maintenance
Amount (USDT)
1First 50,0000.4%0
250,000 - 250,0000.5%50
3250,000 - 1,000,0001.0%1,300
41,000,000 - 5,000,0002.5%16,300
55,000,000 - 20,000,0005.0%141,300
620,000,000 - 50,000,00010.0%1,141,300
750,000,000 - 100,000,00012.5%2,391,300
8100,000,000 - 200,000,00015.0%4,891,300
9Greater than 200,000,00025.0%24,891,300

100x USDT-Margined Perpetual Contract (ETHUSDT)

LevelPosition Bracket
(Notional Value in USDT)
Maintenance
Margin Rate
Maintenance
Amount (USDT)
1First 10,0000.5%0
210,000 - 100,0000.65%15
3100,000 - 500,0001.0%365
4500,000 - 1,000,0002.0%5,365
51,000,000 - 2,000,0005.0%35,365
62,000,000 - 5,000,00010.0%135,365
75,000,000 - 10,000,00012.5%260,365
810,000,000 - 20,000,00015.0%510,365
9Greater than 20,000,00025.0%2,510,365

75x USDT-Margined Perpetual Contract

LevelPosition Bracket
(Notional Value in USDT)
Maintenance Margin RateMaintenance
Amount (USDT)
1First 10,0000.65%0
210,000 - 50,0001.00%35
350,000 - 250,0002.00%535
4250,000 - 1,000,0005.00%8,035
51,000,000 - 2,000,00010.00%58,035
62,000,000 - 5,000,00012.50%108,035
75,000,000 - 10,000,00015.00%233,035
8Greater 10,000,00025.00%1,233,035
75x USDT-Margined Perpetual Contract:
* ADAUSDT, BNBUSDT, DOTUSDT, EOSUSDT, ETCUSDT, LINKUSDT, LTCUSDT, TRXUSDT, XLMUSDT, XMRUSDT, XRPUSDT, XTZUSDT, BCHUSDT

50x USDT-Margined Perpetual Contract

LevelPosition Bracket
(Notional Value in USDT)
Maintenance
Margin Rate
Maintenance
Amount (USDT)
1First 5,0001.0%0
25,000 - 25,0002.5%75
325,000 - 100,0005.0%700
4100,000 - 250,00010.0%5,700
5250,000 - 1,000,00012.5%11,950
6Greater 1,000,00050.0%386,950

Calculate liquidation price in One-way & Cross margin mode

Example:
(WB) Wallet Balance = 1,535,443.01
PositionsSizeEntry PriceMark PriceLiquidation PricePNL
ETHUSDT Perpetual3,683.979 ETH1,456.841,335.181,153.25-447,482.10
BTCUSDT Perpetual109.488 BTC32,481.9831,967.2726,316.86-56,249.35
You may find your maintenance margin rates and amounts through the tables above, as highlighted in the following image.
For ETHUSDT:
Taking into account that Maintenance margin=Notional value*Maintenance Margin rate-cum
Notional Value = Price * Size
Maintenance Margin of ETHUSDT = 356,512.508 (4918775.081 * 10.00% - 135365).
(WB) Wallet Balance = 1,535,443.01
(TMM1) Maintenance Margin of all other contracts, excluding Contract 1 = 71200.81144
(UPNL1) Unrealized PNL of all other contracts, excluding Contract 1 = -56,249.35
(cumB) Maintenance Amount of BOTH position (one-way mode) = 135,365.00
(cumL) Maintenance amount of LONG position (hedge mode) = 0
(cumS) Maintenance amount of SHORT position (hedge mode) = 0
(Side1BOTH) Direction of BOTH position, 1 as long position, -1 as short position = 1
(Position1BOTH) Absolute value of BOTH position size (one-way mode) = 3,683.79
(EP1BOTH) Entry Price of BOTH position (one-way mode) =1,456.84
(Position1LONG) Absolute value of LONG position size (hedge mode) = 0
(EP1LONG) Entry Price of LONG position (hedge mode) = 0
(Position1SHORT) Absolute value of SHORT position size (hedge mode) = 0
(EP1SHORT) Entry Price of SHORT position (hedge mode) = 0
(MMB) Maintenance margin rate of BOTH position (one-way mode) = 10%
(MML) Maintenance margin rate of LONG position (hedge mode) = 0
(MMS) Maintenance margin rate of SHORT position (hedge mode)= 0
For BTCUSDT:
Taking into account that Maintenance margin=Notional value*Maintenance Margin rate-cum
Notional Value = Price * Size
Maintenance Margin of BTCUSDT = 71200.81144 (3500032.458 * 2.50%% - 16300).
(WB) Wallet Balance = 1,535,443.01
(TMM1) Maintenance Margin of all other contracts, excluding Contract 1 = 356,512.508
(UPNL1) Unrealized PNL of all other contracts, excluding Contract 1 = -447,482.100
(cumB) Maintenance Amount of BOTH position (one-way mode) = 16,300.000
(cumL) Maintenance amount of LONG position (hedge mode) = 0.
(cumS) Maintenance amount of SHORT position (hedge mode) = 0
(Side1BOTH) Direction of BOTH position, 1 as long position, -1 as short position = 1
(Position1BOTH) Absolute value of BOTH position size (one-way mode) = 109.488
(EP1BOTH) Entry Price of BOTH position (one-way mode) =32,481.980
(Position1LONG) Absolute value of LONG position size (hedge mode) = 0
(EP1LONG) Entry Price of LONG position (hedge mode) = 0
(Position1SHORT) Absolute value of SHORT position size (hedge mode) = 0
(EP1SHORT) Entry Price of SHORT position (hedge mode) = 0
(MMB) Maintenance margin rate of BOTH position (one-way mode) = 2.50%
(MML) Maintenance margin rate of LONG position (hedge mode) = 0
(MMS) Maintenance margin rate of SHORT position (hedge mode)= 0
Liquidation Price Formula:
With this information and by inputting the appropriate information in the formula we can see that the Liquidation Price for the ETHUSDT contract = 1,153.225 and for BTCUSDT = 26,310.23
Please note that there may be a slight variation due to decimals.
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Contract Specifications of USDⓈ-M Futures