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Introduction to Binance Futures
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2020-07-05 07:12

What is liquidation?

Liquidation occurs when Mark Price hits the liquidation price of a position. Binance uses Mark Price to avoid unnecessary liquidations and to combat market manipulation. Traders are advised to pay close attention to the movement of Mark Price and the liquidation price to avoid an open position being liquidated.

When is liquidation triggered?

Binance uses “Smart Liquidation” to avoid full liquidation when possible. A liquidation is triggered when:
Collateral = Initial Collateral + Realized PnL + Unrealized PnL < Maintenance Margin
Risk and Leverage are also adjusted based on the user’s total exposure: the larger the total position, the higher the required margin, and the lower the leverage.
During liquidation, a user’s all open orders are immediately canceled. Users that are cleared via forced liquidation will be charged a liquidation fee on the amount being liquidated (not the notional value of the position).
Generally, users who hold relatively smaller positions will almost always be fully liquidated during liquidation. Larger position holders are less prone to being liquidated compared to smaller position holders. This is because the maintenance margin is based on a user’s position size, but not their leverage selection, meaning that the larger the total position, the higher the maintenance margin. For smaller position holders, as the effective maintenance margin is already lower than the liquidation fee rate, they are already bankrupt before the liquidation takes place (regardless of the final clearing price).

What happens to my orders during liquidation?

Please note that all liquidation orders are Immediate or Cancel orders. The order will first be filled as much as possible, and the rest will then be canceled. Liquidation orders are different from Fill or Kill orders, which will only be executed if the order can be completely filled or canceled. The remaining positions will either be assigned to the Insurance Fund, or to the counter-party liquidated.
During liquidation, the system will first cancel all open orders, then attempt to reduce the trader’s margin usage with one large Immediate or Cancel order without fully liquidating the trader. If the trader’s account still complies with after the order is filled and the liquidation fee is charged, liquidation will end. If the trader’s account is margin deficient, all positions will be closed at the bankruptcy price and the Insurance Fund will take over the positions, declaring the trader bankrupt. A portion of the remaining collateral (if any) will go to the Insurance Fund. If an account becomes bankrupt (with a negative wallet balance), the Insurance Fund will be paid out to restore the account balance to 0.
Please note:
*Bankruptcy price might be out of the contract market price range.
**We will be sending you margin call and liquidation call notifications by mail, text message, and internal message. This function serves as a risk warning and does not guarantee timely delivery. You agree that during your use of the Service, under certain circumstances (including due to personal network congestion and poor network environment), users may be unable or delayed to receive SMS or e-mail reminders. We reserve the right with no obligation to deliver notifications.

What is Insurance Clearance Fee?

When the user's position is liquidated, a certain percentage of the Insurance Clearance Fee will be collected and contributed to the Insurance Funds reserves, marked as ''Insurance Clearance'' in the Transaction History.
Since the liquidation price will not change, It is recommended that the user strictly control their risks to avoid liquidation.
USDⓈ-M Futures
Insurance Clearance Fee
BTCUSDT Perpetual & Quarterly Contracts, BTCBUSD Perpetual Contracts
ETHUSDT Perpetual & Quarterly Contracts, and Contracts with a maximum leverage of 75X
Contracts with a maximum leverage of 25x & 50x
COIN-M Futures
Insurance Clearance Fee
BTCUSD Contracts
ETHUSD Contracts
Contracts with a maximum leverage of 20X, DOGEUSD 25X

What is Liquidation Price?

Liquidation occurs when Mark Price hits the liquidation price of a position. Traders are advised to pay close attention to the movement of Mark Price and the liquidation price to avoid an open position being liquidated.
In hedge mode, both long and short positions of the same contract share the same liquidation price in cross margin mode.
If both long and short positions of the same contract are in isolated mode, the positions will have two different liquidation prices depending on the margin allocated to the positions.
Binance allows highly leveraged trading by using a sophisticated risk engine and liquidation model. The liquidation model might be intricate. Alternatively, you could use the built-in calculator to calculate the liquidation price.
To find more about the calculation of Liquidation Price, please visit the followings:
  1. How to Calculate Liquidation Price of USDⓈ-M Futures Contracts
  2. How to Calculate Liquidation Price of COIN-M Futures Contracts
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Overview of Binance Futures Products & Features