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What Is Auto-Deleveraging (ADL) and How Does It Work

Binance
2020-06-09 11:31
Video Tutorial
Auto-Deleveraging (ADL) is the final step taken only when the Insurance Fund cannot accept the bankrupt client’s positions. Binance takes every possible step to avoid auto-deleveraging, and has several features such as Immediate or Cancel Limit Orders to minimize the potential impact of any auto-deleveraging when it does occur. Unfortunately, due to the volatility in the crypto markets, and the high leverage offered to users, it is not possible to fully avoid auto-deleverage liquidations. In order to provide the best possible user experience, we are striving to keep auto-deleveraging liquidations to an absolute minimum.
As a trader, your position is at risk of auto-deleveraging based on an indicator with your priority in the queue. Below is an example of the indicators, from lowest priority to highest priority.
When there is an auto-deleverage liquidation, a notice is immediately sent to the affected user.
The trader’s position in the priority ranking is calculated by both profit and leverage; the formula is presented at the end of this page. More profitable and higher leveraged traders will be liquidated first. Specifically, traders will be ranked by their margin ratio and unrealized PnL as a percentage of their collateral. The precise rank is known as “LeveragePnL”, which is defined as unrealized PnL/collateral multiplied by the margin ratio. The exact formulation is at the end.
From there, traders will be ranked by the LeveragePnlQuantile term; traders at imminent risk of being automatically liquidated will see the appropriate indicator in their interface. If the liquidation occurs, the trader will be sent a notice with the amount and liquidation price. The trader’s positions will be closed out at the bankruptcy price of the initial liquidated order. Any open orders will be canceled. Once the liquidation process is completed, the trader will be able to re-enter immediately.
Note: Bankruptcy price may be out of the contract’s market price range. It is highly recommended that the trader pays attention to the ADL indicator to avoid being deleveraged.

Calculation for Liquidation Priority Ranking

Pnl Percent = max(0,Unrealized Profit)/max(1,Wallet Balance)
If (Wallet Balance+Unrealized Profit)≤0, then Margin Ratio = 0
If (Wallet Balance+Unrealized Profit)>0, then Margin Ratio = Maintenance Margin/(Wallet Balance+Unrealized Profit)
Leverage Pnl = Pnl Percent × Margin Ratio Leverage Pnl = Pnl Percent × Margin Ratio
Leverage Pnl Quantile = rank(user.Leverage Pnl)/Total User Count