Updated Rules checked 2026-10-12
The liquidation price is the mark price at which a position’s equity falls to the maintenance margin, and on exchanges such as OKX and BingX the threshold also includes the closing fee. For a long on USDT-margined perpetual futures, the calculation is: liquidation price = (entry price − margin ÷ quantity) ÷ (1 − maintenance margin rate − closing fee rate). For a short, swap the minus signs for plus signs. Quantity = margin × leverage ÷ entry price.
For example, with BTC at 60,000 USDT, a 20x long opened with 1,000 USDT of margin at a 0.5% maintenance margin rate has a liquidation price of 57,286.43 before fees. Add the 0.05% taker fee for closing and the liquidation price becomes 57,315.23, so a drop of just 4.47% gets the position liquidated. For a quick mental estimate, use “1 ÷ leverage − maintenance margin rate − closing fee rate”: 5% − 0.5% − 0.05% ≈ 4.45%.
I checked the 13 exchanges this site covers. For the 11 where the figures were available, the tier 1 maintenance margin rate for BTCUSDT ranges from 0.10% to 0.50%. At the same 20x, the liquidation distance differs by less than 0.5 percentage points from one exchange to the next, so leverage is still what mainly sets the distance. Funding you have already paid, and a higher risk tier once the position grows, also move the liquidation price closer to the entry price. Below are the calculator, a step-by-step calculation, the difference between isolated and cross margin, and each exchange’s liquidation rules.
Key points: for a USDT-margined long, liquidation price = (entry price − margin ÷ quantity) ÷ (1 − maintenance margin rate − closing fee rate). A 20x long opened at 60,000 USDT with a 0.5% maintenance margin rate and a 0.05% closing fee has a liquidation price of 57,315.23, 4.47% from the entry price. Across the 11 exchanges with available figures, the tier 1 BTCUSDT maintenance margin rate is between 0.10% and 0.50%, and at the same 20x the liquidation distance falls between 4.47% and 4.89%. Held for 30 days at a funding rate of 0.01% every 8 hours, a 20x long pays 180 USDT in funding in total, and the liquidation distance shrinks from 4.47% to 3.57%. OKX and BingX state that the liquidation threshold includes the closing fee; on Bybit, an isolated position in the lowest risk tier is closed directly at the bankruptcy price when liquidated, so no margin is left.
The information below was checked against official pages on 2026-10-12 (data check date) and is provided for reference.
Position size 20,000.00 USDT, quantity 0.333333
This is a simplified formula for USDT-margined linear perpetuals: at liquidation, equity equals the maintenance margin plus the closing fee. The maintenance margin rate follows each exchange's risk-tier table and rises with position size; cross mode also counts the rest of your available balance. The order screen on the exchange shows the actual liquidation price. The higher the leverage, the smaller the adverse move that can liquidate the position.
The calculator’s defaults are the example above (60,000 is a convenient number for comparison, not the current BTC price). In “Maintenance margin rate (%)”, enter the tier your exchange sets for your position size (the table below covers 13 exchanges), and in “Closing taker fee (%)”, enter the VIP 0 taker rate. In cross mode, also enter the rest of the available balance in your futures account in “Other available balance in cross mode (USDT)”. If funding has already been deducted from an isolated position’s margin, enter it in “Funding already paid (USDT)”. In leveraged trading, an adverse price move may get your position forcibly liquidated and cost you all of your margin.
How is the liquidation price calculated? The formula explained
A position is liquidated when position equity (margin + unrealized PnL) ≤ maintenance margin + closing fee. Maintenance margin = position value × maintenance margin rate, closing fee = position value × taker fee rate, and position value is calculated at the current mark price. Plug in a long’s unrealized PnL, (P − E) × q, and solve for P to get the liquidation price:
- Long: P = (E − m ÷ q) ÷ (1 − MMR − t)
- Short: P = (E + m ÷ q) ÷ (1 + MMR + t)
- E = entry price; q = quantity = margin × leverage ÷ E; m = the margin counted (for isolated, the position margin; for cross, plus the rest of the account’s available balance) minus funding already paid; MMR = maintenance margin rate; t = closing taker fee rate.
This matches how the exchanges write it themselves. Bybit’s isolated liquidation price formula, with the fee removed, is the formula above, and Bybit notes that the closing fee makes the actual liquidation price differ slightly (Bybit liquidation process, updated 2026-08-07). OKX calculates its maintenance margin ratio with “maintenance margin + liquidation fee” as the denominator, and a ratio below 100% triggers position reduction or liquidation (OKX liquidation price guide, updated 2026-08-11). BingX writes its liquidation condition as “margin ratio ≤ maintenance margin rate + taker fee rate” (BingX perpetual futures fee schedule). Liquidation is triggered by the mark price, not the last traded price: Binance states that both the liquidation price and unrealized PnL are calculated with the mark price (Binance futures liquidation rules, updated 2026-01-04).
Worked example: how do you get the liquidation price of a 20x long at 60,000 USDT?
- Position value = 1,000 × 20 = 20,000 USDT; quantity q = 20,000 ÷ 60,000 = 0.333333 BTC.
- m ÷ q = 1,000 ÷ 0.333333 = 3,000, meaning the margin can absorb a 3,000 USDT drop. 60,000 − 3,000 = 57,000 is the bankruptcy price, where the margin is exactly used up.
- Without fees: 57,000 ÷ (1 − 0.005) = 57,000 ÷ 0.995 = 57,286.43, 4.52% from the entry price.
- With the closing fee: 57,000 ÷ (1 − 0.005 − 0.0005) = 57,000 ÷ 0.9945 = 57,315.23, 4.47% away.
- Check: at 57,315.23, the loss = (60,000 − 57,315.23) × 0.333333 = 894.92 USDT, leaving 105.08 USDT of equity. The position value is 19,105.08 USDT, the 0.5% maintenance margin is 95.53 and the 0.05% closing fee is 9.55, which add up to exactly 105.08.
A short works the same way: (60,000 + 3,000) ÷ 1.0055 = 62,655.40, so a 4.43% rise gets it liquidated; without fees it is 62,686.57. Back to the long: at 20x, the liquidation price is only about 315 USDT above the bankruptcy price (57,000), and that small gap is the maintenance margin plus the closing fee.
At each leverage, how far can the price fall before you are liquidated?
Same 60,000 entry, 1,000 USDT of margin, 0.5% maintenance margin rate and 0.05% closing fee, changing only the leverage:
| Leverage | Position value | Long liquidation price | Drop a long can withstand | Short liquidation price | Rise a short can withstand |
|---|---|---|---|---|---|
| 3x | 3,000 USDT | 40,221.22 | 32.96% | 79,562.41 | 32.60% |
| 5x | 5,000 USDT | 48,265.46 | 19.56% | 71,606.17 | 19.34% |
| 10x | 10,000 USDT | 54,298.64 | 9.50% | 65,638.99 | 9.40% |
| 20x | 20,000 USDT | 57,315.23 | 4.47% | 62,655.40 | 4.43% |
| 50x | 50,000 USDT | 59,125.19 | 1.46% | 60,865.24 | 1.44% |
| 100x | 100,000 USDT | 59,728.51 | 0.45% | 60,268.52 | 0.45% |
Double the leverage and the move you can withstand roughly halves. At 100x, BTC only has to move 0.45% against you to trigger liquidation. Every extra bit of fees or funding shrinks this already small distance even further.
How much closer do fees and funding move the liquidation price?
In the example above, the closing fee pushes the liquidation price from 57,286.43 to 57,315.23, a difference of just 28.80 USDT. Funding has a bigger effect: funding = position value × funding rate, so a 20,000 USDT position at +0.01% every 8 hours pays 2 USDT each time, and the longer you hold, the more it adds up. HTX states that funding is usually deducted from the futures account’s available balance and, when that is not enough, from the position margin, which moves the liquidation price closer (HTX funding fee guide). BingX deducts it directly from the initial margin of isolated positions.
| Holding a 20x long | Settlements (every 8 hours) | Funding paid (0.01%) | Liquidation price (with closing fee) | Distance from entry |
|---|---|---|---|---|
| Just opened | 0 | 0 USDT | 57,315.23 | 4.47% |
| 1 day | 3 | 6 USDT | 57,333.33 | 4.44% |
| 7 days | 21 | 42 USDT | 57,441.93 | 4.26% |
| 30 days | 90 | 180 USDT | 57,858.22 | 3.57% |
Paying 180 USDT over 30 days takes 18% off your margin and cuts the liquidation distance by almost 1 percentage point. The funding rate is not always 0.01% every period, and when it hits its upper or lower limit, most exchanges also shorten the settlement interval; for the detailed rules, see what the funding rate is and how it’s calculated. A referral code rebate is paid to your spot account afterwards (Binance, for example, converts it to USDC every hour and pays it out within 6 hours) and is not added back to the position margin. So when you calculate the liquidation price, use the original taker fee rate for the closing fee, not the rate after the rebate.
How do isolated and cross liquidation prices differ?
Pionex’s liquidation guide explains it most clearly: an isolated position is liquidated when its margin balance falls to the maintenance margin requirement; in cross mode, liquidation happens when the futures account’s total assets (minus the margin used by isolated positions) fall below the maintenance margin requirement (Pionex forced liquidation guide). In the calculator’s terms, cross mode simply counts the account’s other available balance in m as well.
| Item | Isolated | Cross |
|---|---|---|
| Money backing the position | Only this position’s margin (plus anything you add manually) | Shared with the futures account’s available balance |
| Example: 20x long with 1,000 USDT, another 1,000 USDT in the account | Liquidation price 57,315.23, 4.47% away | Liquidation price 54,298.64, 9.50% away |
| Maximum loss on liquidation | This position’s margin, 1,000 USDT | All 2,000 USDT in the account could be lost |
| Effect of other positions | Each is calculated separately | Losses or fees on other positions also move this position’s liquidation price closer |
| Orders cancelled before liquidation (Binance) | Open orders in the same coin | All open orders |
The cross liquidation price is further away, but more money is at risk. Cross mode with another 1,000 USDT in the account gives exactly the same liquidation price as “isolated with 1,000 USDT of margin added”: 54,298.64 in both cases. The difference is that cross mode ties the whole account together, so if you hold several positions and one of them takes a big loss, the liquidation prices of the others move closer too.
What is the maintenance margin rate? BTCUSDT on 13 exchanges compared
The table below shows each exchange’s maintenance margin rate for the lowest tier (the tier for the smallest positions) of BTCUSDT perpetual futures, taken from each exchange’s official API or help page and read on 2026-10-12. “20x long liquidation price” applies each exchange’s maintenance margin rate and VIP 0 taker fee to the same example (60,000 entry, 1,000 USDT, 20x); the fee rates come from each exchange’s fee page (see how futures trading fees are calculated).
| Exchange | Tier 1 position cap / max leverage | Maintenance margin rate | VIP 0 Taker | 20x long liquidation price (distance) | Liquidation fee | Source |
|---|---|---|---|---|---|---|
| Binance | 300,000 USDT / 150x | 0.40% | 0.05% | 57,257.66 (4.57%) | Liquidation clearance fee, 1.25% for BTCUSDT | Leverage and margin, API |
| OKX | 1,000 contracts (10 BTC) / 100x | 0.40% | 0.05% | 57,257.66 (4.57%) | Taker rate of your current tier | API |
| Bybit | 300,000 USDT / 150x | 0.33% | 0.055% | 57,220.30 (4.63%) | None on perpetual futures | API, Fees overview |
| Bitget | 200,000 USDT / 150x | 0.40% | 0.06% | 57,263.41 (4.56%) | Not stated officially | API |
| MEXC | 120,000 contracts (12 BTC) / 500x | 0.10% | 0.02% | 57,068.48 (4.89%) | 0.04% on BTC futures | API, Terminology guide |
| Gate | 500,000 USDT / 200x | 0.30% | 0.05% | 57,200.20 (4.67%) | Not stated officially | API |
| BingX | The tier table is on the trading info page; the figures could not be read at the time of checking | — | 0.05% | — | Liquidation threshold includes the taker fee rate | Tier announcement |
| KuCoin | 250,000 USDT / 125x | 0.40% | 0.06% | 57,263.41 (4.56%) | Part of the liquidation fee is frozen in advance; no rate given | API, Fee guide |
| HTX | Up to 3,999 contracts (about 4 BTC) / 200x | About 0.40% at 20x (adjustment factor 0.08 ÷ 20) | 0.06% | 57,263.41 (4.56%) | Not stated officially | Adjustment factor guide, API |
| XT | 300,000 USDT / 150x | 0.40% | 0.06% | 57,263.41 (4.56%) | Not stated officially | API |
| WEEX | The help page lists no tier figures; check them on the futures page | — | 0.08% | — | Not stated officially | Maintenance margin rate guide |
| Pionex | 1,000,000 USDT / 100x | 0.50% | 0.05% | 57,315.23 (4.47%) | Liquidation fee rate 1.15% for BTC_USDT_PERP (1.75% in the help article’s example) | Maintenance margin, API |
| Ourbit | The official API does not label the cap’s unit / 500x | 0.10% | 0.04% | 57,079.91 (4.87%) | Not stated officially; fee vouchers cannot be used for liquidation fees | API |
A few things to note. MEXC and Ourbit have a tier 1 rate of only 0.10% because they allow up to 500x; from tier 2 it jumps to 0.40%. HTX uses an “adjustment factor”: its official conversion is maintenance margin rate = adjustment factor ÷ leverage, and it notes that the result is for reference only; at both 20x and 100x the conversion comes to 0.40%. Pionex’s tier table is from a help article dated 2026-07-03, and Pionex warns that the figures may not be current and that the “Leverage & Margin” page in the app prevails.
Look at the last column: at 20x, the liquidation distance on all 11 exchanges with available figures falls between 4.47% and 4.89%. Your choice of exchange affects the liquidation price far less than leverage does; going from 20x to 10x moves the distance from about 4.5% to about 9.5%.
The larger the position, the higher the maintenance margin rate
The table above only covers tier 1. Once the position value goes over the cap, the position moves into a higher tier, with a higher maintenance margin rate and a lower maximum leverage. Take Binance BTCUSDT as an example (official API, read on 2026-10-12):
| Tier | Position value | Max leverage | Maintenance margin rate | Maintenance amount |
|---|---|---|---|---|
| 1 | 0–300,000 USDT | 150x | 0.40% | 0 |
| 2 | 300,000–800,000 USDT | 100x | 0.50% | 300 |
| 3 | 800,000–3,000,000 USDT | 75x | 0.65% | 1,500 |
| 4 | 3,000,000–12,000,000 USDT | 50x | 1.00% | 12,000 |
Maintenance margin = position value × that tier’s rate − maintenance amount. A 500,000 USDT position falls into tier 2: 500,000 × 0.5% − 300 = 2,200 USDT. That is the same as charging 0.4% on the first 300,000 and 0.5% on the remaining 200,000, which works out to an effective rate of 0.44%. The calculator takes only one rate, so when a position spans tiers, entering a converted figure such as 0.44% is more accurate; entering 0.5% directly puts the liquidation price slightly closer, which is the more conservative result. The tier tables of Bybit, Gate, XT and Pionex also have a maintenance amount column.
What happens before liquidation, and how is a liquidation handled?
- Warnings: Binance recommends keeping your margin ratio below 80%. It states that it will try (but is not obliged) to send margin call and liquidation notices by email and in-app message, and warns that the two notices may arrive close together (Binance futures liquidation rules).
- Orders cancelled first: in cross mode Binance cancels all open orders, and in isolated mode only open orders in the same coin; Bybit first cancels orders that would increase the position, to free up margin.
- Partial reduction: OKX uses tiered liquidation, reducing the position automatically first and continuing only if the position still fails the new tier’s requirement. On Bybit, only positions above the lowest risk tier are first partially closed with IOC orders. Pionex states that it first tries partial liquidation when a position is in tier 2 or above, and Binance also first tries to cover the margin shortfall without closing the whole position.
- Full close: if a Bybit position in the lowest tier still lacks margin after its orders are cancelled, it is closed at the bankruptcy price. On Binance, a liquidated position may be taken over by the insurance fund, usually also at the bankruptcy price, which is worse than the liquidation price.
So the idea that “hitting the liquidation price only costs you 4.47%” is a misunderstanding. Back to the 20x example: at a 0.5% maintenance margin rate, the position still has about 105 USDT of equity at the moment of liquidation. Bybit closes lowest-tier positions at the bankruptcy price (the price at which the margin reaches zero), so this money is not returned. Binance states that its liquidation clearance fee is taken from the margin left after liquidation; at the BTCUSDT rate of 1.25% and a 0.40% maintenance margin rate, a position of about 19,086 USDT would be charged about 239 USDT at that rate, more than the roughly 86 USDT left. Pionex’s liquidation fee rate on BTC futures is 1.15%, about 220 USDT, which also exceeds the remaining equity. Under these exchanges’ rules, you lose almost all of the 1,000 USDT margin when you are liquidated. For a comparison of each exchange’s liquidation fees, see also the liquidation fee table in how futures trading fees are calculated.
Can you end up owing the exchange money after liquidation?
When the market gaps, a liquidation order may fill at a price worse than the bankruptcy price, leaving a loss larger than the margin. This is called negative equity, and each exchange words it differently:
- OKX: if negative equity leaves a negative balance, OKX states that the user does not have to bear it and the insurance fund covers it (OKX liquidation FAQ, updated 2026-08-27).
- Pionex: a negative remaining balance is borne by the insurance fund, and the user’s remaining funds are reset to zero. The insurance fund comes from initial capital provided by Pionex and all liquidation fees.
- Bybit: the insurance fund pays for losses beyond a liquidated position’s margin. It is funded by Bybit’s own contributions and by the margin left over when positions are closed at a better price than the bankruptcy price (Bybit auto-deleveraging guide, updated 2026-04-13).
- Binance: if the balance is still below zero after a full liquidation, the position is classed as a negative-equity position. The insurance fund automatically tops up eligible accounts every 10 minutes, for example accounts with no open positions that are not using Multi-Assets Mode; other accounts need to contact customer support.
When the insurance fund is not enough, there is also auto-deleveraging (ADL): the system forcibly reduces part of the positions on the other side to absorb the negative-equity loss. Bybit ranks positions by leveraged return, and the more profitable a position is, the earlier it gets reduced. So even if you are never liquidated yourself, a profitable position may have part of it closed by the system in an extreme market.
How can you lower your liquidation risk?
- Lower your leverage: with the same 1,000 USDT, a 20x position can withstand a 4.47% drop, 10x 9.50% and 5x 19.56%. Leverage is the main variable in liquidation distance.
- Use isolated margin to cap losses: an isolated liquidation costs at most that position’s margin and does not touch the rest of the money in your account.
- Add margin: adding 500 USDT to the 20x long moves the liquidation price from 57,315.23 to 55,806.94, a distance of 6.99%. The added money also takes on the losses, though.
- Set your stop-loss before the liquidation price: closing a 20,000 USDT position yourself with a market order costs about 10 USDT at a 0.05% taker fee. If you are liquidated instead, as calculated above, you get almost none of the remaining margin back.
- Watch funding and position tiers: for long-term positions, factor in the funding already paid, and when adding to a position pushes it into the next tier, the maintenance margin rate goes up.
The above covers rules and calculations, not trading advice. The higher the leverage, the smaller the adverse move that can liquidate the position.
FAQ
How is the liquidation price calculated?
For a long on USDT-margined perpetual futures, liquidation price = (entry price − margin ÷ quantity) ÷ (1 − maintenance margin rate − closing fee rate); for a short, it is (entry price + margin ÷ quantity) ÷ (1 + maintenance margin rate + closing fee rate). Quantity = margin × leverage ÷ entry price. In cross mode, add the account’s other available balance to the margin, and subtract any funding already paid.
How far does the price have to fall to liquidate a 20x position?
About 4.5%. With a 0.5% maintenance margin rate and a 0.05% closing fee, a 20x long is liquidated after a 4.47% drop; using the tier 1 BTCUSDT maintenance margin rates published by 11 exchanges, the figure falls between 4.47% and 4.89%. The longer you hold and the more funding you pay, the smaller this distance gets.
What is the maintenance margin rate?
The maintenance margin rate is the minimum equity needed to keep a position open, expressed as a share of the position value. If position equity falls below “position value × maintenance margin rate” (OKX and BingX also add the closing fee), the position is liquidated. Most exchanges set tiers by position size, with higher rates for larger positions, and Pionex and MEXC state that the rate does not depend on the leverage you choose. For tier 1 BTCUSDT, it ranges from 0.10% to 0.50% across the 11 exchanges with available figures.
Which has the more distant liquidation price, isolated or cross?
When the account has other available balance, cross margin has the more distant liquidation price, because that balance also backs the position. For a 20x long with 1,000 USDT, the isolated distance is 4.47%, while cross with another 1,000 USDT in the account gives 9.50%. A cross liquidation, however, may cost you all 2,000 USDT.
Do you owe money after being liquidated?
Normally you lose at most your margin: with isolated margin, that position’s margin; with cross margin, the available assets of the whole futures account. For a negative balance caused by negative equity, OKX states that the insurance fund covers it and the user does not bear it, and on Pionex the insurance fund bears it as well. Binance only tops up eligible accounts automatically; other accounts need to contact customer support.
Why does the exchange show a different liquidation price from the calculator?
Usually the parameters differ; the liquidation price shown on the exchange’s order page is the one that counts. Common reasons: the maintenance margin rate depends on the position tier and maintenance amount, some exchanges leave the closing fee out of the liquidation threshold, funding has already been deducted, a cross account holds other positions with their own profits or losses, or the liquidation price is based on the mark price rather than the last traded price. Bybit also notes that the closing fee makes the actual liquidation price differ slightly.
Is liquidation based on the last traded price or the mark price?
The mark price. Binance states that a position is always liquidated once its mark price reaches the liquidation price, and OKX also states that the liquidation price is based on the mark price.
Are you charged a fee when you are liquidated?
It depends on the exchange, and some charge far more than closing the position yourself. Binance charges a liquidation clearance fee (1.25% for BTCUSDT), OKX charges its taker rate, MEXC charges 0.04% on BTC futures and Pionex 1.15% on BTC futures. Bybit charges no liquidation fee on perpetual futures, but lowest-tier positions are closed at the bankruptcy price, so you still don’t get the remaining margin back.
To work out your full futures costs, see how futures trading fees are calculated and what the funding rate is and how it’s calculated, or use the perpetual futures cost calculator to estimate your monthly fees and funding. Each exchange’s fee details are in the fee guides for Binance, OKX, Bybit, Bitget, Pionex and others. For rates after the rebate, see actual fees after referral code rebates, and each exchange’s referral code is collected in the exchange referral code overview.