Inputs and units
Choose BTC or ETH and Long or Short. Quantity is positive underlying units, up to 1,000,000,000, with multiplier 1. Entry price is settlement currency per underlying unit, from 0.00000001 to 1,000,000,000,000. Collateral is the assigned balance in USD, USDT or USDC, from zero to 1,000,000,000,000. USDT and USDC values are not USD conversions.
Configured leverage ranges from 1× to 1,000×. Maintenance is 0% to 50% of mark notional. Opening and closing trading fees are each 0% to 10%. Enter percentages directly: 0.5 means 0.5%, converted to decimal 0.005 by dividing by 100. Zero maintenance and zero fees are supported.
The generic liquidation condition
Read how maintenance margin and mark price trigger liquidation for the underlying mechanics and worked examples.
Initial margin = entry notional ÷ configured leverage
Opening costs = entry notional × decimal opening fee rate
Price P&L = direction sign × quantity × (mark − entry price)
Direction sign: long = +1; short = −1
Equity at mark = allocated collateral − opening costs + price P&L
Maintenance = quantity × mark × decimal maintenance rate
Closing-cost reserve = quantity × mark × decimal closing fee rate
Liquidation condition: equity at mark ≤ maintenance + closing-cost reserve
The shared analytical engine solves equality in this condition with accrued funding fixed at zero. Maintenance and the closing-fee reserve change with mark notional. Closing fees therefore contribute to the threshold, even though no closing execution is simulated. Custom fees apply with zero spread and slippage.
Opening costs reduce collateral. Entry equity must cover initial margin and strictly exceed maintenance plus the closing-cost reserve at entry. If either requirement fails, the hypothetical position could not open and no threshold is reported.
Worked example
A 1 BTC long enters at 50,000 USDT with 5,000 USDT allocated collateral, 10× configured leverage, 0.5% maintenance and zero opening and closing fees. Accrued funding, spread and slippage are zero.
The shared engine gives initial margin of 5,000.00 USDT and entry equity of 5,000.00 USDT. Entry is feasible. The estimated liquidation mark is 45,226.13 USDT, an adverse distance of 9.5477% below entry.
Changing only direction to Short gives 54,726.37 USDT, or 9.4527% above entry. These displays are rounded, not exact equality points.
Adding a 0.04% opening fee to the long reduces entry equity to 4,980.00 USDT, below the unchanged 5,000.00 USDT initial margin. That entry is rejected.
Configured leverage and allocated collateral
Initial margin is a requirement. Allocated collateral is the actual modeled balance assigned to the position. Quantity and collateral remain independently editable. Changing leverage changes the initial-margin requirement and may change entry eligibility; it does not resize the position or replace collateral with notional divided by leverage.
At fixed quantity, collateral and fee assumptions, changing configured leverage does not independently move the analytical liquidation threshold. Adding collateral lowers a valid long threshold and raises a valid short threshold.
A trigger mark, not an execution price
The result is an estimated trigger threshold, not a guaranteed liquidation execution price, bankruptcy price, exchange quote or forecast. There is no execution simulation at the threshold, price path, holding period or time-to-liquidation estimate.
A zero-fee long with collateral equal to its entry notional has no positive liquidation mark price under this model. This is not protection against all trading or platform risks. Positive thresholds outside the supported price range are reported separately, without clamping. Numerical failures are unavailable estimates, never a safety conclusion.
Model limits and related tools
This is one hypothetical newly opened linear perpetual under generic isolated margin, with zero accrued funding and no future funding projection. It does not reconstruct prior funding, partial closes, transfers or realized trading history. Cross or portfolio margin, inverse contracts, exchange-specific risk tiers, maintenance deductions and liquidation execution rules are excluded. There are no live prices or exchange connections.
Use the Funding Rate Calculator to project payments. Use the Perpetual P&L Calculator to evaluate an outcome at an entered scenario mark, including funding.
The full Workbench explores broader scenarios, funding assumptions and price paths. Inputs are not transferred automatically and this calculator does not save or overwrite Workbench data.