8V USDT futures adopt the marking price to avoid unnecessary forced liquidation due to abnormal market fluctuations. At the same time, to prevent significant impact on liquidity caused by forced liquidation of large positions, a tiered maintenance margin system is implemented.
In isolated margin mode, when the position margin falls to the maintenance margin level, forced liquidation is triggered.
In cross margin mode, when the position margin falls to the maintenance margin level and the account available balance is zero, forced liquidation is triggered.
Estimated liquidation price = marking price – [potential loss amount / (position quantity * open direction)]
After the user triggers the forced liquidation, the system’s forced liquidation engine takes over the liquidation at the bankruptcy price, and any surplus from the liquidation will be injected into the risk reserve fund.
The forced liquidation process is as follows:
For positions with the lowest tier margin:
1.Cancel all outstanding orders for this futures;
2.If the maintenance margin requirement is still not met, the position is liquidated by the forced liquidation engine at the bankruptcy price.
For positions with the second tier or higher margin:
1.Cancel outstanding orders for the futures but retain the existing position to lower the user’s margin tier;
2.Submit an execution for the full amount or immediately cancel the order. The value of this order equals the difference between the current position value and the margin tier level that meets the current margin requirement, to avoid further liquidation;
3.If the position remains in a liquidation state, it will be liquidated by the forced liquidation engine at the bankruptcy price.
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