Liquidationsübersicht
Liquidation
Liquidation for Cross Margin Mode
Liquidation for Perpetuals and Futures
Liquidationsprozess:
Bybit uses Mark Price to avoid liquidation caused by low liquidity or market manipulation. Under Cross Margin mode, when Available Balance decreases to 0 and Position Margin decreases to the Maintenance Margin level, the position is liquidated. Please take note that when holding hedged Long/Short positions under Cross Margin mode, only the net Long or net Short position may be liquidated. Fully hedged portions will not be liquidated. When liquidation happens, Bybit uses partial liquidation to reduce the required maintenance margin to avoid full liquidation. The liquidation process is as follows.
Trader mit der niedrigsten Margin-Stufe::
(Unified Trading Account) Cancel all open Derivative orders and Spot orders that may increase position size / (Derivatives Account) Cancel all open derivative orders
Falls die Maintenance Margin weiterhin nicht ausreicht, wird die Position zum Konkurspreis durch das Liquidationssystem geschlossen.
Trader mit einer höheren Margin-Stufe::
Das Liquidationssystem versucht, die Margin-Stufe zu senken, um die Margin-Anforderung zu verringern.
Alle aktiven Orders für USDT-Kontrakte werden abgebrochen.
Eine Fill-Or-Kill-Order über die Differenz zwischen dem aktuellen Positionswert und dem niedrigeren Margin-Stufen-Wert wird platziert. Dadurch wird die Margin-Anforderung erfüllt und eine weitere Liquidation verhindert.
Falls die Position weiterhin nicht die erforderliche Maintenance Margin erreicht, wird sie vollständig zum Konkurspreis durch das Liquidationssystem geschlossen.
Weitere Informationen zum Liquidationsprozess findest du Hier klicken.
Liquidation Triggered for User's Positions:
When using Cross Margin Mode or Portfolio Margin Mode (in the regular Derivatives Account, Inverse Derivatives Account and Unified Trading Account), liquidation is triggered on a per-account basis – the liquidation price is calculated based on Initial Margin Rate (IMR), Maintenance Margin Rate (MMR), and Available Balance of the entire account. When the Mark Price reaches the Liquidation Price, liquidation will be triggered for the entire account.
In the USDC Derivatives Account, Unified Trading Account in Cross Margin mode and Portfolio Margin mode, liquidation is triggered on a per-account basis: Initial Margin Rate (IMR) and Maintenance Margin Rate (MMR) are calculated based on the initial margin and maintenance margin of all positions in the account. When the IMR reaches 100%, all margin-occupying orders will be canceled. When the MMR reaches 100%, liquidation will be triggered.
Liquidation for Options
Long positions of Options will not be liquidated as traders have already paid the full premium at the time of purchase, only short positions of options will be liquidated. The liquidation engine will check all positions and select appropriate option positions for partial liquidation until the risk rate is below 90%.
Liquidation for Isolated Margin Mode
Under Isolated margin, when Position Margin decreases to Maintenance Margin level, the position is liquidated. Please take note that even if a trader holds long and short positions simultaneously with the "Hedge" Position mode under Isolated Margin mode, there is a possibility that both positions may still get liquidated under extreme market movement since the long and short positions are independent.
Liquidation Triggered for User's Positions: When using Isolated Margin Mode, liquidation is triggered on a per-position basis – the liquidation price is calculated based on the Initial Margin Rate (IMR) and Maintenance Margin Rate (MMR) of each position. When the Mark Price reaches the Liquidation Price, liquidation will be triggered for the particular position.
Liquidation in Portfolio Margin Mode
If a trader borrows assets, the borrowed assets will be automatically repaid when the Maintenance Margin Rate (MMR) reaches 80% until there are no more borrowed assets.
If a user does not have borrowed assets, when the Maintenance Margin Rate (MMR) reaches 100%, partial liquidation will be triggered. During the execution process, Bybit will calculate based on each position in the account and reduce the position that can most reduce the MMR until it reaches 90%. It should be noted that Bybit will not use any means to increase position sizes (such as delta hedging) to reduce risk.
For more details on liquidation in the Unified Trading Account, please Hier klicken.
Versicherungsfonds
Falls Bybit die liquidierte Position zu einem besseren Wert als dem Konkurspreis schließen kann, wird die verbleibende Margin dem Bybit Versicherungsfonds Falls Bybit die liquidierte Position nicht zu einem besseren Wert als dem Konkurspreis schließen kann, wird der Versicherungsfond genutzt, um den Verlust auszugleichen. Falls der Versicherungsfond nicht ausreicht, um den Verlust zu decken, wird Auto-Deleveraging (ADL) ausgelöst. Bybit verwendet den Versicherungsfond, um Trader vor Auto-Deleveraging zu schützen. Alle USDT-Kontrakte teilen sich denselben Versicherungsfond, um unnötige ADL-Vorgänge bei weniger liquiden Kontrakten zu verhindern.
ADL Mechanismus hinzugefügt
Wenn eine Position liquidiert wird, übernimmt das Liquidationssystem von Bybit diese. Falls die liquidierte Position nicht zu einem besseren Preis als dem Konkurspreis geschlossen werden kann und der Versicherungsfond nicht ausreicht, um den Verlust zu decken, wird das ADL-System die Gegenposition mit dem höchsten ADL-Ranking automatisch enthebeln. Das ADL-Ranking basiert auf dem effektiven Hebel und dem GuV-Prozentsatz.
ADL-Ranking
ADL ranking of each position is indicated by ADL indicator. Each lit light indicates a 20% increase in the ADL ranking priority. Under cross margin mode, should ADL be triggered, only the net long or short position will be auto-deleveraged. Under isolated margin mode, the long position and short position of the same contract may be auto-delevelaged by the ADL mechanism separately.
Berechnung des ADL-Rankings
Das ADL-Ranking wird durch den GuV-Prozentsatz und den effektiven Hebel bestimmt. Hohe Gewinne % und hohe Hebel führen zu einem höheren ADL-Ranking.
ADL Ranking = P&L Percentage × Effective Leverage (If P&L Percentage > 0) ADL Ranking = P&L Percentage / Effective Leverage (If P&L Percentage < 0) Effective Leverage = Abs[(Mark Value/(Mark Value - Bankruptcy value)] P&L Percentage = (Mark Value - Avg Entry Value) / (Avg Entry Value) Mark Value = Position Value at Mark Price Bankruptcy Value = Position Value at Bankruptcy Price Avg Entry Value = Position Value at Average Entry Price