Preço de liquidação

Liquidation Price: A Beginner's Guide to Crypto Futures

Understanding the concept of Liquidation Price is absolutely critical for anyone venturing into the world of Crypto Futures Trading. It’s arguably *the* most important risk management tool, and failing to grasp it can lead to rapid and substantial losses. This article aims to provide a comprehensive explanation of liquidation price, covering its mechanics, factors influencing it, how to calculate it, and strategies to avoid getting liquidated. This guide is tailored for beginners, so we’ll avoid overly complex jargon where possible, while still maintaining accuracy and depth.

What is Liquidation in Crypto Futures?

In traditional spot trading, you own the underlying asset. If the price goes down, you simply hold on, hoping it recovers, or sell at a loss. With Futures Contracts, however, you’re trading a *contract* representing the future price of an asset. You don’t own the Bitcoin, Ethereum, or whatever asset the future represents; you’re speculating on its price movement. This is done using leverage.

Leverage is a double-edged sword. It magnifies both profits *and* losses. You can control a larger position with a smaller amount of capital, but if the market moves against you, your losses are also magnified.

Liquidation occurs when your losses exceed the amount of collateral (your margin) you’ve deposited to maintain your position. The exchange automatically closes your position to prevent further losses, and you forfeit your margin. Think of it like a margin call in traditional finance, but much faster and often unforgiving. It's important to understand that the exchange isn't 'punishing' you; it's protecting itself (and other traders) from cascading losses.

Understanding Margin and Maintenance Margin

Before diving into the liquidation price calculation, we need to understand two crucial terms: Margin and Maintenance Margin.

• **Margin:** The initial amount of capital you need to open a futures position. It's expressed as a percentage. For example, a 10x leverage means you need 10% of the position's value as margin.
• **Maintenance Margin:** The minimum amount of margin required to *keep* your position open. This is typically a lower percentage than the initial margin. If your account balance falls below the maintenance margin, your position becomes susceptible to liquidation.

Different exchanges have different margin requirements. These requirements are also dynamic and can change based on market volatility. Always check the specific margin requirements for the asset and the leverage you are using on your chosen exchange.

Calculating Liquidation Price

The Liquidation Price is the price level at which your position will be automatically closed by the exchange. The calculation differs slightly depending on whether you are in a long or short position.

Long Positions

For a long position (betting the price will go up), the liquidation price is calculated as follows:

Liquidation Price = (Average Entry Price * (1 + UDF)) / (1 - Maintenance Margin Rate)

Where:

• **Average Entry Price:** The average price at which you entered your long position. This is calculated as the total amount spent on opening the position divided by the quantity of the contract.
• **UDF (Unrealized Funding Fees):** This accounts for any funding fees accumulated. Funding fees are periodic payments made or received depending on the difference between the futures price and the spot price (see Funding Rate). They can slightly impact the liquidation price.
• **Maintenance Margin Rate:** The exchange's maintenance margin requirement, expressed as a decimal (e.g., 5% = 0.05).

Short Positions

For a short position (betting the price will go down), the calculation is:

Liquidation Price = (Average Entry Price * (1 - UDF)) / (1 + Maintenance Margin Rate)

Where:

• **Average Entry Price:** The average price at which you entered your short position.
• **UDF (Unrealized Funding Fees):** Same as above.
• **Maintenance Margin Rate:** The exchange's maintenance margin requirement, expressed as a decimal.

Example

Let's illustrate with an example:

• **Asset:** Bitcoin (BTC)
• **Position:** Long
• **Leverage:** 10x
• **Initial Margin:** 10%
• **Maintenance Margin:** 5% (0.05)
• **Average Entry Price:** $30,000
• **UDF:** $10 (negligible for this example)

Liquidation Price = ($30,000 * (1 + 0)) / (1 - 0.05) = $30,000 / 0.95 = $31,578.95

This means if the price of Bitcoin drops to $31,578.95, your position will be liquidated.

Let's do a short position example:

• **Asset:** Bitcoin (BTC)
• **Position:** Short
• **Leverage:** 10x
• **Initial Margin:** 10%
• **Maintenance Margin:** 5% (0.05)
• **Average Entry Price:** $30,000
• **UDF:** $10 (

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