Crypto Futures: Dated Contracts and Perpetuals

Effective leverage is position value divided by the collateral supporting it. For an unchanged linear position, the same price move produces the same gross profit or loss, regardless of the leverage setting. A smaller collateral buffer makes that loss a larger share of the funds supporting the position.

Illustrative isolated positions: $1,000 collateral at 5× and $100 at 50× both support $5,000 of linear exposure. A favorable 10% move produces $500 gross profit in either case, before fees and funding. Assume a fixed maintenance requirement of 0.5% of entry notional, no extra margin, no fees and no funding. Maintenance is $25: the modeled loss thresholds are $975 (19.5% of entry notional) and $75 (1.5%). They are different liquidation thresholds, not promises about execution or maximum loss. Funds elsewhere may also be exposed if cross margin or replenishment applies.

The liquidation calculator uses a stated scenario model. Under its flat maintenance rate on entry notional, a 10× long with a 0.5% rate reaches its threshold after a 9.5% adverse move; at 100× the distance is 0.5%. Venue models, tiers, fees, collateral rules and mark prices can differ. No leverage setting guarantees safety.

Perpetual funding transfers value between long and short positions under the named contract's rules. With a positive rate, longs pay shorts; a negative rate reverses the direction. The rate can depend on a time-weighted premium, interest component and limits, so one instantaneous spot-versus-contract comparison does not identify the payment. Rates, intervals and formulas can change; inspect the actual next event.

Hypothetical calculation: a constant 0.01% rate paid at three eight-hour events per day equals 0.03% per day and 10.95% over 365 days, using unchanged notional and no compounding. This is not a forecast, yield or universal schedule; a position may instead receive funding, and its notional can change. The funding-rates tracker shows its supported contracts, intervals and available current or historical observations. Read its venue coverage, timestamps and missing-data notices.

When the margin supporting a position or account fails the relevant maintenance test, a venue may cancel orders, reduce positions or close them. The trigger often uses a mark or reference price. The displayed liquidation threshold is not a guaranteed fill price or loss limit.

In the illustrative fixed-entry-notional model above, 100× leverage with a 0.5% maintenance rate gives a 0.5% adverse-move threshold. A 1% loss of that entry notional would exhaust initial equity before costs. These are different thresholds; actual product rules and execution can differ.

The liquidation tracker reports observed public records from its supported venues. Read the venue, instrument scope, price basis, sampling and coverage gaps before comparing totals. It is not a census of every liquidation or a prediction. The calculator supplies a separate estimate under its stated assumptions.

Isolated margin assigns collateral to a position. Manual additions or automatic replenishment can expose more funds than the initial allocation. A venue may use insurance funds or auto-deleveraging to manage shortfalls, but the applicable contract and account terms determine any negative-balance protection or remaining liability.

Cross margin shares eligible collateral across the relevant account. Liquidation follows the account's maintenance test, not necessarily a zero balance. For example, Bybit's unified cross-margin rules use a 100% maintenance-margin ratio as a trigger. In a simplified illustration, a $50 maintenance requirement against $50 eligible equity gives 100% while equity is still positive. Other positions, orders, collateral haircuts and venue rules can affect the actual calculation.

Compare the collateral and replenishment rules in isolated versus cross margin. Neither label alone establishes a maximum loss or guarantees that one mode keeps a position open longer.