Hyperliquid Liquidation Price Calculator

Hyperliquid's published liquidation formula, with maintenance margin derived from the asset's max leverage and cross margin driven by account value, not leverage.

Venue mechanics on this page are as of 2026-09. Fees, limits and margin tiers change — check the venue's own docs before acting on a number.

Direction

Margin mode

Mark price

Position size

units

Asset's max leverage

Shown per asset in the Hyperliquid app; sets maintenance marginLeverage set

Decides how much isolated margin is allocated

Enter the mark price, position size and the asset's max leverage.

Hyperliquid's published formula, with maintenance margin at half the initial margin at max leverage. Margin tiers are not modelled, and under cross margin other positions' unrealised PnL and funding move the level. Treat this as an estimate and read the number Hyperliquid shows.

The formula Hyperliquid publishes

Most liquidation calculators take entry price, leverage and a maintenance rate from a tier table. Hyperliquid’s liquidations page publishes its own formula, and it is built around margin available, not leverage:

liq_price = price - side * margin_available / position_size / (1 - l * side)
l = 1 / MAINTENANCE_LEVERAGE
side = 1 for long and -1 for short
margin_available (cross)    = account_value  - maintenance_margin_required
margin_available (isolated) = isolated_margin - maintenance_margin_required

That is why the calculator above asks for different inputs depending on the margin mode. The general version of this calculation, and why it differs by venue, is in how liquidation price is calculated.

Maintenance margin comes from max leverage

On Hyperliquid you do not look up a maintenance rate. The margining page says maintenance margin is currently half of the initial margin at the asset’s maximum leverage. Initial margin at max leverage is 1 / max_leverage, so:

l = 1 / (2 × max_leverage)

That is the only rate input the calculator needs, and it is why the field asks for the asset’s max leverage rather than a percentage. Max leverage differs by asset and changes over time — read it from the meta info response or the margin tiers page, not from this page.

Assets with margin tiers use notional × maintenance_margin_rate − maintenance_deduction, where each tier’s rate is half the initial margin rate at that tier’s max leverage. The docs add that the tier used is the one matching the position value at the liquidation price. The calculator does not model tiers, so for large positions it will be optimistic. What is maintenance margin covers the general idea.

Worked example

A hypothetical asset with a max leverage of 20×, a long of 0.1 units at a mark price of 60,000 (notional 6,000 USDC). Maintenance fraction l = 1/40 = 2.5%, so the maintenance requirement at entry is 150 USDC.

Setup	Margin	Available above maintenance	Liquidation price	Distance
Isolated, 10× set	600	450	55,384.62	7.69%
Isolated, 5× set	1,200	1,050	49,230.77	17.95%
Cross, account value 1,000	1,000	850	51,282.05	14.53%

Check the first row: at 55,384.62 the position has lost 461.54, leaving 138.46 of equity — exactly 2.5% of the new notional of 5,538.46. That is the point the formula solves for.

The same isolated 10× position as a short liquidates at 64,390.24. The (1 - l * side) term is why long and short distances are not symmetric.

Cross margin ignores the leverage you set

The docs are unusually direct about this: “The actual liquidation price is independent on the leverage set for cross margin positions. A cross margin position at lower leverage simply uses more collateral.”

In the cross row above, switching the position from 10× to 5× changes nothing — the formula reads account value, not leverage. For isolated margin the reverse is true: leverage sets how much margin is allocated, so the 10× and 5× rows differ. If you are unsure which mode fits, isolated vs cross margin walks through the trade-off.

Mark price, not the book

Liquidations are measured against mark price. Hyperliquid’s mark price is the median of three inputs: the oracle price adjusted by a moving average of Hyperliquid’s mid minus oracle; the median of Hyperliquid’s best bid, best ask and last trade; and a weighted median of perp mid prices on other exchanges. The price indices page lists the inputs.

The liquidations page warns that in volatile markets, or on highly leveraged positions, mark price may be significantly different from book price. So the level to watch is mark, and a chart of last-traded prices can mislead you in either direction.

What happens at the liquidation price

The sequence is documented and venue-specific:

Book first. Hyperliquid sends market orders to the book to close the position. If that restores the requirement, remaining collateral stays with you. The docs stress there is no clearance fee on liquidations.
Partial liquidation for large positions. A fraction goes to the book, followed by a cooldown. Thresholds and fractions are on the liquidations page.
Backstop. If equity drops below two thirds of maintenance margin (the current rule) without a successful book liquidation, the liquidator vault — a component of HLP — takes over. In that case the maintenance margin is not returned.
Auto-deleveraging. If an account value or isolated position value goes negative, positions on the opposite side are ranked by unrealised PnL and leverage and closed at the previous mark price, per the auto-deleveraging page.

Why the number moves after you open

The docs note that the liquidation price can move because of funding payments and, under cross margin, changes in unrealised PnL on your other positions. Hyperliquid settles funding every hour, so a paying position erodes margin continuously — the Hyperliquid funding calculator shows by how much. Why liquidation price changes covers the general causes.

FAQ

Does the leverage I set change my liquidation price on Hyperliquid?

Only for isolated margin. Hyperliquid's docs state that the liquidation price of a cross margin position is independent of the leverage set; lower leverage simply uses more collateral. For an isolated position the leverage decides how much margin is allocated, so it does move the liquidation price.

How is maintenance margin set on Hyperliquid?

The docs currently set it at half of the initial margin at the asset's maximum leverage, so an asset with a higher max leverage has a lower maintenance requirement. Assets with margin tiers apply a tiered rate with a maintenance deduction, and the tier tables are returned by the meta info request. Hyperliquid hedges the half rule with the word currently, so re-read the margining page if it matters to you.

Which price triggers a Hyperliquid liquidation?

The mark price, not the last trade on the order book. Mark price is a median that combines Hyperliquid's own book with external exchange prices, and the docs warn it can differ significantly from the book price in volatile markets or on highly leveraged positions.

What happens to my collateral when a Hyperliquid position is liquidated?

Hyperliquid first sends market orders to the book to close the position, charges no clearance fee, and leaves any remaining collateral with you. If equity falls below the backstop threshold, currently two thirds of maintenance margin, before the book liquidation succeeds, the position is taken over by the liquidator vault and the maintenance margin is not returned.

Why does this calculator not match the Hyperliquid app exactly?

It models one position with a single maintenance fraction. It does not model margin tiers, other positions' unrealised PnL under cross margin, or funding already paid or received, all of which the app includes. Read the number Hyperliquid shows and treat this as a way to understand what drives it.