BeaconWhat Is Thanh Lý?
Liquidation is the forced closure of a leveraged trading position when a trader's losses approach the amount of margin (collateral) they have deposited. When you trade with leverage, you are essentially borrowing capital to control a larger position than your account balance alone would allow. The exchange requires you to maintain a minimum amount of margin to keep the position open. If the market moves against you far enough that your remaining margin falls below this minimum, the exchange will automatically close your position to prevent further losses.
Thanh Lý serves a critical function in đòn bẩyd markets: it ensures that losses do not exceed the collateral available, protecting both the trader (from negative balances) and the platform (from bad debt). On most modern exchanges, including Hyperliquid, a sophisticated hệ thống thanh lý monitors all vị thế in thời gian thực and executes thanh lý at precise price levels.
Every leveraged position has a specific liquidation price - the exact price at which the exchange will close your trade. Knowing this price before you enter a position is fundamental to responsible trading. You can calculate your liquidation price using our liquidation calculator.
How Thanh Lý Works Step by Step
The thanh lý process follows a clear sequence. First, you open a vị thế có đòn bẩy by depositing ký quỹ. For example, you deposit $1,000 as ký quỹ and open a 10x vị thế long on BTC, giving you $10,000 of exposure. The exchange calculates your giá thanh lý based on your giá vào, đòn bẩy, and yêu cầu ký quỹ duy trì.
As the market moves, your lợi nhuận chưa thực hiện or loss changes. If BTC rises, your vị thế long gains value and your effective ký quỹ increases. If BTC falls, your vị thế loses value and your ký quỹ decreases. The exchange continuously monitors a metric called the tỷ lệ ký quỹ - the ratio of your remaining ký quỹ to the yêu cầu ký quỹ duy trì.
When the giá đánh dấu (a fair price calculated using the index and sổ lệnh) reaches your giá thanh lý, the hệ thống thanh lý takes over. It closes your vị thế by placing an order on the market. In chế độ ký quỹ cách ly, the ký quỹ allocated to that vị thế is used to cover the loss. In chế độ ký quỹ chéo, the loss is deducted from your total account balance.
After thanh lý, any remaining ký quỹ above the bankruptcy price (the price at which your losses exactly equal your ký quỹ) may be returned to you or added to the exchange's quỹ bảo hiểm. The specifics depend on the platform and điều kiện thị trường at the time of thanh lý.
Ký Quỹ Chéo vs. Ký Quỹ Cách Ly
The chế độ ký quỹ you choose dramatically affects your rủi ro thanh lý. In chế độ ký quỹ cách ly, each vị thế has its own dedicated ký quỹ. If you allocate $500 to a BTC vị thế long, only that $500 is at risk. Even if the vị thế is bị thanh lý, the rest of your account is untouched. This makes it easy to control exactly how much you can lose on any single trade.
Cross chế độ ký quỹ uses your entire available account balance as collateral for all open vị thế. The advantage is that your vị thế have more ký quỹ backing them, so they are further from thanh lý. A temporary drawdown on one vị thế can be absorbed by unrealized gains on another. However, the risk is that a single bad trade can liquidate your entire account if it moves far enough.
Most experienced traders recommend isolated margin for beginners, as it provides clear risk boundaries. Cross margin is favored by more advanced traders who are running multiple correlated positions and want the flexibility of shared collateral. On Hyperliquid, you can choose your margin mode for each position, and you can explore live market data on the markets page.
Strategies to Prevent Thanh Lý
The most effective way to avoid thanh lý is to use lower đòn bẩy. While 50x đòn bẩy is available, using 2x to 5x gives your vị thế significantly more room to absorb price fluctuations. A 5x vị thế long can withstand roughly a 20% adverse move before thanh lý, compared to just 2% at 50x. Lower đòn bẩy does not mean lower profits in absolute terms - you can achieve the same kích thước vị thế by simply depositing more ký quỹ.
Stop-loss orders are another essential tool. A cắt lỗ automatically closes your vị thế at a predetermined price, limiting your losses before reaching the giá thanh lý. Set your cắt lỗ well above your giá thanh lý to account for trượt giá and sudden biến động giá. A good rule of thumb is to place cắt lỗes at least 20-30% of the distance to your giá thanh lý.
Proper position sizing is equally important. Never risk more than a small percentage of your total capital on a single trade. Many professional traders limit each trade to 1-3% of their account. You can calculate appropriate position sizes using the tools available on our liquidation calculator to find the right balance between position size and liquidation distance.
Cascade Thanh Lý and Market Impact
One of the most dramatic phenomena in crypto markets is the thanh lý dây chuyền. When a large number of vị thế có đòn bẩy are clustered around similar price levels, a price move that triggers the first wave of thanh lý can push the price further, triggering more thanh lý in a chain reaction. This self-reinforcing cycle can cause rapid, violent biến động giá that exceed what fundamentals would justify.
Cascade thanh lý are particularly common during periods of high hợp đồng mở and high đòn bẩy. When the market is heavily vị thếed in one direction, even a modest price move can set off a domino effect. The resulting forced selling (for long thanh lý) or forced buying (for short thanh lý) creates extreme volatility.
Understanding cascade dynamics helps you trade more defensively. Avoid entering heavily leveraged positions when open interest is at extremes, and be cautious of holding positions near price levels where large clusters of liquidations are likely sitting. Learn more about reading market conditions in our guide on open interest.