A spot holding and a leveraged perpetual contract are different exposures. Perpetuals often include funding payments and liquidation mechanics. The exchange’s mark price may trigger liquidation even when a chart displays another price.
Read collateral rules, maintenance margin and whether margin is isolated or shared. Leverage changes the relationship between equity and exposure. A stop order does not guarantee protection through gaps, outages or insufficient liquidity.
Worked example
With 5,000 USD notional exposure, a 2% adverse move changes price-move P&L by about 100 USD before costs. The margin posted does not reduce that exposure.
Check your understanding
Which price should you check for a perpetual’s liquidation rules?
Show explanation
The exchange’s specified liquidation or mark-price methodology, not merely the last traded price.
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