# 标记价格、抵押品与强平：先找触发规则，再算余额 先选择保证金模式和触发价格，再读逐仓阈值、分档需求、抵押折扣及保险基金和ADL。 Entry: zh-m26 | Node: M26 | Language: zh | Editorial revision: 2026-09-21 ## Teaching instructions 你在教M26《标记价格、抵押品与强平：先找触发规则，再算余额》。先实际读取下列必读原件的完整指定单元，再核输入身份与单位，并把自己的读取记录写入运行时日志；不得把作者日志当你已经读过。先核文献日期和版本；动态URL若已换版，不能让新版本默默替代这里的具名规则。资料不足只暂停相关断言，不能用模型记忆补成原件。 主线只逐项算USDT线性逐仓long；先问mode，再问用last/index/mark哪个触发。要求重建36,380.250344与median36,380，说明stop未触发不等于未强平。分档92.5和BTC认可值另两子例，不合并账户。默认必须读Insurance与ADL两类trigger/stop及How works，分开客户破产价结算和实际执行。inverse分支按全文和静态例完整解释；cross/portfolio只判给定MMR，不臆造引擎或portfolio单仓显示价。 先让读者独立重建一项现金或状态结果，再定位其概念错误。保留完整题解与条件；不得将教学报价称为实盘，不实施账户交易。 Before substantive teaching, actually retrieve every required reading unit for the selected scope. Read its complete designated section, including necessary assumptions, tables and footnotes. A working URL or an editorial access date is not a runtime reading receipt. Record the actual version, location, scope and what it supports. If unavailable, use a previously verified equivalent source; if the required unit remains unavailable, identify that gap rather than teach it from memory. Start runtime_reading_log empty. Once reading is complete, use a substantive diagnostic or follow the reader's request for direct explanation. Advance one complete reasoning task at a time; skip mastered basics. Distinguish original facts, supplied teaching assumptions and inference. ## Required readings and runtime protocol ```json { "export_mode": "public", "required_readings": [ { "source_id": "MOD-BYBIT-LIQUIDATION", "access": { "kind": "html_full_text", "uri": "https://www.bybit.com/en/help-center/article/UTA-Trading-Rules-Liquidation-Process", "verified_access_at": "2026-09-21" }, "version": "updated 2026-08-07 02:22:50", "required_unit": { "locator": "完整Isolated Margin页签：Overview、阶梯清算过程、USDT long与Inverse short公式/例；不声称读全Cross/Portfolio引擎", "scope": "完整指定单元；不得以目录/摘要替代", "purpose": "逐仓条件公式和官方教学例；触发/接管/实际成交不同。" }, "supports": "逐仓条件公式和官方教学例；触发/接管/实际成交不同。", "id": "M26-READ-01", "title": "Trading Rules: Liquidation Process (Unified Trading Account)", "authors": [ "Bybit" ], "retrieved_at": "2026-09-21" }, { "source_id": "MHIJ-BYBIT-MARK", "access": { "kind": "html_full_text", "uri": "https://www.bybit.com/en/help-center/article/Mark-Price-Calculation-Perpetual-Expiry-Contracts", "verified_access_at": "2026-09-21" }, "version": "updated 2026-09-04 10:32:20", "required_unit": { "locator": "Perpetual Contracts常规median构造、price1/price2/last及异常回退边界；本例仅常规分支", "scope": "完整指定单元；不得以目录/摘要替代", "purpose": "常规标记价的风险估值身份及median组成，不保证该价可成交。" }, "supports": "常规标记价的风险估值身份及median组成，不保证该价可成交。", "id": "M26-READ-02", "title": "Mark Price (Perpetual and Expiry Contracts)", "authors": [ "Bybit" ], "retrieved_at": "2026-09-21" }, { "source_id": "MHIJ-BYBIT-INDEX", "access": { "kind": "html_full_text", "uri": "https://www.bybit.com/en/help-center/article/Index-Price-Calculation", "verified_access_at": "2026-09-21" }, "version": "updated 2026-06-19", "required_unit": { "locator": "正常指数价的外部市场参考职责；未采用有冲突的异常示例或深度参数", "scope": "完整指定单元；不得以目录/摘要替代", "purpose": "指数为外部参考而非本平台下一笔可执行成交。" }, "supports": "指数为外部参考而非本平台下一笔可执行成交。", "id": "M26-READ-03", "title": "Index Price Calculation", "authors": [ "Bybit" ], "retrieved_at": "2026-09-21" }, { "source_id": "MHIJ-BYBIT-MODES", "access": { "kind": "html_full_text", "uri": "https://www.bybit.com/en/help-center/article/Differences-Between-the-Margin-Modes-Under-the-Unified-Trading-Account", "verified_access_at": "2026-09-21" }, "version": "updated 2026-08-04 13:44:59", "required_unit": { "locator": "完整Comparison of Margin Modes表，特别Asset Mode、Liquidation Trigger Criteria、Liquidation Price Display；切换条件", "scope": "完整指定单元；不得以目录/摘要替代", "purpose": "逐仓/全仓/组合触发和资产模式；组合没有单仓显示强平价。" }, "supports": "逐仓/全仓/组合触发和资产模式；组合没有单仓显示强平价。", "id": "M26-READ-04", "title": "Differences Between the Margin Modes Under the Unified Trading Account", "authors": [ "Bybit" ], "retrieved_at": "2026-09-21" }, { "source_id": "MHIJ-BYBIT-MAINTENANCE", "access": { "kind": "html_full_text", "uri": "https://www.bybit.com/en/help-center/article/Maintenance-Margin-USDT-Contract", "verified_access_at": "2026-09-21" }, "version": "updated 2026-04-16", "required_unit": { "locator": "分档边际维持率、MM deduction及3,500名义额例；关闭费说明", "scope": "完整指定单元；不得以目录/摘要替代", "purpose": "边际档位与扣减，92.5是当前示例需求不是最大亏损。" }, "supports": "边际档位与扣减，92.5是当前示例需求不是最大亏损。", "id": "M26-READ-05", "title": "Maintenance Margin", "authors": [ "Bybit" ], "retrieved_at": "2026-09-21" }, { "source_id": "MHIJ-BYBIT-COLLATERAL", "access": { "kind": "html_full_text", "uri": "https://www.bybit.com/en/help-center/article/Assets-Collateral-Value-Ratio-List-UTA", "verified_access_at": "2026-09-21" }, "version": "updated 2026-03-30", "required_unit": { "locator": "无头寸/订单/借款余额公式；amount×USD index×eligible ratio；分档与限制说明", "scope": "完整指定单元；不得以目录/摘要替代", "purpose": "市场换币与认可比例分开；90%属于本项目教学参数。" }, "supports": "市场换币与认可比例分开；90%属于本项目教学参数。", "id": "M26-READ-06", "title": "Understanding Collateral Value Ratios in Unified Trading Account", "authors": [ "Bybit" ], "retrieved_at": "2026-09-21" }, { "source_id": "MHIJ-BYBIT-INSURANCE", "access": { "kind": "html_full_text", "uri": "https://www.bybit.com/en/help-center/article/Insurance-Fund", "verified_access_at": "2026-09-21" }, "version": "updated 2026-03-24 02:50:27", "required_unit": { "locator": "全文，特别How Do Insurance Funds Work及65,000/64,000/64,980/63,950例", "scope": "完整指定单元；不得以目录/摘要替代", "purpose": "客户破产价结算与实际清算价之差由保险基金增减承接。" }, "supports": "客户破产价结算与实际清算价之差由保险基金增减承接。", "id": "M26-READ-07", "title": "Insurance Fund", "authors": [ "Bybit" ], "retrieved_at": "2026-09-21" }, { "source_id": "MHIJ-BYBIT-ADL", "access": { "kind": "html_full_text", "uri": "https://www.bybit.com/en/help-center/article/Auto-Deleveraging-ADL", "verified_access_at": "2026-09-21" }, "version": "updated 2026-04-13 03:29:06", "required_unit": { "locator": "What is ADL；Trigger & Stop Condition 1及2；How does ADL work；不将完整ranking公式或有冲突补偿数例列为默认", "scope": "完整指定单元；不得以目录/摘要替代", "purpose": "两类触发停止与相反方向减仓；不等于只有基金余额归零。" }, "supports": "两类触发停止与相反方向减仓；不等于只有基金余额归零。", "id": "M26-READ-08", "title": "Auto-Deleveraging (ADL) Mechanism", "authors": [ "Bybit" ], "retrieved_at": "2026-09-21" } ], "optional_readings": [], "runtime_reading_log": [], "supplied_inputs": { "scope": "M26", "experiment_ids": [ "EXP-MHIJ-M26-LIQUIDATION-01", "EXP-MHIJ-M26-COLLATERAL-01" ], "groups": { "EXP-MHIJ-M26-LIQUIDATION-01": { "owner": "M26", "unit_contract": { "linear_prices": "USDT/BTC", "linear_cash": "USDT", "inverse_prices": "USD/BTC", "inverse_margin": "BTC" }, "identity": "Bybit official isolated-margin teaching examples plus a synthetic simultaneous mark/last branch and a small teaching insurance ledger; not a customer account or live risk tier.", "source_ids": [ "MOD-BYBIT-LIQUIDATION", "MHIJ-BYBIT-MARK", "MHIJ-BYBIT-INDEX", "MHIJ-BYBIT-MODES", "MHIJ-BYBIT-INSURANCE", "MHIJ-BYBIT-ADL" ], "inputs": { "mainline_currency": "USDT linear", "official_linear": { "quantity_btc": 1, "entry": 40000, "leverage": 50, "extra_margin_usdt": 3000, "MMR": 0.005, "taker_fee_rate": 0.00055, "MM_deduction": 0 }, "official_inverse_branch": { "quantity_usd": 30000, "entry": 60000, "leverage": 10, "extra_margin_btc": 0, "MMR": 0.005, "taker_fee_rate": 0.00055, "MM_deduction": 0, "branch": "complete selected reading branch, not the first-time mainline calculation" }, "synthetic_mark": { "index": 36350, "last_funding_rate": 0.0001, "time_until_funding_hours": 4, "funding_interval_denominator_hours": 8, "average_basis": 30, "last": 36500, "last_price_stop_trigger": 36400 }, "insurance_teaching": { "quantity_btc": 1, "liquidation_trigger": 65000, "bankruptcy": 64000, "actual_exit_prices": [ 64980, 63950 ] } }, "formulas": { "mark_price1": "index * (1 + last_funding_rate * time_until_funding / interval_denominator)", "mark_price2": "index + average_basis", "mark_normal": "median(price1, price2, last)", "insurance_delta_long": "(actual_execution - bankruptcy_price) * quantity_BTC" }, "default_results": { "linear": { "fee_to_close": 21.56, "initial_margin_before_extra": 821.56, "maintenance_at_entry": 221.56, "liquidation_price": 36380.2503437192 }, "inverse": { "position_value_btc": 0.5, "fee_to_close_btc": 0.0002475, "initial_margin_btc": 0.0502475, "maintenance_btc": 0.0027475, "liquidation_price": 66333.33333333333 }, "synthetic_mark": { "price1": 36351.8175, "price2": 36380, "last": 36500, "mark": 36380, "isolated_long_liquidation_triggered": true, "last_stop_triggered": false }, "insurance_fund_delta_usdt": [ 980, -50 ] }, "margin_mode_contract": { "isolated": { "trigger": "Mark Price reaches the position liquidation price", "liquidation_price_display": "actual position trigger price", "asset_mode": "single settlement asset" }, "cross": { "trigger": "Account Maintenance Margin Rate reaches 100%", "liquidation_price_display": "estimate/reference only", "asset_mode": "multiple collateral assets after eligible conversion" }, "portfolio": { "trigger": "Account Maintenance Margin Rate reaches 100%", "liquidation_price_display": "not applicable", "asset_mode": "multiple collateral assets; portfolio risk engine not reconstructed" } }, "loss_allocation_required_branch": { "insurance": "Customer position is settled at bankruptcy price while venue execution can differ; better/worse execution changes the insurance fund.", "adl": [ "Condition 1: 8-hour insurance-fund drawdown trigger/stop thresholds may activate ADL before a zero fund balance.", "Condition 2: combined balance of independent insurance funds at/below zero can trigger ADL.", "How ADL works: opposing positions are deleveraged/closed at the relevant bankruptcy price." ], "agent_reading": "Insurance mechanism/example and ADL Trigger & Stop Conditions 1–2 plus How does ADL work are required for the default M26 lesson." }, "branch_boundaries": { "mainline": "Teach the linear USDT isolated example first. Keep the inverse official example as a complete selected branch/static analysis.", "no_execution_at_trigger": "Mark-price trigger is not the final market execution price.", "cross_portfolio": "Do not reuse isolated liquidation-price formulas as account triggers.", "adl_ranking": "Detailed ranking formula is not required for the default branch." } }, "EXP-MHIJ-M26-COLLATERAL-01": { "owner": "M26", "unit_contract": { "position_value": "USDT", "margin": "USDT", "collateral_asset": "BTC", "eligible_value": "USD" }, "identity": "Official tier mechanics plus a no-position/no-order/no-borrow teaching collateral haircut; the two examples are not one real account.", "source_ids": [ "MHIJ-BYBIT-MAINTENANCE", "MHIJ-BYBIT-COLLATERAL", "MHIJ-BYBIT-MODES" ], "inputs": { "official_tier_example": { "tier_upper_values": [ 1000, 2000, 3000, 4000, 5000 ], "marginal_rates": [ 0.02, 0.025, 0.03, 0.035, 0.04 ], "position_value": 3500, "initial_margin": 350, "closing_fee_excluded": true }, "teaching_collateral": { "quantity_btc": 0.1, "usd_index_prices": [ 50000, 40000 ], "eligible_ratio": 0.9 } }, "formulas": { "tier_MM": "sum over marginal value in each tier × tier rate; equivalent at 3500 to 3500×3.5%−30", "eligible_collateral": "quantity * USD_index * eligible_ratio" }, "default_results": { "tier_MM": 92.5, "tier_4_deduction": 30, "snapshot_surplus": 257.5, "eligible_value": [ { "index": 50000, "headline": 5000, "eligible": 4500 }, { "index": 40000, "headline": 4000, "eligible": 3600 } ] }, "branch_boundaries": { "snapshot_surplus": "257.5 is not maximum future loss; price/tier/requirements can change.", "eligible_ratio": "90% is a teaching value, not a current BTC tier.", "mode_compatibility": "The BTC multi-collateral illustration belongs to a compatible cross/portfolio asset-mode branch, not arbitrary isolated USDT margin." } } }, "attached_frozen_file": { "uri": "https://ou-liu-red-sugar.github.io/notebook/labs/m-hij/inputs.json", "sha256": "245740f4156fdf166763d7c38234753a46e4a033fea09f09f1da4ce90e3db368", "reading_scope": "只取本篇及所选分支groups，其他字段不重复内嵌" }, "selection": { "default": "main", "available": [ "main", "inverse", "all" ], "chosen": "all" } }, "entry_id": "zh-m26", "node_id": "M26", "content_version": "2026-09-21-MHIJ-review-v3", "selected_branch": "all", "export_scope": "完整本篇，含明确标为选读的分支；仅在采用选读时升级其具名原文为必读。", "source_paths": { "data/m-hij-final-shared-inputs.json": "https://ou-liu-red-sugar.github.io/notebook/labs/m-hij/inputs.json", "static/M26.html": "https://ou-liu-red-sugar.github.io/notebook/labs/m-hij/static/M26.html" }, "experiment_ids": [ "EXP-MHIJ-M26-LIQUIDATION-01", "EXP-MHIJ-M26-COLLATERAL-01" ] } ``` ## Supplied entry ## 一、同一个账户，至少有三种价格职责 价格在K线上没有碰到止损，账户却已进入清算，未必是同一规则被执行了两次。最新成交价记录刚刚成交在哪里；指数价提供外部市场参考；标记价格服务于估值和风险触发。它们可以相关，却不是同一个字段。Bybit的已读规则把逐仓清算与标记价格联系起来，不能只看显示最新成交的蜡烛图判断。[^M26-mark][^M26-liquidation] 这项区分也说明为何“强平价”不是承诺按该价格卖出。触发规则先判断是否进入处置，实际减仓仍需要市场执行；破产价又服务于客户结算与损失承接。我们会分别读这三个时点和对象，而不是把它们画成一个成交按钮。 ## 二、先选模式：哪个范围里的风险会相互影响 本篇主线采用**线性USDT逐仓**。先看2026-08-04的三模式对照表，防止把单仓公式拿去判断整个账户：[^M26-modes] | 模式 | 风险触发 | 单仓强平价显示 | 抵押资产范围 | |---|---|---|---| | 逐仓 isolated | 标记价达到该头寸强平价 | 该头寸实际触发价 | 对应合约的结算资产 | | 全仓 cross | 账户维持保证金率达到100% | 仅估算／参考 | 符合资格的多资产折算 | | 组合 portfolio | 账户维持保证金率达到100% | 不适用 | 多资产及组合风险模型 | 这里的“账户维持保证金率”是平台定义的账户风险比率，不能拿下一节公式里的0.5%档位要求代替。组合模式也不是“给每个仓显示一个参考强平价”：原表明确为不适用。全仓与组合需要完整账户状态才能计算；本篇只解释它们的触发准则，不凭一个单仓例伪造账户风险引擎。 ## 三、把逐仓USDT官方例算完整 原例做多1 BTC，入场40,000 USDT，杠杆50倍，随后另加3,000 USDT保证金；假定该档维持保证金率 $m=0.005$、taker费率 $c=0.00055$、维持保证金扣减 $D=0$。这些是规则页的**官方示例参数**，不是任意当前BTC交易的实时要求。[^M26-liquidation] 先拆金额。入场名义量40,000 USDT并非初始支付的保证金。按原例预计平仓费为 $$ \mathrm{FeeClose}=40{,}000(1-1/50)\times0.00055=21.56. $$ 于是另加保证金之前，示例初始保证金为 $40{,}000/50+21.56=821.56$ USDT；入场参照下的维持额为 $40{,}000\times0.005+21.56=221.56$ USDT。21.56是预估费用预留，不保证最终就支付这一笔费用。 令 $q$ 为BTC数量、$E$ 为入场价、$\ell$ 为杠杆、$A$ 为额外保证金。原页多头阈值公式是 $$ P_{\rm liq} =\frac{Eq-Eq/\ell-A/(1-c)-D}{q(1-m)}. $$ 代入 $q=1,E=40{,}000,\ell=50,A=3{,}000$： $$ P_{\rm liq} =\frac{40{,}000-800-3{,}000/(1-0.00055)}{1-0.005} \approx36{,}380.250344. $$ 这个阈值把头寸规模、保证金和维持要求联系起来。它不是把“初始保证金减固定维持额”除以数量就能永久锁定的价位：档位、保证金、预估费用等变化都可能要求重算；原页也提醒平仓费用会使实际显示存在小差异。[^M26-liquidation] ## 四、用一组同时点教学价格看懂“止损没到，强平先到” 采用2026-09-04规则页正常永续分支：标记价取 Price 1、Price 2、最新成交价的中位数。Price 2的基差是盘口中价相对指数的短窗移动平均；不是把一根K线直接加到指数上。异常数据与平台保留的调整权不在这个简化分支内。[^M26-mark] 现在给定**合成输入**：指数36,350，上一资金费率0.01%，距资金费时点4小时，公式所用分母8小时，平均基差30，最新成交36,500。则 $$ \begin{aligned} P_1&=36{,}350[1+0.0001(4/8)]=36{,}351.8175,\\ P_2&=36{,}350+30=36{,}380,\\ P_{\rm mark}&=\operatorname{median}(36{,}351.8175,36{,}380,36{,}500)\\ &=36{,}380. \end{aligned} $$ 把它和上一节未四舍五入的阈值比较：$36{,}380\le36{,}380.250344$，逐仓多头已触发清算。若另设一张**按最新成交价触发**的教学止损，触发线36,400，那么最新成交36,500尚未到线。两者没有矛盾，因为它们读的价格不同。 这不是一段真实历史行情，也不意味着清算一定在36,380成交。更不能因为本例把funding公式分母取8，就在下一小时资金费事件里自动改写所有mark规则：应分别读取各自的参数约定。
先保持逐仓，切换“原线性例”和“同时点标记价”读阈值。随后改为全仓或组合模式：原单仓清算价应退出触发判断，实验只在你提供一个明确的教学账户MMR时比较100%准则；没有账户输入就保留未知，而不是继续给出看似精确的答案。 ## 五、余额、维持要求与合资格抵押，不能共用一个数 维持保证金分档通常意在让新增风险对应新增要求，而非在跨档时把以前整段名义额突然重算成完全不同金额。已读示例对前五个1,000额度分别用2%、2.5%、3%、3.5%、4%。对3,500 USDT名义额，前三档各1,000，第四档只有500：[^M26-maintenance] $$ MM=1{,}000(0.02+0.025+0.03)+500(0.035)=92.5. $$ 等价写法为 $3{,}500\times3.5\%-30$，其中30是让分段累计结果一致的扣减，并非赠送的保证金。教学资金350减92.5为257.5，只是这一快照的差额；本例还未计关闭费，也没有证明未来最多只亏257.5。 另看一个**独立、无仓位／订单／借款**的多抵押例。钱包0.1 BTC，以50,000 USD/BTC转换为5,000 USD，若采用教学认可比例90%，合资格值是4,500 USD；指数跌到40,000，同样余额只对应3,600 USD合资格值。90%并不是当前BTC档位承诺。货币转换先回答“市值是多少”，认可比例再回答“其中多少可被这一模式接受”；二者不能相互替代。[^M26-collateral][^M26-modes]
图上分档头寸和BTC钱包是两张不同的教学卡，不把350 USDT与0.1 BTC偷偷合成一个真实账户。切到逐仓USDT模式时，BTC多抵押用途应被标为不相容，但BTC的市场价值不会因此变成零。 ## 六、触发以后，损失由哪一层承接 Bybit逐仓流程先取消会扩大仓位的活动订单；高于最低档时，还可以通过部分IOC减仓向低档移动；仍不能满足要求，才进入相应接管和平仓。这个顺序说明处置不是“碰到线就保证整仓按线成交”。[^M26-liquidation] 保险基金的原文又区分客户按破产价结算和市场上的实际平仓。用它的价格例，加上教学数量1 BTC：强平触发65,000、破产价64,000；若市场实际退出64,980，较破产价好的980 USDT进入保险基金；若只能63,950退出，差50 USDT由基金承接。这是**另一组清算例**，不能接到前面40,000入场的公式上拼成同一账户。[^M26-insurance] ADL则是特定条件下对相反方向头寸自动减仓的安排。已读2026-04-13文档列了两类触发／停止：其一与过去八小时保险基金的回撤触发线和停止线有关，未必等到余额为零；其二与多个独立保险池合并余额不大于零及恢复为正有关。处置会按相应规则匹配相反方向头寸，并按定义的破产价结算。不能用“我的仓正赚钱”排除被减仓，也不能把某个池还有正余额写成ADL必不发生。[^M26-adl] 这里保险并不是替客户保证盈利，而是规定极端市场中亏损超过个别头寸可承受部分后如何处理。固定合约支付、资金能力和系统损失承接，需要分别读原文。
完整选读：反向空头官方例，BTC保证金账 反向例为空30,000 USD合约数量，入场60,000 USD/BTC，10倍杠杆，没有额外保证金；$m=0.5\%,c=0.055\%$。先算币数量：$30{,}000/60{,}000=0.5$ BTC。按原例的估费口径，平仓费预留为 $0.5(1-1/10)0.00055=0.0002475$ BTC；初始额 $0.5/10+0.0002475=0.0502475$ BTC，入场维持额 $0.5\times0.005+0.0002475=0.0027475$ BTC。[^M26-liquidation] 反向空头的公式和线性多头不能互换。若 $Q$ 用USD，$A,D$ 都用BTC，原页给出 $$ P_{\rm liq,short} =\frac{Q(1-m)}{Q/E-Q/(E\ell)-A/(1-c)-D}. $$ 分母是BTC，分子是USD，因此结果是USD/BTC。代入本例为 $$ \frac{30{,}000(1-0.005)}{0.5-0.05} =66{,}333.333333\ \text{USD/BTC}. $$ 空头在价格向上触及阈值时面临清算，与线性多头的向下触及不同。上述预计费用和阈值均按官方例演算，没有扩成每一个反向产品的完整执行模型。理解后再回看主线：模式、方向、币种和资金单位缺一项，套公式都可能产生错误的精确数字。
## 七、检验：先指出规则，再给结果 **题一：本例最新成交36,500高于止损36,400，为什么仍可先进入逐仓清算？** 解析：止损读取最新成交，清算读取标记价。正常median得到36,380，已不高于逐仓多头阈值36,380.250344。它只确定触发，不确定实际执行价。 **题二：把同一头寸改称组合保证金，就能把36,380.25作为“参考强平价”吗？** 解析：不能。组合模式的单仓强平价显示不适用，触发看账户MMR。全仓才在原表中保留估算参考价。缺完整账户输入时应回答资料不足，而不是继续沿用逐仓结果。 **题三：3,500名义额若直接乘3.5%，比92.5多多少？这是否是另外一笔费用？** 解析：$122.5-92.5=30$。它是分档累计与单率写法间的扣减，不是交易费或现金返还。350−92.5的差额同样不是锁定最大亏损。 **题四：保险基金仍有余额，为什么不能排除ADL？** 解析：第一类触发使用八小时回撤条件，不等价于基金余额归零；另一类才涉及多个池合并余额。必须分别核币对当时的触发和停止参数，不能只用一个总余额推出结论。 **题五（反向分支）：0.0502475是USD还是BTC？若用它直接减一笔50 USDT费用会怎样？** 解析：是BTC。若跨币相减，量纲已经错误。必须先按规定转换，并另记费用币种和时点；否则不仅收益错，保证金是否足够也会被误判。 [^M26-mark]: Bybit，Mark Price (Perpetual and Expiry Contracts)，updated 2026-09-04 10:32:20。[原文](https://www.bybit.com/en/help-center/article/Mark-Price-Calculation-Perpetual-Expiry-Contracts)。定位：Perpetual Contracts常规median构造、price1/price2/last及异常回退边界；本例仅常规分支。采用范围：常规标记价的风险估值身份及median组成，不保证该价可成交。 [^M26-liquidation]: Bybit，Trading Rules: Liquidation Process (Unified Trading Account)，updated 2026-08-07 02:22:50。[原文](https://www.bybit.com/en/help-center/article/UTA-Trading-Rules-Liquidation-Process)。定位：完整Isolated Margin页签：Overview、阶梯清算过程、USDT long与Inverse short公式/例；不声称读全Cross/Portfolio引擎。采用范围：逐仓条件公式和官方教学例；触发/接管/实际成交不同。 [^M26-modes]: **Bybit，Differences Between the Margin Modes Under the Unified Trading Account**，updated 2026-08-04 13:44:59。[原文](https://www.bybit.com/en/help-center/article/Differences-Between-the-Margin-Modes-Under-the-Unified-Trading-Account)。定位：完整Comparison of Margin Modes表，特别Asset Mode、Liquidation Trigger Criteria、Liquidation Price Display；切换条件。采用范围：逐仓/全仓/组合触发和资产模式；组合没有单仓显示强平价。 [^M26-maintenance]: **Bybit，Maintenance Margin**，updated 2026-04-16。[原文](https://www.bybit.com/en/help-center/article/Maintenance-Margin-USDT-Contract)。定位：分档边际维持率、MM deduction及3,500名义额例；关闭费说明。采用范围：边际档位与扣减，92.5是当前示例需求不是最大亏损。 [^M26-collateral]: **Bybit，Understanding Collateral Value Ratios in Unified Trading Account**，updated 2026-03-30。[原文](https://www.bybit.com/en/help-center/article/Assets-Collateral-Value-Ratio-List-UTA)。定位：无头寸/订单/借款余额公式；amount×USD index×eligible ratio；分档与限制说明。采用范围：市场换币与认可比例分开；90%属于本项目教学参数。 [^M26-insurance]: **Bybit，Insurance Fund**，updated 2026-03-24 02:50:27。[原文](https://www.bybit.com/en/help-center/article/Insurance-Fund)。定位：全文，特别How Do Insurance Funds Work及65,000/64,000/64,980/63,950例。采用范围：客户破产价结算与实际清算价之差由保险基金增减承接。 [^M26-adl]: **Bybit，Auto-Deleveraging (ADL) Mechanism**，updated 2026-04-13 03:29:06。[原文](https://www.bybit.com/en/help-center/article/Auto-Deleveraging-ADL)。定位：What is ADL；Trigger & Stop Condition 1及2；How does ADL work；不将完整ranking公式或有冲突补偿数例列为默认。采用范围：两类触发停止与相反方向减仓；不等于只有基金余额归零。 ## Additional teaching material ### 本篇默认结果与静态等价

一、同一个账户，至少有三种价格职责

价格在K线上没有碰到止损，账户却已进入清算，未必是同一规则被执行了两次。最新成交价记录刚刚成交在哪里；指数价提供外部市场参考；标记价格服务于估值和风险触发。它们可以相关，却不是同一个字段。Bybit的已读规则把逐仓清算与标记价格联系起来，不能只看显示最新成交的蜡烛图判断。[1][2]

这项区分也说明为何“强平价”不是承诺按该价格卖出。触发规则先判断是否进入处置，实际减仓仍需要市场执行；破产价又服务于客户结算与损失承接。我们会分别读这三个时点和对象，而不是把它们画成一个成交按钮。

二、先选模式：哪个范围里的风险会相互影响

本篇主线采用线性USDT逐仓。先看2026-08-04的三模式对照表，防止把单仓公式拿去判断整个账户：[3]

模式 风险触发 单仓强平价显示 抵押资产范围
逐仓 isolated 标记价达到该头寸强平价 该头寸实际触发价 对应合约的结算资产
全仓 cross 账户维持保证金率达到100% 仅估算／参考 符合资格的多资产折算
组合 portfolio 账户维持保证金率达到100% 不适用 多资产及组合风险模型

这里的“账户维持保证金率”是平台定义的账户风险比率，不能拿下一节公式里的0.5%档位要求代替。组合模式也不是“给每个仓显示一个参考强平价”：原表明确为不适用。全仓与组合需要完整账户状态才能计算；本篇只解释它们的触发准则，不凭一个单仓例伪造账户风险引擎。

三、把逐仓USDT官方例算完整

原例做多1 BTC，入场40,000 USDT，杠杆50倍，随后另加3,000 USDT保证金；假定该档维持保证金率 、taker费率 、维持保证金扣减 。这些是规则页的官方示例参数，不是任意当前BTC交易的实时要求。[2]

先拆金额。入场名义量40,000 USDT并非初始支付的保证金。按原例预计平仓费为

于是另加保证金之前，示例初始保证金为 USDT；入场参照下的维持额为 USDT。21.56是预估费用预留，不保证最终就支付这一笔费用。

令 为BTC数量、 为入场价、 为杠杆、 为额外保证金。原页多头阈值公式是

代入 ：

这个阈值把头寸规模、保证金和维持要求联系起来。它不是把“初始保证金减固定维持额”除以数量就能永久锁定的价位：档位、保证金、预估费用等变化都可能要求重算；原页也提醒平仓费用会使实际显示存在小差异。[2]

四、用一组同时点教学价格看懂“止损没到，强平先到”

采用2026-09-04规则页正常永续分支：标记价取 Price 1、Price 2、最新成交价的中位数。Price 2的基差是盘口中价相对指数的短窗移动平均；不是把一根K线直接加到指数上。异常数据与平台保留的调整权不在这个简化分支内。[1]

现在给定合成输入：指数36,350，上一资金费率0.01%，距资金费时点4小时，公式所用分母8小时，平均基差30，最新成交36,500。则

把它和上一节未四舍五入的阈值比较：，逐仓多头已触发清算。若另设一张按最新成交价触发的教学止损，触发线36,400，那么最新成交36,500尚未到线。两者没有矛盾，因为它们读的价格不同。

这不是一段真实历史行情，也不意味着清算一定在36,380成交。更不能因为本例把funding公式分母取8，就在下一小时资金费事件里自动改写所有mark规则：应分别读取各自的参数约定。

打开这一实验

不运行脚本时，仍可用下方同源静态结果完成核对。

官方逐仓例预计关闭费初始额（不含另加额）入场维持额阈值
USDT long21.56000821.56000221.5600036,380.250344
BTC inverse short0.000247500.050247500.0027475066,333.333333
模式触发判据单仓显示价
逐仓mark触及LP实际单仓触发阈值
全仓账户MMR≥100%估计/参考，不在此计算
组合账户MMR≥100%不适用
合成同刻量数值
index36350
price136351.8175
price236380
last36500
mark36380
逐仓多头触发是，尚不代表成交
last止损36,400未触发
另一保险例执行破产价数量基金变化USDT
64980640001980
63950640001-50

ADL既有八小时回撤条件，也有多个独立保险池合并余额条件；不必等待单个基金归零。主线线性，反向例保留完整带读。

先保持逐仓，切换“原线性例”和“同时点标记价”读阈值。随后改为全仓或组合模式：原单仓清算价应退出触发判断，实验只在你提供一个明确的教学账户MMR时比较100%准则；没有账户输入就保留未知，而不是继续给出看似精确的答案。

五、余额、维持要求与合资格抵押，不能共用一个数

维持保证金分档通常意在让新增风险对应新增要求，而非在跨档时把以前整段名义额突然重算成完全不同金额。已读示例对前五个1,000额度分别用2%、2.5%、3%、3.5%、4%。对3,500 USDT名义额，前三档各1,000，第四档只有500：[4]

等价写法为 ，其中30是让分段累计结果一致的扣减，并非赠送的保证金。教学资金350减92.5为257.5，只是这一快照的差额；本例还未计关闭费，也没有证明未来最多只亏257.5。

另看一个独立、无仓位／订单／借款的多抵押例。钱包0.1 BTC，以50,000 USD/BTC转换为5,000 USD，若采用教学认可比例90%，合资格值是4,500 USD；指数跌到40,000，同样余额只对应3,600 USD合资格值。90%并不是当前BTC档位承诺。货币转换先回答“市值是多少”，认可比例再回答“其中多少可被这一模式接受”；二者不能相互替代。[5][3]

打开这一实验

不运行脚本时，仍可用下方同源静态结果完成核对。

子例A当前值
名义额3500
分档MM（不含关闭费）92.5
单率写法扣减30
教学资金350减MM257.5
子例B BTC/USD0.1BTC市值USD90%教学认可值USD
50000.050004500
40000.040003600

两子例不是同一真实账户。257.5不是最大亏损，90%不是实时BTC档位。逐仓USDT不接纳任意BTC钱包作结算保证金。

图上分档头寸和BTC钱包是两张不同的教学卡，不把350 USDT与0.1 BTC偷偷合成一个真实账户。切到逐仓USDT模式时，BTC多抵押用途应被标为不相容，但BTC的市场价值不会因此变成零。

六、触发以后，损失由哪一层承接

Bybit逐仓流程先取消会扩大仓位的活动订单；高于最低档时，还可以通过部分IOC减仓向低档移动；仍不能满足要求，才进入相应接管和平仓。这个顺序说明处置不是“碰到线就保证整仓按线成交”。[2]

保险基金的原文又区分客户按破产价结算和市场上的实际平仓。用它的价格例，加上教学数量1 BTC：强平触发65,000、破产价64,000；若市场实际退出64,980，较破产价好的980 USDT进入保险基金；若只能63,950退出，差50 USDT由基金承接。这是另一组清算例，不能接到前面40,000入场的公式上拼成同一账户。[6]

ADL则是特定条件下对相反方向头寸自动减仓的安排。已读2026-04-13文档列了两类触发／停止：其一与过去八小时保险基金的回撤触发线和停止线有关，未必等到余额为零；其二与多个独立保险池合并余额不大于零及恢复为正有关。处置会按相应规则匹配相反方向头寸，并按定义的破产价结算。不能用“我的仓正赚钱”排除被减仓，也不能把某个池还有正余额写成ADL必不发生。[7]

这里保险并不是替客户保证盈利，而是规定极端市场中亏损超过个别头寸可承受部分后如何处理。固定合约支付、资金能力和系统损失承接，需要分别读原文。

完整选读：反向空头官方例，BTC保证金账

反向例为空30,000 USD合约数量，入场60,000 USD/BTC，10倍杠杆，没有额外保证金；。先算币数量： BTC。按原例的估费口径，平仓费预留为 BTC；初始额 BTC，入场维持额 BTC。[2]

反向空头的公式和线性多头不能互换。若 用USD， 都用BTC，原页给出

分母是BTC，分子是USD，因此结果是USD/BTC。代入本例为

空头在价格向上触及阈值时面临清算，与线性多头的向下触及不同。上述预计费用和阈值均按官方例演算，没有扩成每一个反向产品的完整执行模型。理解后再回看主线：模式、方向、币种和资金单位缺一项，套公式都可能产生错误的精确数字。

七、检验：先指出规则，再给结果

题一：本例最新成交36,500高于止损36,400，为什么仍可先进入逐仓清算？

解析：止损读取最新成交，清算读取标记价。正常median得到36,380，已不高于逐仓多头阈值36,380.250344。它只确定触发，不确定实际执行价。

题二：把同一头寸改称组合保证金，就能把36,380.25作为“参考强平价”吗？

解析：不能。组合模式的单仓强平价显示不适用，触发看账户MMR。全仓才在原表中保留估算参考价。缺完整账户输入时应回答资料不足，而不是继续沿用逐仓结果。

题三：3,500名义额若直接乘3.5%，比92.5多多少？这是否是另外一笔费用？

解析：。它是分档累计与单率写法间的扣减，不是交易费或现金返还。350−92.5的差额同样不是锁定最大亏损。

题四：保险基金仍有余额，为什么不能排除ADL？

解析：第一类触发使用八小时回撤条件，不等价于基金余额归零；另一类才涉及多个池合并余额。必须分别核币对当时的触发和停止参数，不能只用一个总余额推出结论。

题五（反向分支）：0.0502475是USD还是BTC？若用它直接减一笔50 USDT费用会怎样？

解析：是BTC。若跨币相减，量纲已经错误。必须先按规定转换，并另记费用币种和时点；否则不仅收益错，保证金是否足够也会被误判。

原件与定位

  1. Bybit，Mark Price (Perpetual and Expiry Contracts)，updated 2026-09-04 10:32:20。原文。定位：Perpetual Contracts常规median构造、price1/price2/last及异常回退边界；本例仅常规分支。采用范围：常规标记价的风险估值身份及median组成，不保证该价可成交。

  2. Bybit，Trading Rules: Liquidation Process (Unified Trading Account)，updated 2026-08-07 02:22:50。原文。定位：完整Isolated Margin页签：Overview、阶梯清算过程、USDT long与Inverse short公式/例；不声称读全Cross/Portfolio引擎。采用范围：逐仓条件公式和官方教学例；触发/接管/实际成交不同。

  3. Bybit，Differences Between the Margin Modes Under the Unified Trading Account，updated 2026-08-04 13:44:59。原文。定位：完整Comparison of Margin Modes表，特别Asset Mode、Liquidation Trigger Criteria、Liquidation Price Display；切换条件。采用范围：逐仓/全仓/组合触发和资产模式；组合没有单仓显示强平价。

  4. Bybit，Maintenance Margin，updated 2026-04-16。原文。定位：分档边际维持率、MM deduction及3,500名义额例；关闭费说明。采用范围：边际档位与扣减，92.5是当前示例需求不是最大亏损。

  5. Bybit，Understanding Collateral Value Ratios in Unified Trading Account，updated 2026-03-30。原文。定位：无头寸/订单/借款余额公式；amount×USD index×eligible ratio；分档与限制说明。采用范围：市场换币与认可比例分开；90%属于本项目教学参数。

  6. Bybit，Insurance Fund，updated 2026-03-24 02:50:27。原文。定位：全文，特别How Do Insurance Funds Work及65,000/64,000/64,980/63,950例。采用范围：客户破产价结算与实际清算价之差由保险基金增减承接。

  7. Bybit，Auto-Deleveraging (ADL) Mechanism，updated 2026-04-13 03:29:06。原文。定位：What is ADL；Trigger & Stop Condition 1及2；How does ADL work；不将完整ranking公式或有冲突补偿数例列为默认。采用范围：两类触发停止与相反方向减仓；不等于只有基金余额归零。

冻结输入：https://ou-liu-red-sugar.github.io/notebook/labs/m-hij/inputs.json。当前包包含本篇全部分支，不继承任何 Agent 的运行时读取记录。 ## Experiment inputs and static equivalents ```json [ { "id": "EXP-MHIJ-M26-COLLATERAL-01", "title": "分档维持额与抵押认可值：两张账", "anchor": "m26-collateral", "description": "子例A是官方假设分档；子例B是无仓BTC钱包。350 USDT与0.1 BTC不合并成同一账户；90%不是实时档位。", "owner": "M26", "data_identity": "Official tier mechanics plus a no-position/no-order/no-borrow teaching collateral haircut; the two examples are not one real account.", "source_ids": [ "MHIJ-BYBIT-MAINTENANCE", "MHIJ-BYBIT-COLLATERAL", "MHIJ-BYBIT-MODES" ], "units": { "position_value": "USDT", "margin": "USDT", "collateral_asset": "BTC", "eligible_value": "USD" }, "inputs": { "official_tier_example": { "tier_upper_values": [ 1000, 2000, 3000, 4000, 5000 ], "marginal_rates": [ 0.02, 0.025, 0.03, 0.035, 0.04 ], "position_value": 3500, "initial_margin": 350, "closing_fee_excluded": true }, "teaching_collateral": { "quantity_btc": 0.1, "usd_index_prices": [ 50000, 40000 ], "eligible_ratio": 0.9 } }, "outputs": { "tier_MM": 92.5, "tier_4_deduction": 30, "snapshot_surplus": 257.5, "eligible_value": [ { "index": 50000, "headline": 5000, "eligible": 4500 }, { "index": 40000, "headline": 4000, "eligible": 3600 } ] }, "formulas": { "tier_MM": "sum over marginal value in each tier × tier rate; equivalent at 3500 to 3500×3.5%−30", "eligible_collateral": "quantity * USD_index * eligible_ratio" }, "branch_boundaries": { "snapshot_surplus": "257.5 is not maximum future loss; price/tier/requirements can change.", "eligible_ratio": "90% is a teaching value, not a current BTC tier.", "mode_compatibility": "The BTC multi-collateral illustration belongs to a compatible cross/portfolio asset-mode branch, not arbitrary isolated USDT margin." }, "static_equivalent_html": "
子例A当前值
名义额3500
分档MM（不含关闭费）92.5
单率写法扣减30
教学资金350减MM257.5
子例B BTC/USD0.1BTC市值USD90%教学认可值USD
50000.050004500
40000.040003600

两子例不是同一真实账户。257.5不是最大亏损，90%不是实时BTC档位。逐仓USDT不接纳任意BTC钱包作结算保证金。

", "frozen_reference": { "file": "data/m-hij-final-shared-inputs.json", "json_pointer": "/experiments/EXP-MHIJ-M26-COLLATERAL-01", "sha256": "245740f4156fdf166763d7c38234753a46e4a033fea09f09f1da4ce90e3db368" }, "controls": [ { "name": "position", "label": "子例A名义额（USDT）", "type": "number", "value": 3500, "step": 100, "min": 0, "max": 5000 }, { "name": "initial", "label": "子例A教学资金（USDT）", "type": "number", "value": 350, "step": 10, "min": 0 }, { "name": "index", "label": "子例B BTC/USD指数", "type": "number", "value": 50000, "step": 1000, "min": 1 }, { "name": "ratio", "label": "子例B教学认可比例（%）", "type": "number", "value": 90, "step": 1, "min": 0, "max": 100 }, { "name": "mode", "label": "子例B拟用于USDT合约的模式", "type": "select", "value": "cross", "options": [ { "value": "isolated", "label": "逐仓：结算资产" }, { "value": "cross", "label": "全仓：多资产" }, { "value": "portfolio", "label": "组合：多资产" } ] } ], "input_uri": "https://ou-liu-red-sugar.github.io/notebook/labs/m-hij/inputs.json", "static_equivalent": "https://ou-liu-red-sugar.github.io/notebook/labs/m-hij/static/M26.html", "implementation": { "html": "/notebook/labs/m-hij/interactions.html?experiment=EXP-MHIJ-M26-COLLATERAL-01", "engine": "/notebook/labs/m-hij/engine.js", "static_available_without_js": true } }, { "id": "EXP-MHIJ-M26-LIQUIDATION-01", "title": "先模式，再触发：清算不是成交", "anchor": "m26-mark", "description": "主线为官方USDT逐仓long例；反向short为完整对照。mark/last是合成同刻输入；保险基金数值是另一独立例。", "owner": "M26", "data_identity": "Bybit official isolated-margin teaching examples plus a synthetic simultaneous mark/last branch and a small teaching insurance ledger; not a customer account or live risk tier.", "source_ids": [ "MOD-BYBIT-LIQUIDATION", "MHIJ-BYBIT-MARK", "MHIJ-BYBIT-INDEX", "MHIJ-BYBIT-MODES", "MHIJ-BYBIT-INSURANCE", "MHIJ-BYBIT-ADL" ], "units": { "linear_prices": "USDT/BTC", "linear_cash": "USDT", "inverse_prices": "USD/BTC", "inverse_margin": "BTC" }, "inputs": { "mainline_currency": "USDT linear", "official_linear": { "quantity_btc": 1, "entry": 40000, "leverage": 50, "extra_margin_usdt": 3000, "MMR": 0.005, "taker_fee_rate": 0.00055, "MM_deduction": 0 }, "official_inverse_branch": { "quantity_usd": 30000, "entry": 60000, "leverage": 10, "extra_margin_btc": 0, "MMR": 0.005, "taker_fee_rate": 0.00055, "MM_deduction": 0, "branch": "complete selected reading branch, not the first-time mainline calculation" }, "synthetic_mark": { "index": 36350, "last_funding_rate": 0.0001, "time_until_funding_hours": 4, "funding_interval_denominator_hours": 8, "average_basis": 30, "last": 36500, "last_price_stop_trigger": 36400 }, "insurance_teaching": { "quantity_btc": 1, "liquidation_trigger": 65000, "bankruptcy": 64000, "actual_exit_prices": [ 64980, 63950 ] } }, "outputs": { "linear": { "fee_to_close": 21.56, "initial_margin_before_extra": 821.56, "maintenance_at_entry": 221.56, "liquidation_price": 36380.2503437192 }, "inverse": { "position_value_btc": 0.5, "fee_to_close_btc": 0.0002475, "initial_margin_btc": 0.0502475, "maintenance_btc": 0.0027475, "liquidation_price": 66333.33333333333 }, "synthetic_mark": { "price1": 36351.8175, "price2": 36380, "last": 36500, "mark": 36380, "isolated_long_liquidation_triggered": true, "last_stop_triggered": false }, "insurance_fund_delta_usdt": [ 980, -50 ] }, "formulas": { "mark_price1": "index * (1 + last_funding_rate * time_until_funding / interval_denominator)", "mark_price2": "index + average_basis", "mark_normal": "median(price1, price2, last)", "insurance_delta_long": "(actual_execution - bankruptcy_price) * quantity_BTC" }, "branch_boundaries": { "mainline": "Teach the linear USDT isolated example first. Keep the inverse official example as a complete selected branch/static analysis.", "no_execution_at_trigger": "Mark-price trigger is not the final market execution price.", "cross_portfolio": "Do not reuse isolated liquidation-price formulas as account triggers.", "adl_ranking": "Detailed ranking formula is not required for the default branch." }, "static_equivalent_html": "
官方逐仓例预计关闭费初始额（不含另加额）入场维持额阈值
USDT long21.56000821.56000221.5600036,380.250344
BTC inverse short0.000247500.050247500.0027475066,333.333333
模式触发判据单仓显示价
逐仓mark触及LP实际单仓触发阈值
全仓账户MMR≥100%估计/参考，不在此计算
组合账户MMR≥100%不适用
合成同刻量数值
index36350
price136351.8175
price236380
last36500
mark36380
逐仓多头触发是，尚不代表成交
last止损36,400未触发
另一保险例执行破产价数量基金变化USDT
64980640001980
63950640001-50

ADL既有八小时回撤条件，也有多个独立保险池合并余额条件；不必等待单个基金归零。主线线性，反向例保留完整带读。

", "frozen_reference": { "file": "data/m-hij-final-shared-inputs.json", "json_pointer": "/experiments/EXP-MHIJ-M26-LIQUIDATION-01", "sha256": "245740f4156fdf166763d7c38234753a46e4a033fea09f09f1da4ce90e3db368" }, "controls": [ { "name": "mode", "label": "保证金模式", "type": "select", "value": "isolated", "options": [ { "value": "isolated", "label": "逐仓：结算资产" }, { "value": "cross", "label": "全仓：多资产" }, { "value": "portfolio", "label": "组合：多资产" } ] }, { "name": "kind", "label": "完整官方例分支", "type": "select", "value": "linear", "options": [ { "value": "linear", "label": "主线：USDT线性多头" }, { "value": "inverse", "label": "选读：BTC反向空头" } ] }, { "name": "index", "label": "线性分支指数价", "type": "number", "value": 36350, "step": 1, "min": 1 }, { "name": "last", "label": "线性分支最新成交", "type": "number", "value": 36500, "step": 1, "min": 1 }, { "name": "basis", "label": "线性分支平均基差", "type": "number", "value": 30, "step": 1 }, { "name": "normal", "label": "采用正常median分支", "type": "checkbox", "value": true }, { "name": "inverseMark", "label": "反向分支独立标记价", "type": "number", "value": 60000, "step": 100, "min": 1 }, { "name": "accountMmr", "label": "全仓／组合：另给账户MMR（%）", "type": "number", "value": null, "step": 0.1, "min": 0, "max": 1000, "hint": "留空表示缺完整账户结果，不自动从逐仓推算" }, { "name": "insuranceExit", "label": "独立保险例：实际退出价", "type": "select", "value": 64980, "options": [ { "value": 64980, "label": "64,980：优于破产价" }, { "value": 63950, "label": "63,950：劣于破产价" } ] } ], "input_uri": "https://ou-liu-red-sugar.github.io/notebook/labs/m-hij/inputs.json", "static_equivalent": "https://ou-liu-red-sugar.github.io/notebook/labs/m-hij/static/M26.html", "implementation": { "html": "/notebook/labs/m-hij/interactions.html?experiment=EXP-MHIJ-M26-LIQUIDATION-01", "engine": "/notebook/labs/m-hij/engine.js", "static_available_without_js": true } } ] ``` ## Sources - [Auto-Deleveraging (ADL) Mechanism](https://www.bybit.com/en/help-center/article/Auto-Deleveraging-ADL): 两类触发停止与相反方向减仓；不等于只有基金余额归零。 - [Understanding Collateral Value Ratios in Unified Trading Account](https://www.bybit.com/en/help-center/article/Assets-Collateral-Value-Ratio-List-UTA): 市场换币与认可比例分开；90%属于本项目教学参数。 - [Index Price Calculation](https://www.bybit.com/en/help-center/article/Index-Price-Calculation): 指数为外部参考而非本平台下一笔可执行成交。 - [Insurance Fund](https://www.bybit.com/en/help-center/article/Insurance-Fund): 客户破产价结算与实际清算价之差由保险基金增减承接。 - [Maintenance Margin](https://www.bybit.com/en/help-center/article/Maintenance-Margin-USDT-Contract): 边际档位与扣减，92.5是当前示例需求不是最大亏损。 - [Mark Price (Perpetual and Expiry Contracts)](https://www.bybit.com/en/help-center/article/Mark-Price-Calculation-Perpetual-Expiry-Contracts): 常规标记价的风险估值身份及median组成，不保证该价可成交。 - [Differences Between the Margin Modes Under the Unified Trading Account](https://www.bybit.com/en/help-center/article/Differences-Between-the-Margin-Modes-Under-the-Unified-Trading-Account): 逐仓/全仓/组合触发和资产模式；组合没有单仓显示强平价。 - [Trading Rules: Liquidation Process (Unified Trading Account)](https://www.bybit.com/en/help-center/article/UTA-Trading-Rules-Liquidation-Process): 逐仓条件公式和官方教学例；触发/接管/实际成交不同。 ## Content relations ```json [ { "from": "zh-m26", "relation": "part_of", "to": "markets-derivatives", "reason": "主要 topic 归属" }, { "from": "zh-m26", "relation": "requires", "to": "zh-m24", "required_competence": "能识别资金费及其扣款币种", "reason": "依赖具体能力，不要求机械完成所有前序" }, { "from": "zh-m26", "relation": "requires", "to": "zh-m25", "required_competence": "能区分合约数量、结算币和抵押资产", "reason": "依赖具体能力，不要求机械完成所有前序" }, { "from": "zh-m26", "relation": "uses_method", "to": "zh-m11", "reason": "调用现金、单位、报价或定价所需局部语言；正文就地说明" }, { "from": "m26-mark", "relation": "illustrated_by", "to": "EXP-MHIJ-M26-LIQUIDATION-01", "reason": "冻结输入上的可复算教学实验及静态等价", "at_section": "m26-mark" }, { "from": "m26-collateral", "relation": "illustrated_by", "to": "EXP-MHIJ-M26-COLLATERAL-01", "reason": "冻结输入上的可复算教学实验及静态等价", "at_section": "m26-collateral" }, { "from": "m26-purpose", "relation": "supported_by", "to": "MHIJ-BYBIT-MARK", "reason": "常规标记价的风险估值身份及median组成，不保证该价可成交。", "locator": "Perpetual Contracts常规median构造、price1/price2/last及异常回退边界；本例仅常规分支", "scope": "常规标记价的风险估值身份及median组成，不保证该价可成交。", "at_section": "m26-purpose" }, { "from": "m26-purpose", "relation": "supported_by", "to": "MOD-BYBIT-LIQUIDATION", "reason": "逐仓条件公式和官方教学例；触发/接管/实际成交不同。", "locator": "完整Isolated Margin页签：Overview、阶梯清算过程、USDT long与Inverse short公式/例；不声称读全Cross/Portfolio引擎", "scope": "逐仓条件公式和官方教学例；触发/接管/实际成交不同。", "at_section": "m26-purpose" }, { "from": "m26-modes", "relation": "supported_by", "to": "MHIJ-BYBIT-MODES", "reason": "逐仓/全仓/组合触发和资产模式；组合没有单仓显示强平价。", "locator": "完整Comparison of Margin Modes表，特别Asset Mode、Liquidation Trigger Criteria、Liquidation Price Display；切换条件", "scope": "逐仓/全仓/组合触发和资产模式；组合没有单仓显示强平价。", "at_section": "m26-modes" }, { "from": "m26-linear", "relation": "supported_by", "to": "MOD-BYBIT-LIQUIDATION", "reason": "逐仓条件公式和官方教学例；触发/接管/实际成交不同。", "locator": "完整Isolated Margin页签：Overview、阶梯清算过程、USDT long与Inverse short公式/例；不声称读全Cross/Portfolio引擎", "scope": "逐仓条件公式和官方教学例；触发/接管/实际成交不同。", "at_section": "m26-linear" }, { "from": "m26-mark", "relation": "supported_by", "to": "MHIJ-BYBIT-MARK", "reason": "常规标记价的风险估值身份及median组成，不保证该价可成交。", "locator": "Perpetual Contracts常规median构造、price1/price2/last及异常回退边界；本例仅常规分支", "scope": "常规标记价的风险估值身份及median组成，不保证该价可成交。", "at_section": "m26-mark" }, { "from": "m26-collateral", "relation": "supported_by", "to": "MHIJ-BYBIT-MAINTENANCE", "reason": "边际档位与扣减，92.5是当前示例需求不是最大亏损。", "locator": "分档边际维持率、MM deduction及3,500名义额例；关闭费说明", "scope": "边际档位与扣减，92.5是当前示例需求不是最大亏损。", "at_section": "m26-collateral" }, { "from": "m26-collateral", "relation": "supported_by", "to": "MHIJ-BYBIT-COLLATERAL", "reason": "市场换币与认可比例分开；90%属于本项目教学参数。", "locator": "无头寸/订单/借款余额公式；amount×USD index×eligible ratio；分档与限制说明", "scope": "市场换币与认可比例分开；90%属于本项目教学参数。", "at_section": "m26-collateral" }, { "from": "m26-collateral", "relation": "supported_by", "to": "MHIJ-BYBIT-MODES", "reason": "逐仓/全仓/组合触发和资产模式；组合没有单仓显示强平价。", "locator": "完整Comparison of Margin Modes表，特别Asset Mode、Liquidation Trigger Criteria、Liquidation Price Display；切换条件", "scope": "逐仓/全仓/组合触发和资产模式；组合没有单仓显示强平价。", "at_section": "m26-collateral" }, { "from": "m26-loss", "relation": "supported_by", "to": "MOD-BYBIT-LIQUIDATION", "reason": "逐仓条件公式和官方教学例；触发/接管/实际成交不同。", "locator": "完整Isolated Margin页签：Overview、阶梯清算过程、USDT long与Inverse short公式/例；不声称读全Cross/Portfolio引擎", "scope": "逐仓条件公式和官方教学例；触发/接管/实际成交不同。", "at_section": "m26-loss" }, { "from": "m26-loss", "relation": "supported_by", "to": "MHIJ-BYBIT-INSURANCE", "reason": "客户破产价结算与实际清算价之差由保险基金增减承接。", "locator": "全文，特别How Do Insurance Funds Work及65,000/64,000/64,980/63,950例", "scope": "客户破产价结算与实际清算价之差由保险基金增减承接。", "at_section": "m26-loss" }, { "from": "m26-loss", "relation": "supported_by", "to": "MHIJ-BYBIT-ADL", "reason": "两类触发停止与相反方向减仓；不等于只有基金余额归零。", "locator": "What is ADL；Trigger & Stop Condition 1及2；How does ADL work；不将完整ranking公式或有冲突补偿数例列为默认", "scope": "两类触发停止与相反方向减仓；不等于只有基金余额归零。", "at_section": "m26-loss" }, { "from": "m26-inverse", "relation": "supported_by", "to": "MOD-BYBIT-LIQUIDATION", "reason": "逐仓条件公式和官方教学例；触发/接管/实际成交不同。", "locator": "完整Isolated Margin页签：Overview、阶梯清算过程、USDT long与Inverse short公式/例；不声称读全Cross/Portfolio引擎", "scope": "逐仓条件公式和官方教学例；触发/接管/实际成交不同。", "at_section": "m26-inverse" } ] ``` ## Related entries ## Optional reading path 理解合约与市场机制: step 13/17 先识别触发规则，再算余额并说明清算执行、保险与 ADL 各承接什么。 理解双向义务后，再读赋予单方选择权的期权合约。 Next: [期权合约：谁拥有选择，谁承担义务](https://ou-liu-red-sugar.github.io/zh/notebook/option-contract-rights/)