Last updated: August 25, 2026
Pionex does not define liquidation as simply the point where a loan cannot be repaid. For futures positions, liquidation risk is based on whether margin equity can still meet the required maintenance margin. Pionex triggers liquidation when the margin rate reaches or exceeds 100%.
Contents
The core liquidation test
Pionex publishes this relationship:
Margin Rate = Maintenance Margin ÷ (Margin + Unrealized PnL)
Margin plus unrealized profit or loss is called margin equity. As an adverse market move reduces margin equity, the margin rate rises. When it reaches 100%, the position meets Pionex’s liquidation condition.
Terms used in the calculation
| Term | Role |
|---|---|
| Margin | Capital supporting the leveraged position |
| Unrealized PnL | Current gain or loss calculated using Mark Price |
| Margin equity | Margin plus unrealized PnL |
| Maintenance margin | Minimum equity required to maintain the position |
| Mark Price | Fair-price reference used for PnL and liquidation assessment |
Why a simple leverage formula is only an estimate
A rough entry-price and leverage shortcut leaves out maintenance-margin tiers, fees, funding, added margin and position changes. Use the estimated liquidation price displayed by Pionex for the live position, then monitor the margin rate and Mark Price as the position changes.
Isolated margin versus cross margin
In isolated margin mode, the equity assigned to that position is tested against its maintenance margin. In cross margin mode, eligible futures-account equity can support positions collectively, after accounting for isolated positions. Cross margin can spread risk across the account, but it can also expose more account equity to losses.
What can change the estimated liquidation price?
- Adding or withdrawing margin
- Opening, increasing, reducing or closing a position
- Unrealized PnL as Mark Price moves
- Funding-fee exchanges
- Transfers into or out of the relevant account
- A change in the maintenance-margin tier as notional size changes
Read Pionex’s current Liquidation guide and Maintenance Margin guide. If you are deciding whether to add funds to a Futures Grid position, see What adding margin changes.
Frequently asked questions
What is liquidation price on Pionex?
It is the estimated Mark Price at which a leveraged position approaches the maintenance-margin threshold and can be taken over by the liquidation process.
When does Pionex trigger liquidation?
Pionex states that liquidation is triggered when the margin rate reaches or exceeds 100%, meaning margin equity has fallen to or below the required maintenance margin.
What is the Pionex margin-rate formula?
Pionex defines margin rate as Maintenance Margin divided by Margin plus unrealized PnL. The denominator is the position’s margin equity.
Does liquidation happen when a loan cannot be repaid?
That description is incomplete. The operational trigger is the maintenance-margin test based on margin equity and unrealized PnL, using Mark Price.
Why does estimated liquidation price change?
Funding fees, position changes, transfers, and adding or withdrawing margin can change the estimate. Maintenance-margin tiers can also vary with notional position size.
What is Mark Price?
Mark Price is a fair-price reference based on futures and major spot markets. Pionex uses it for unrealized PnL and liquidation assessment rather than relying only on the latest traded price.
Can adding margin prevent liquidation?
Adding margin can move the estimated liquidation price farther away, but it cannot guarantee safety. A large adverse move can still exhaust the additional equity.
