How it works
Liquidations
Your margin covers a move of one over your leverage. A position is liquidated slightly before that point, at its bust price, when the mid reaches it. At 1000x that is a move of about 0.052% on BTC.
The bust price
Start from the zero-equity price, entry minus entry ÷ leverage for a long (plus for a short). The bust price sits 4.76 bp of that price closer to the entry on BTC. The trade panel shows it before you open, computed with the same integer tick rule the contract uses.
| Leverage | BTC long: liquidated after |
|---|---|
| 2× | 49.976% against you |
| 10× | 9.957% against you |
| 100× | 0.953% against you |
| 500× | 0.152% against you |
| 1,000× | 0.052% against you |
When it fires
As soon as the mid is at or beyond the bust price, anyone holding the keeper role can liquidate. The position is removed and the whole margin goes to the pool. It is not a close at the bust price: nothing is returned.
Fees and rebates
With an empty queue, 2% of the forfeited margin goes to stakers and the development fund; with claims queued, the whole margin pays the queue. Rebate tokens are minted on the full margin either way.
Who runs the keepers
Toro operates the keeper. Liquidations outrank every other action in the relayer’s queue, and a pending close does not shield a position from liquidation.
Values on this page are read from the HyperEVM testnet deployment (chain 998, block 67249403) at build time.
Last updated 2026-10-18