Where a USDT-margined perpetual position is liquidated, for isolated or cross margin, using the maintenance-margin formula exchanges publish. Fees and funding are not included, so the real liquidation price is slightly closer to entry.
Long 0.1 BTC at 60,000, 10x isolated, MMR 0.5%: liquidation ≈ 54,271.36. Short at the same settings: ≈ 65,671.64. Cross long with a 2,000 USDT wallet: ≈ 40,201.01.
The liquidation price is the mark price at which an exchange forcibly closes a USDT-margined perpetual position because its remaining margin has fallen to the maintenance requirement. This calculator estimates that price for a long or a short, in isolated or cross margin, so you can see how much room a position has before you open it.
Entry and quantity define the position's notional. Leverage matters only in isolated mode, where margin = quantity × entry ÷ leverage. In cross mode the tool uses the wallet balance you enter as margin instead, because the whole balance backs the position. The maintenance margin rate (MMR) is the percentage of notional the exchange requires to keep the position open; the maintenance amount is a deduction exchanges publish for higher tiers and is 0 for the first tier. Take both from the exchange's current tier table for your contract and position size rather than guessing.
Short 2 units at 2,500, 5x isolated, MMR 1%, maintenance amount 0. Margin = 2 × 2,500 ÷ 5 = 1,000 USDT. Liquidation price = (1,000 + 0 − (−1) × 2 × 2,500) ÷ (2 × 1% − (−1) × 2) = 6,000 ÷ 2.02 ≈ 2,970.30, about 18.81% above entry. The same position as a long liquidates at (1,000 − 5,000) ÷ (0.02 − 2) = −4,000 ÷ −1.98 ≈ 2,020.20, about 19.19% below entry. Held in cross mode with a 3,000 USDT wallet, the short's liquidation price moves out to 8,000 ÷ 2.02 ≈ 3,960.40.
Read the distance percentage, not only the price. At 5x the buffer is a little under 20%, not a full 20%, because the maintenance requirement uses up part of the cushion; the higher the MMR, the larger that gap. In cross mode the buffer depends on the whole wallet, which is why it is wider but also why a loss can consume the entire balance.
The result excludes trading fees and funding, both of which can reduce margin, so the actual liquidation level can drift toward entry the longer you hold a position that pays funding. MMR rises in tiers as position size grows, so a larger order can fall into a higher tier than the one you typed in. Exchanges liquidate on mark price rather than the last traded price, and some close positions in stages. In cross mode, other open positions and their unrealized profit or loss share the same balance, which this single-position formula ignores. Treat the number as an estimate and keep any stop well inside it.
Reference only, not investment advice. Exchange rules (maintenance margin tiers, fee tiers, funding intervals) change; check your exchange before trading.