When a futures position is liquidated, the system generates a corresponding liquidation order and related trading records. Since liquidation is part of the system's risk management process, some price fields in Historical Orders, Trade History, and Historical Positions have different meanings from the actual market execution price of a regular order.
1. What Is the Bankruptcy Price?
The Bankruptcy Price is the price at which the account equity for a position is fully depleted when the position is liquidated. When a position is liquidated, the system takes over the position at this price and calculates the relevant P&L based on it.
The Bankruptcy Price is a risk calculation price used during the liquidation process. It is not the actual market execution price and therefore will not be displayed on the candlestick chart.
2. Historical Orders
For a liquidation order in Historical Orders:
- Order Price: Displays the Bankruptcy Price of the position, which is the price corresponding to the complete loss of account equity. After the system takes over the position, the relevant P&L is calculated based on this price.
- Average Filled Price: Displays the Mark Price at the time the position triggered liquidation.
During risk checks, if the account equity is insufficient to maintain the required maintenance margin, the position will be liquidated. The Mark Price at the time the liquidation is triggered is used as the liquidation trigger price.
Note: The Bankruptcy Price is not the actual market execution price or a market price shown on the candlestick chart, so it will not appear on the chart.
3. Trade History
For liquidation-related records in Trade History:
- Average Filled Price: Actually displays the Bankruptcy Price of the position.
This field is used to display the risk settlement price associated with the liquidated position and does not represent the actual market execution price.
4. Historical Positions
For a liquidated position in Historical Positions:
- Closing Average Price: Actually displays the Bankruptcy Price of the position.
Therefore, this price may differ from the Average Filled Price shown in Historical Orders, which represents the Mark Price at the time liquidation was triggered.
5. Why Are the Prices Different Across Records?
Different prices are used for different purposes during the liquidation process:
| Price | Description |
|---|---|
| Bankruptcy Price | The price at which the account equity is fully depleted when a position is liquidated. The system takes over the position at this price and uses it to calculate the relevant P&L. |
| Mark Price | The price used by the system for risk checks. When the account equity is insufficient to maintain the required maintenance margin, the position will trigger liquidation. |
| Candlestick Price | Reflects actual market price movements. The Bankruptcy Price is not a market price and therefore is not displayed on the candlestick chart. |
Therefore, it is normal for different price fields related to a liquidation to display different values. This does not indicate an abnormal execution.