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Auto Deleveraging

Overview of Auto-Deleveraging (ADL)

When a trader’s position is liquidated, the position is taken over by the BitMEX liquidation engine. If the liquidation cannot be filled by the time the mark price reaches the bankruptcy price, the ADL system automatically deleverages opposing traders’ positions by profit and leverage priority.

The price at which a traders’ positions are closed out is the bankruptcy price of the initial liquidated order.

ADL Priority Deleveraging Ranking

At all times, your position in the queue is shown by an indicator. This indicator represents your priority in the queue in 20% increments:

Image of ADL indicator

In the above example, all “lights” are lit, which would mean your position is in the top percentile. In the case of a liquidation that is not able to be caught in the market, you may be deleveraged.

The Insurance Fund is used to prevent ADL. If it is depleted for a given contract, ADL will occur.

If you are deleveraged, you will be sent a notification. Open orders will be cancelled and you are free to re-enter.

Priority Ranking Calculation

Deleveraging priority is calculated by profit and leverage. More profitable and higher leveraged traders are deleveraged first.

The ranking calculation is as follows:

Ranking = PNL Percentage * Effective Leverage  (if PNL percentage > 0)
        = PNL Percentage / Effective Leverage  (if PNL percentage < 0)
  Effective Leverage = abs(Mark Value) / (Mark Value - Bankrupt Value)
  PNL percentage = (Mark Value - Avg Entry Value) / abs(Avg Entry Value)
  Mark Value = Position Value at Mark Price
  Bankrupt Value = Position Value at Bankruptcy Price
  Avg Entry Value = Position Value at Average Entry Price

The system splits these positions by longs and shorts and ranks the positions from highest to lowest.

More Information

Further information and examples of the Auto-Deleveraging process are available.