The buffer that decides who eats the loss
Your liquidation price fires first; the bankruptcy price is where your margin would be exactly gone. The distance between them — about entry × maintenance-margin-rate — is what the exchange uses to close the position and keep the loss off the insurance fund. Crank leverage up and that buffer shrinks toward nothing, so a fast wick can blow straight through it. Check how close liquidation itself sits on the liquidation calculator and whether your stop lands inside it with the stop-vs-liquidation gap tool.