Binance vs Bybit: which liquidation price hits first?
BTC & ETH, real maintenance margin tiers, July 2026
· 5 min read
Open the same BTC long on Binance and Bybit — same entry price, same leverage, same collateral. Your liquidation prices will not be identical. Depending on position size and leverage, the difference can be $200–$800 per BTC. Here's why, and how to calculate it.
How liquidation price is calculated
For an isolated margin LONG position:
Where MMR = Maintenance Margin Rate. This is the key variable that differs between exchanges — and changes based on your position size (tiered).
For a SHORT position:
BTC maintenance margin tiers — Binance vs Bybit
| Notional position (USDT) | Binance MMR | Bybit MMR | Difference |
|---|---|---|---|
| < $50,000 | 0.50% | 0.50% | 0 |
| $50k – $250k | 0.65% | 0.65% | 0 |
| $250k – $1M | 1.00% | 1.00% | 0 |
| $1M – $5M | 2.50% | 2.00% | Bybit 0.5% higher |
| $5M – $20M | 5.00% | 5.00% | 0 |
| > $20M | 10.00%+ | 10.00%+ | varies |
Tier thresholds and rates as of July 2026. Always verify on the exchange's margin tier documentation before opening a position.
Exact liquidation prices: BTC at $97,500 entry
At 10× leverage (retail standard)
| Position size | Binance liq (LONG) | Bybit liq (LONG) | Difference |
|---|---|---|---|
| $10,000 notional (0.103 BTC) | $88,237 | $88,237 | $0 |
| $50,000 notional (0.513 BTC) | $87,750 | $87,750 | $0 |
| $200,000 notional (2.05 BTC) | $88,530 | $88,530 | $0 |
Formula: Liq = 97,500 × (1 − 0.10 + MMR). At same MMR → same liq.
At 20× leverage
| Position size | Binance liq (LONG) | Bybit liq (LONG) | Difference |
|---|---|---|---|
| $10,000 notional | $92,624 | $92,624 | $0 |
| $100,000 notional | $92,381 | $92,381 | $0 |
| $1,500,000 notional | $90,653 | $90,166 | $487 safer on Bybit* |
*At $1.5M notional, Binance uses 2.5% MMR vs Bybit's 2.0% MMR. Binance liq = 97,500 × (1 − 0.05 + 0.025) = $90,653. Bybit liq = 97,500 × (1 − 0.05 + 0.020) = $90,165. Bybit's liq is $487 further from entry — marginally more lenient at this size.
At 50× leverage
| Position size | Binance liq (LONG) | Bybit liq (LONG) | Difference |
|---|---|---|---|
| $5,000 notional | $95,549 | $95,549 | $0 |
| $20,000 notional | $95,062 | $95,062 | $0 |
At 50×, the 1/Leverage term (0.02 = 2%) dominates and MMR (0.5%) is small relative to it. Liquidation happens when price drops just 1.5% from entry. Both exchanges have near-identical liq prices at retail 50× positions.
ETH liquidation comparison: $3,800 entry
| Scenario | Binance liq | Bybit liq |
|---|---|---|
| 10× long, $10k notional (0.5% MMR) | $3,439 | $3,439 |
| 20× long, $10k notional (0.5% MMR) | $3,609 | $3,609 |
| 50× long, $5k notional (0.5% MMR) | $3,723 | $3,723 |
Formula: Liq = 3,800 × (1 − 1/Lev + 0.005). At retail scale, ETH liq prices are identical between exchanges.
What actually differs between exchanges
The liquidation price itself is nearly identical for retail traders. What actually differs:
- Insurance fund mechanism: Both exchanges have insurance funds, but they behave differently during cascading liquidations. Bybit's "Unified Margin" pools margin across assets; Binance uses per-position isolation.
- Mark price vs last price: Both exchanges liquidate based on mark price (index-derived), not last traded price — but the exact mark price derivation differs slightly, meaning one exchange may mark a position for liquidation marginally before the other during high volatility.
- Funding rate during the move: If BTC drops 8% over 2 days, you may hit a funding settlement before liquidation. Funding rates differ between exchanges and can erode your margin slightly faster on one.
- Partial liquidation: Bybit uses a partial liquidation mechanism that closes only part of your position first. Binance also has this. But the thresholds differ — on Bybit, partial liq kicks in at higher remaining margin.
How to calculate your exact liquidation price
Use our liquidation price calculator — enter your exchange, entry price, leverage and collateral to see the exact price. Or use the formula:
SHORT: Liq Price = Entry × (1 + (1/Leverage) − MMR)
Example: BTC long at $97,500, 20× leverage, $10k notional (0.5% MMR):
Liq = 97,500 × (1 − 0.05 + 0.005) = 97,500 × 0.955 = $93,112
The $97,500 → $93,112 gap is only $4,388 — a 4.5% move. At 20× leverage, you can be right about the long-term direction and still get liquidated by a routine 4.5% dip.