Coinbase's 3-line margin model — not 1
Every offshore exchange calculator on this site (Binance, Bybit, OKX, Hyperliquid) works the same way: cross un maintenance-margin line and the position is fully liquidated. Coinbase's own published leverage & margin policy uses two separate lines below your initial margin. First, Marge de maintenance (MM = IM × ⅔) — breach it and the account can face a partial, automatic de-risking action, not necessarily a full close. Second, Close-Out Margin (CoM = the larger of ⅓ of IM, or MM minus 12 percentage points) — only breaching this deeper line forces full liquidation, with the remaining position transferred to Coinbase's Liquidation Settlement Pool (LSP). At the standard 20% initial margin tier this works out to roughly a 6.7% adverse move for the first (partial) warning and about 13.3% for full liquidation — both far closer to entry, in relative terms, than the 0.3%–0.5% maintenance-margin cushions used by 100x offshore exchanges, because Coinbase's whole model runs at much lower leverage to begin with.
Why this isn't the same as a 10x Binance calculator
Coinbase's separate Advanced Trade product — the CFTC-regulated perpetual futures now available to US retail traders — caps leverage at 10x with USDC margin and no monthly expiry, versus 100x–125x on offshore venues. But even at 10x, Coinbase's IM/MM/CoM ratio structure means less relative buffer than a Binance or Bybit position at the same leverage, because maintenance margin is a fixed fraction of initial margin (⅔) rather than a small flat add-on. Compare directly with the calculateur de marge de maintenance à plusieurs niveaux, or see the raw liquidation-only math on the Binance, Bybit ou OKX pages.
Questions fréquemment posées
How is Coinbase perpetual futures liquidation different from Binance or Bybit?
Offshore exchanges use one liquidation price: cross a single maintenance-margin line and the whole position is closed. Coinbase's published margin policy uses three lines instead — Initial Margin, Maintenance Margin (MM = IM × ⅔, triggers a partial/auto-deleverage), and Close-Out Margin (MM − 12 percentage points or ⅓ of IM, whichever is higher, which triggers full liquidation into the Liquidation Settlement Pool).
What is Coinbase's maintenance margin formula?
Per Coinbase's own leverage and margin policy, Maintenance Margin (MM) equals Initial Margin (IM) multiplied by two-thirds (MM = IM × ⅔). Close-Out Margin (CoM) is the larger of (MM − 12%) ou (IM ÷ 3).
What is Coinbase's max leverage on perpetual futures?
Coinbase's base initial margin is 20% for standard, liquid position sizes — about 5x effective leverage — and increases (leverage drops) for larger or more volatile positions. Coinbase Advanced Trade's separate US retail perpetual futures product caps leverage at 10x, far below the 100x–125x common on offshore exchanges.
What happens when Coinbase Maintenance Margin is breached?
Breaching Maintenance Margin does not necessarily close the whole position immediately — it can trigger a partial, automatic de-risking action. Only a further move down to the lower Close-Out Margin threshold forces a full liquidation, transferring the position to Coinbase's Liquidation Settlement Pool (LSP).