Question 1

What is the difference between liquidation price and bankruptcy price?

Accepted Answer

Liquidation price is where the exchange force-closes your position; bankruptcy price is slightly further, where your remaining margin would be exactly zero. The exchange liquidates you before bankruptcy so there is a small buffer left to cover the close-out. That buffer equals your maintenance margin — roughly entry price times the maintenance margin rate.

Question 2

What happens if price gaps past my bankruptcy price?

Accepted Answer

If the market jumps straight past bankruptcy before the position can be closed, the loss exceeds your margin. The exchange insurance fund normally absorbs it and most venues offer negative-balance protection, but in extreme moves auto-deleveraging (ADL) can hit the winning side. High leverage shrinks the buffer between liquidation and bankruptcy, making gap risk worse.

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