What liquidation is
Liquidation is the price at which the platform closes the position because your wager is spent. The rule is simple arithmetic, worked out below on the live ladders.
Your room is one divided by your multiplier
You are liquidated when your equity, meaning your stake plus your open profit and loss, falls to the maintenance margin required on your exposure. Rearranged, the move against you that closes the position is:
(1 − leverage × maintenance rate) ÷ leverage
Moon publishes no maintenance buffer, so its maintenance rate enters that expression as 0.00 per cent. That leaves the plain reciprocal: 10.00 per cent at 10x, 2.00 per cent at 50x, 1.00 per cent at 100x, 0.50 per cent at 200x, 0.20 per cent at 500x, 0.10 per cent at 1000x.
Those figures come from the platform's stated rule and were checked against a live ticket. A Tesla position entered at $346.145 at 50x showed a liquidation at $353.068, which is 2.0000 per cent away from the modelled 2.00 per cent. Read each one as a distance and ask whether your market routinely covers it.
Your liquidation runs off the platform's mark price
Your liquidation triggers off the platform's own mark price, and no public chart carries that price. Two feeds that disagree by 0.1 per cent look identical at 5x and decide the outcome at 1000x, where 0.1 per cent is twice your entire room. That gap is the largest single reason a simulated result and a real one come apart, so nothing here predicts what Moon would have done.
Wicks decide this, so read the session low
You are liquidated on the low rather than on the close. A session that opens at 100, trades down to 98.5 and closes at 100.4 reads as a green day and takes everything at 100x. Every hit-rate figure here is measured against the session low, which is why the counts run higher than you would guess.
On Zcash, 72 of the last 90 sessions carried a move big enough to close a 100x long opened at the open. On S&P 500 ETF the same count is 8.
Three things move where you sit in the arithmetic
A lower multiplier widens your room. Adding margin moves your liquidation price. A stop placed inside your room turns a forced close into a chosen one, which usually costs you less. The arithmetic itself stays where it is.