Funding › BCH
BCH perpetual
$204.61 ▼ 67.62% over 220 daily bars · Hyperliquid perpetual mark
Mark price and funding update every minute. Open interest, volume and the period figures come from the snapshot taken ; margin tiers are published by the venue and change only when it changes them.
Candles are monochrome — light for up, muted for down — because red and green on this site mean one thing only: longs paying shorts and shorts paying longs. That is the band under the volume histogram, on the same time axis as the price, and it is the reason this chart is not the one everybody else draws. Hyperliquid publishes its own funding hourly; this series reaches back to 5 Jul 2026, and the shaded region to its left is the part of the window with no funding to show. The band is scaled to ±28% APR, the 96th percentile — 1 bar exceed it and are drawn at the edge; hover reads the true figure.
1D bars as a table (200 rows, open · high · low · close · volume · funding)
| Time (UTC) | Open | High | Low | Close | Volume (BCH) | Funding APR |
|---|---|---|---|---|---|---|
| 2026-01-28 00:00 | $599.81 | $601.56 | $587.81 | $590.76 | 3.53K | — |
| 2026-01-29 00:00 | $590.89 | $591.31 | $547.00 | $554.04 | 7.13K | — |
| 2026-01-30 00:00 | $553.74 | $559.50 | $533.36 | $552.78 | 6.65K | — |
| 2026-01-31 00:00 | $553.16 | $553.72 | $469.69 | $507.01 | 17.47K | — |
| 2026-02-01 00:00 | $507.02 | $537.57 | $505.82 | $515.51 | 8.86K | — |
| 2026-02-02 00:00 | $515.84 | $543.74 | $497.03 | $539.34 | 12.25K | — |
| 2026-02-03 00:00 | $539.28 | $541.60 | $509.35 | $526.57 | 9.03K | — |
| 2026-02-04 00:00 | $526.52 | $539.01 | $515.05 | $531.89 | 7.12K | — |
| 2026-02-05 00:00 | $532.07 | $541.91 | $452.37 | $453.46 | 23.71K | — |
| 2026-02-06 00:00 | $453.42 | $540.80 | $420.85 | $523.19 | 20.83K | — |
| 2026-02-07 00:00 | $523.03 | $539.64 | $514.07 | $525.36 | 19.83K | — |
| 2026-02-08 00:00 | $525.05 | $542.48 | $516.88 | $526.32 | 10.25K | — |
| 2026-02-09 00:00 | $526.78 | $537.82 | $511.00 | $532.80 | 9.89K | — |
| 2026-02-10 00:00 | $532.80 | $533.91 | $512.00 | $524.30 | 11.63K | — |
| 2026-02-11 00:00 | $524.28 | $527.78 | $507.45 | $515.88 | 9.08K | — |
| 2026-02-12 00:00 | $515.85 | $520.30 | $493.76 | $502.81 | 4.60K | — |
| 2026-02-13 00:00 | $502.80 | $570.78 | $499.63 | $564.21 | 22.67K | — |
| 2026-02-14 00:00 | $563.92 | $572.77 | $557.63 | $562.85 | 14.65K | — |
| 2026-02-15 00:00 | $562.66 | $565.96 | $550.34 | $553.79 | 6.75K | — |
| 2026-02-16 00:00 | $553.38 | $581.63 | $551.77 | $569.11 | 15.95K | — |
| 2026-02-17 00:00 | $569.14 | $577.94 | $550.33 | $563.71 | 21.02K | — |
| 2026-02-18 00:00 | $563.62 | $570.27 | $550.35 | $557.77 | 14.02K | — |
| 2026-02-19 00:00 | $557.70 | $564.75 | $537.57 | $560.33 | 21.92K | — |
| 2026-02-20 00:00 | $560.31 | $569.89 | $541.18 | $562.33 | 12.98K | — |
| 2026-02-21 00:00 | $562.35 | $575.51 | $558.57 | $564.01 | 12.75K | — |
| 2026-02-22 00:00 | $563.73 | $585.18 | $559.39 | $570.41 | 7.48K | — |
| 2026-02-23 00:00 | $570.41 | $570.63 | $487.11 | $495.29 | 29.78K | — |
| 2026-02-24 00:00 | $495.38 | $498.71 | $470.78 | $484.29 | 19.70K | — |
| 2026-02-25 00:00 | $484.33 | $520.00 | $483.79 | $492.56 | 18.32K | — |
| 2026-02-26 00:00 | $492.53 | $505.15 | $476.48 | $478.02 | 8.42K | — |
| 2026-02-27 00:00 | $477.88 | $490.20 | $454.79 | $461.28 | 12.54K | — |
| 2026-02-28 00:00 | $461.17 | $467.29 | $439.49 | $457.47 | 29.41K | — |
| 2026-03-01 00:00 | $457.36 | $466.36 | $431.67 | $441.27 | 12.15K | — |
| 2026-03-02 00:00 | $441.30 | $454.18 | $436.01 | $444.70 | 8.60K | — |
| 2026-03-03 00:00 | $444.86 | $449.69 | $432.04 | $443.68 | 10.01K | — |
| 2026-03-04 00:00 | $443.54 | $476.57 | $438.77 | $467.25 | 10.29K | — |
| 2026-03-05 00:00 | $466.74 | $467.39 | $454.60 | $461.25 | 5.98K | — |
| 2026-03-06 00:00 | $461.23 | $463.10 | $441.94 | $449.43 | 7.30K | — |
| 2026-03-07 00:00 | $449.43 | $453.78 | $445.48 | $449.76 | 2.54K | — |
| 2026-03-08 00:00 | $449.80 | $455.11 | $440.54 | $442.81 | 4.59K | — |
| 2026-03-09 00:00 | $442.71 | $456.41 | $442.61 | $444.26 | 7.43K | — |
| 2026-03-10 00:00 | $444.33 | $453.80 | $442.23 | $446.50 | 15.93K | — |
| 2026-03-11 00:00 | $446.63 | $460.71 | $445.34 | $454.74 | 10.46K | — |
| 2026-03-12 00:00 | $454.73 | $460.53 | $451.42 | $454.75 | 8.87K | — |
| 2026-03-13 00:00 | $454.78 | $474.63 | $454.47 | $460.54 | 15.99K | — |
| 2026-03-14 00:00 | $460.57 | $468.25 | $454.05 | $467.38 | 9.87K | — |
| 2026-03-15 00:00 | $467.36 | $469.99 | $459.45 | $469.32 | 6.49K | — |
| 2026-03-16 00:00 | $469.29 | $483.36 | $465.03 | $478.59 | 10.57K | — |
| 2026-03-17 00:00 | $478.60 | $480.75 | $470.01 | $470.37 | 7.06K | — |
| 2026-03-18 00:00 | $470.34 | $472.45 | $446.47 | $456.70 | 9.01K | — |
| 2026-03-19 00:00 | $456.72 | $460.10 | $449.69 | $455.50 | 4.65K | — |
| 2026-03-20 00:00 | $455.35 | $474.93 | $455.15 | $474.32 | 18.58K | — |
| 2026-03-21 00:00 | $474.30 | $476.91 | $459.58 | $462.25 | 8.97K | — |
| 2026-03-22 00:00 | $462.15 | $471.00 | $457.07 | $467.00 | 6.22K | — |
| 2026-03-23 00:00 | $466.99 | $485.36 | $462.84 | $477.72 | 14.05K | — |
| 2026-03-24 00:00 | $477.71 | $479.72 | $468.72 | $476.86 | 5.10K | — |
| 2026-03-25 00:00 | $476.88 | $479.84 | $471.17 | $473.29 | 3.90K | — |
| 2026-03-26 00:00 | $473.30 | $473.71 | $458.56 | $461.61 | 5.30K | — |
| 2026-03-27 00:00 | $461.70 | $472.88 | $457.69 | $472.20 | 20.34K | — |
| 2026-03-28 00:00 | $472.23 | $483.56 | $470.11 | $480.62 | 15.74K | — |
| 2026-03-29 00:00 | $480.61 | $484.02 | $446.74 | $452.24 | 11.88K | — |
| 2026-03-30 00:00 | $452.47 | $467.02 | $450.40 | $459.92 | 8.53K | — |
| 2026-03-31 00:00 | $459.95 | $477.79 | $459.74 | $466.43 | 14.85K | — |
| 2026-04-01 00:00 | $466.49 | $466.51 | $453.62 | $454.59 | 6.34K | — |
| 2026-04-02 00:00 | $454.95 | $455.57 | $439.89 | $443.93 | 5.10K | — |
| 2026-04-03 00:00 | $444.02 | $446.34 | $439.39 | $442.77 | 3.75K | — |
| 2026-04-04 00:00 | $442.85 | $444.60 | $440.64 | $440.87 | 1.54K | — |
| 2026-04-05 00:00 | $440.79 | $441.41 | $420.12 | $428.22 | 5.62K | — |
| 2026-04-06 00:00 | $428.27 | $440.32 | $428.20 | $434.78 | 3.87K | — |
| 2026-04-07 00:00 | $434.80 | $448.12 | $429.81 | $445.82 | 5.84K | — |
| 2026-04-08 00:00 | $445.80 | $449.44 | $439.88 | $441.22 | 3.05K | — |
| 2026-04-09 00:00 | $441.11 | $446.27 | $433.03 | $442.73 | 4.42K | — |
| 2026-04-10 00:00 | $442.82 | $446.66 | $434.19 | $443.61 | 4.41K | — |
| 2026-04-11 00:00 | $443.56 | $445.06 | $436.27 | $437.32 | 1.89K | — |
| 2026-04-12 00:00 | $437.32 | $437.76 | $419.33 | $421.02 | 5.87K | — |
| 2026-04-13 00:00 | $421.05 | $440.01 | $420.91 | $438.01 | 3.77K | — |
| 2026-04-14 00:00 | $437.99 | $443.76 | $432.68 | $435.91 | 5.84K | — |
| 2026-04-15 00:00 | $435.95 | $443.11 | $427.47 | $440.40 | 4.46K | — |
| 2026-04-16 00:00 | $440.59 | $457.00 | $433.45 | $454.75 | 5.77K | — |
| 2026-04-17 00:00 | $454.72 | $461.68 | $446.52 | $453.36 | 5.13K | — |
| 2026-04-18 00:00 | $453.28 | $455.77 | $443.20 | $443.60 | 2.86K | — |
| 2026-04-19 00:00 | $443.49 | $445.90 | $433.41 | $434.89 | 2.57K | — |
| 2026-04-20 00:00 | $434.85 | $446.27 | $434.85 | $443.35 | 2.98K | — |
| 2026-04-21 00:00 | $443.45 | $448.94 | $440.22 | $448.21 | 3.53K | — |
| 2026-04-22 00:00 | $448.51 | $473.71 | $447.52 | $460.17 | 7.35K | — |
| 2026-04-23 00:00 | $460.18 | $460.76 | $453.00 | $460.52 | 1.93K | — |
| 2026-04-24 00:00 | $460.54 | $461.38 | $454.41 | $456.15 | 1.98K | — |
| 2026-04-25 00:00 | $455.96 | $456.41 | $451.91 | $453.01 | 879.76 | — |
| 2026-04-26 00:00 | $453.02 | $455.46 | $450.20 | $454.74 | 1.18K | — |
| 2026-04-27 00:00 | $454.87 | $457.47 | $446.00 | $449.51 | 3.69K | — |
| 2026-04-28 00:00 | $449.59 | $453.88 | $442.49 | $453.35 | 2.36K | — |
| 2026-04-29 00:00 | $453.34 | $455.30 | $441.56 | $447.25 | 1.57K | — |
| 2026-04-30 00:00 | $447.31 | $448.81 | $440.31 | $440.69 | 1.14K | — |
| 2026-05-01 00:00 | $440.66 | $457.71 | $440.66 | $450.53 | 2.06K | — |
| 2026-05-02 00:00 | $450.29 | $452.91 | $444.18 | $445.22 | 866.73 | — |
| 2026-05-03 00:00 | $445.38 | $447.28 | $442.20 | $442.90 | 1.48K | — |
| 2026-05-04 00:00 | $442.91 | $450.48 | $436.87 | $443.66 | 2.99K | — |
| 2026-05-05 00:00 | $443.50 | $464.21 | $442.72 | $461.19 | 3.31K | — |
| 2026-05-06 00:00 | $461.23 | $489.23 | $458.30 | $465.70 | 7.60K | — |
| 2026-05-07 00:00 | $465.68 | $466.41 | $448.22 | $450.14 | 2.41K | — |
| 2026-05-08 00:00 | $450.18 | $454.30 | $447.63 | $450.34 | 2.78K | — |
| 2026-05-09 00:00 | $450.27 | $453.82 | $448.43 | $449.49 | 2.51K | — |
| 2026-05-10 00:00 | $449.78 | $465.28 | $448.96 | $464.13 | 3.54K | — |
| 2026-05-11 00:00 | $464.40 | $465.09 | $447.52 | $449.94 | 6.12K | — |
| 2026-05-12 00:00 | $450.01 | $450.13 | $436.20 | $439.45 | 3.74K | — |
| 2026-05-13 00:00 | $439.41 | $444.45 | $429.67 | $433.97 | 3.94K | — |
| 2026-05-14 00:00 | $433.77 | $438.49 | $431.27 | $434.37 | 2.57K | — |
| 2026-05-15 00:00 | $434.40 | $437.09 | $423.46 | $426.45 | 1.91K | — |
| 2026-05-16 00:00 | $426.46 | $427.72 | $410.31 | $415.41 | 2.34K | — |
| 2026-05-17 00:00 | $415.54 | $416.46 | $398.69 | $404.46 | 3.63K | — |
| 2026-05-18 00:00 | $404.19 | $404.22 | $348.00 | $378.40 | 19.21K | — |
| 2026-05-19 00:00 | $378.40 | $386.31 | $360.76 | $369.90 | 6.52K | — |
| 2026-05-20 00:00 | $370.01 | $374.67 | $364.14 | $372.96 | 5.33K | — |
| 2026-05-21 00:00 | $372.91 | $383.32 | $372.59 | $380.36 | 5.27K | — |
| 2026-05-22 00:00 | $380.39 | $381.63 | $358.71 | $360.48 | 5.00K | — |
| 2026-05-23 00:00 | $360.63 | $364.32 | $342.55 | $355.10 | 7.50K | — |
| 2026-05-24 00:00 | $355.16 | $357.29 | $333.30 | $346.48 | 6.03K | — |
| 2026-05-25 00:00 | $346.48 | $352.15 | $343.68 | $351.45 | 3.57K | — |
| 2026-05-26 00:00 | $351.32 | $354.98 | $342.43 | $343.06 | 5.13K | — |
| 2026-05-27 00:00 | $343.19 | $347.03 | $331.81 | $334.42 | 2.95K | — |
| 2026-05-28 00:00 | $334.50 | $335.95 | $293.12 | $299.76 | 20.12K | — |
| 2026-05-29 00:00 | $299.65 | $309.60 | $296.58 | $301.99 | 14.52K | — |
| 2026-05-30 00:00 | $302.03 | $307.73 | $296.62 | $303.36 | 4.58K | — |
| 2026-05-31 00:00 | $303.50 | $307.57 | $297.41 | $302.60 | 4.43K | — |
| 2026-06-01 00:00 | $302.67 | $304.43 | $277.68 | $293.30 | 14.24K | — |
| 2026-06-02 00:00 | $293.44 | $293.76 | $265.36 | $268.18 | 15.90K | — |
| 2026-06-03 00:00 | $268.44 | $271.33 | $239.36 | $243.29 | 41.48K | — |
| 2026-06-04 00:00 | $243.14 | $251.91 | $230.22 | $245.30 | 42.60K | — |
| 2026-06-05 00:00 | $245.26 | $245.74 | $207.73 | $209.61 | 63.24K | — |
| 2026-06-06 00:00 | $209.81 | $226.98 | $199.73 | $217.32 | 51.00K | — |
| 2026-06-07 00:00 | $217.27 | $234.55 | $215.69 | $230.12 | 14.38K | — |
| 2026-06-08 00:00 | $230.16 | $231.28 | $199.31 | $209.29 | 45.68K | — |
| 2026-06-09 00:00 | $209.23 | $210.76 | $200.96 | $203.36 | 19.09K | — |
| 2026-06-10 00:00 | $203.39 | $204.26 | $191.74 | $194.40 | 25.05K | — |
| 2026-06-11 00:00 | $194.49 | $209.00 | $192.58 | $205.16 | 18.72K | — |
| 2026-06-12 00:00 | $205.22 | $209.01 | $200.90 | $202.00 | 12.99K | — |
| 2026-06-13 00:00 | $201.96 | $209.61 | $200.86 | $208.61 | 10.72K | — |
| 2026-06-14 00:00 | $208.60 | $210.58 | $196.92 | $210.58 | 13.35K | — |
| 2026-06-15 00:00 | $210.62 | $230.92 | $209.41 | $224.46 | 28.97K | — |
| 2026-06-16 00:00 | $224.33 | $228.02 | $212.18 | $213.96 | 19.93K | — |
| 2026-06-17 00:00 | $214.01 | $218.05 | $208.61 | $212.20 | 11.06K | — |
| 2026-06-18 00:00 | $212.38 | $215.07 | $192.88 | $199.69 | 16.42K | — |
| 2026-06-19 00:00 | $199.61 | $199.80 | $192.89 | $198.49 | 7.52K | — |
| 2026-06-20 00:00 | $198.38 | $200.78 | $195.48 | $199.96 | 7.76K | — |
| 2026-06-21 00:00 | $200.03 | $200.13 | $194.50 | $194.83 | 6.30K | — |
| 2026-06-22 00:00 | $194.77 | $205.00 | $194.77 | $197.52 | 10.33K | — |
| 2026-06-23 00:00 | $197.38 | $198.46 | $186.40 | $194.53 | 23.55K | — |
| 2026-06-24 00:00 | $194.54 | $196.44 | $180.83 | $190.27 | 12.98K | — |
| 2026-06-25 00:00 | $190.44 | $196.70 | $182.34 | $192.83 | 12.85K | — |
| 2026-06-26 00:00 | $193.02 | $202.71 | $184.88 | $196.98 | 10.84K | — |
| 2026-06-27 00:00 | $197.27 | $199.91 | $194.25 | $195.35 | 4.45K | — |
| 2026-06-28 00:00 | $195.31 | $197.87 | $188.24 | $190.94 | 7.04K | — |
| 2026-06-29 00:00 | $190.81 | $202.89 | $188.50 | $201.14 | 6.36K | — |
| 2026-06-30 00:00 | $201.08 | $202.42 | $194.16 | $199.96 | 10.28K | — |
| 2026-07-01 00:00 | $200.02 | $218.56 | $196.09 | $209.86 | 28.31K | — |
| 2026-07-02 00:00 | $210.00 | $222.85 | $209.92 | $220.21 | 18.24K | — |
| 2026-07-03 00:00 | $220.19 | $230.76 | $219.36 | $229.33 | 23.29K | — |
| 2026-07-04 00:00 | $229.28 | $237.56 | $224.04 | $236.44 | 11.73K | — |
| 2026-07-05 00:00 | $236.27 | $249.20 | $234.00 | $244.17 | 24.53K | -3.56% |
| 2026-07-06 00:00 | $244.15 | $251.00 | $234.56 | $241.89 | 33.65K | -1.56% |
| 2026-07-07 00:00 | $241.94 | $244.97 | $234.75 | $239.23 | 9.26K | 8.28% |
| 2026-07-08 00:00 | $239.23 | $241.55 | $229.12 | $235.22 | 10.65K | 5.69% |
| 2026-07-09 00:00 | $235.26 | $241.27 | $231.27 | $237.59 | 22.69K | -3.76% |
| 2026-07-10 00:00 | $237.58 | $254.90 | $236.89 | $245.14 | 20.47K | 7.55% |
| 2026-07-11 00:00 | $245.19 | $250.00 | $243.45 | $243.92 | 4.48K | 10.95% |
| 2026-07-12 00:00 | $243.90 | $247.58 | $239.12 | $240.20 | 4.51K | 9.26% |
| 2026-07-13 00:00 | $240.13 | $244.71 | $232.98 | $236.34 | 9.70K | 8.66% |
| 2026-07-14 00:00 | $236.40 | $242.25 | $231.42 | $236.61 | 6.40K | -3.05% |
| 2026-07-15 00:00 | $236.63 | $238.04 | $222.25 | $223.00 | 10.44K | -20.78% |
| 2026-07-16 00:00 | $222.94 | $226.77 | $219.34 | $221.57 | 13.75K | -28.16% |
| 2026-07-17 00:00 | $221.69 | $224.39 | $213.82 | $219.57 | 9.37K | -2.92% |
| 2026-07-18 00:00 | $219.79 | $221.56 | $216.77 | $220.03 | 2.39K | -3.44% |
| 2026-07-19 00:00 | $220.01 | $220.36 | $213.92 | $215.15 | 3.14K | -1.06% |
| 2026-07-20 00:00 | $215.01 | $221.17 | $209.68 | $219.88 | 8.94K | 2.38% |
| 2026-07-21 00:00 | $219.87 | $226.79 | $206.82 | $223.70 | 29.91K | 9.55% |
| 2026-07-22 00:00 | $223.76 | $225.44 | $218.36 | $219.98 | 8.62K | -5.38% |
| 2026-07-23 00:00 | $219.90 | $220.39 | $208.13 | $211.70 | 7.13K | 0.63% |
| 2026-07-24 00:00 | $211.67 | $213.13 | $207.50 | $210.68 | 5.78K | 7.12% |
| 2026-07-25 00:00 | $210.80 | $212.56 | $208.92 | $209.66 | 2.79K | -3.50% |
| 2026-07-26 00:00 | $209.66 | $219.01 | $209.00 | $216.94 | 4.53K | -5.09% |
| 2026-07-27 00:00 | $216.94 | $219.83 | $210.72 | $211.66 | 6.15K | -10.83% |
| 2026-07-28 00:00 | $211.81 | $215.15 | $209.13 | $214.14 | 5.00K | 0.50% |
| 2026-07-29 00:00 | $214.30 | $216.00 | $204.31 | $211.34 | 5.25K | 7.74% |
| 2026-07-30 00:00 | $211.37 | $221.89 | $208.23 | $216.99 | 6.83K | 8.41% |
| 2026-07-31 00:00 | $216.79 | $218.20 | $205.37 | $209.89 | 8.79K | -3.21% |
| 2026-08-01 00:00 | $209.99 | $212.48 | $205.73 | $207.98 | 4.47K | 5.86% |
| 2026-08-02 00:00 | $207.98 | $214.77 | $206.97 | $212.66 | 5.63K | 6.55% |
| 2026-08-03 00:00 | $212.66 | $215.23 | $208.52 | $213.22 | 4.20K | 7.75% |
| 2026-08-04 00:00 | $213.23 | $214.70 | $211.32 | $213.28 | 3.90K | 10.25% |
| 2026-08-05 00:00 | $213.24 | $217.20 | $209.92 | $214.54 | 7.87K | 3.68% |
| 2026-08-06 00:00 | $214.61 | $215.50 | $210.62 | $212.69 | 4.76K | 1.27% |
| 2026-08-07 00:00 | $212.69 | $218.00 | $212.46 | $214.64 | 5.33K | 4.90% |
| 2026-08-08 00:00 | $214.64 | $218.65 | $214.35 | $216.06 | 2.12K | 4.53% |
| 2026-08-09 00:00 | $216.01 | $218.54 | $213.79 | $214.72 | 3.47K | 7.57% |
| 2026-08-10 00:00 | $214.64 | $217.49 | $212.15 | $213.09 | 2.96K | 9.41% |
| 2026-08-11 00:00 | $213.14 | $216.19 | $210.92 | $213.74 | 4.88K | 6.16% |
| 2026-08-12 00:00 | $213.74 | $216.54 | $211.25 | $212.60 | 2.86K | -9.63% |
| 2026-08-13 00:00 | $212.62 | $216.05 | $204.89 | $206.48 | 6.68K | -16.88% |
| 2026-08-14 00:00 | $206.32 | $207.04 | $199.33 | $204.69 | 14.70K | -43.03% |
| 2026-08-15 00:00 | $204.71 | $206.36 | $204.10 | $204.57 | 2.15K | -28.29% |
Funding
Hyperliquid funding
10.95%
Spread between venues
0.00%
Cost to hold $10,000 long
$21.00
Next settlement
18:00
Funding by venue
The quoted column is what each venue publishes. Those numbers are not comparable to each other; the annualised column is.
| Venue | Quoted rate | Interval | Settlements / yr | Annualised |
|---|---|---|---|---|
| Hyperliquid | 0.0000125 | 1h | 8,760 | 10.95% |
| Binance | 0.0001 | 8h | 1,095 | 10.95% |
| Bybit | 0.0001 | 8h | 1,095 | 10.95% |
Margin tiers
Maintenance margin is half the initial margin at the tier's max leverage. At 10× long
with 1 BCH, the tier-correct liquidation price is $193.84 —
5.00% ($9.69) away from what the common entry × (1 − 1/leverage) formula returns.
| Tier | Notional from | Max leverage | Maintenance margin |
|---|---|---|---|
| 1 | $0 | 10× | 5.000% |
| 2 | $20.00M | 5× | 10.000% |