Finance & Money · 追加保证金（Margin Call） · Updated 2026-10-25
What Is Margin Call?
Definition
In leveraged trading, margin rate = equity ÷ position value. Opening requires initial margin (50% at 2x); falling below maintenance (say 25%) triggers a margin call, and failure to top up forces liquidation. The liquidation price is computable: long at 2x, a ~37.5% drop wipes you out (leverage × drop erodes equity toward 1 − maintenance/leverage). The call is the broker's risk control, not a "bounce reminder" for you.
Formula
Maintenance rate = equity / position value; liquidation drop ≈ 1 − maintenance rate / leverage
Worked Example
100k equity at 5x buys a 500k position with 20% maintenance: a 16% price drop (500k→420k, equity ~20k → 4.8%) breaches the line — liquidation leaves nearly zero.
Common Misconception
"Unrealized loss isn't a loss until liquidation" — liquidation merely realizes it; the loss began the moment price moved against you. Survivor stories of "riding out a margin call" push people into bigger leverage, and the next swing ends the account.
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