What is a liquidation price?

The price at which a leveraged position is closed by force because its margin no longer covers the loss.

The liquidation price depends on the entry price, the leverage, the margin mode and, with cross margin, on the whole account. The higher the leverage, the closer it is to the current price.

Exchanges trigger liquidation by the mark price, not by the last trade, so a short spike on one exchange does not liquidate positions by itself.

Liquidation prices of many traders often cluster at round numbers and just beyond obvious support and resistance — these clusters are what a liquidation map shows.

On HyperScan

On Hyperliquid liquidation prices are public: HyperScan collects them from real positions and shows how much would be liquidated at each price.