#美国非农就业数据未达市场预期 Liquidation logic in perpetual futures trading really needs to be understood thoroughly. I encountered something absurd — when shorting, my entry price was 0.007875, and I set the liquidation price at 0.007980. At that time, the mark price reached 0.007850, and by the numbers, my unrealized profit should have been around 16%. Then just seconds before I was about to close my position, liquidation triggered. The customer service explanation afterward was that because the execution price was relatively "favorable," after deducting liquidation losses from my $50,000+ principal, they preserved $9,000 in profits for me. Sounds like I made money? But here's the problem — the gap between the mark price and actual execution price became the fuse for my liquidation. What's most extreme is that the price later spiked to exactly where I originally wanted to close, just a few critical seconds too late. A position with 16% unrealized gains ended up being completely wiped out by the liquidation mechanism. The matching logic and time lag behind this really deserve traders' reflection. Risk management in perpetual futures — looking at numbers alone sometimes isn't enough.