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As a HIP-3 market, Scape inherits liquidation from HyperCore. Detailed mechanics are in Hyperliquid’s documentation on liquidations and auto-deleveraging.

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How Liquidations Work

A liquidation occurs when a trader’s account equity falls below the maintenance margin. The position is then closed via market order; partial fills depend on available liquidity. Liquidations use the mark price — Scape positions use the Scape relayer mark price, which is the median of the oracle, the basis-adjusted oracle, and the order-book median. Because Scape markets are isolated only, a liquidation is confined to the affected position and does not draw on collateral held against other markets.

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Computing Liquidation Price

The estimated liquidation price shown at entry may differ from the actual price as liquidity shifts. The formula is: liq price=price−side×margin availableposition size×11−l⋅side\text{liq price} = \text{price} - \text{side} \times \frac{\text{margin available}}{\text{position size}} \times \frac{1}{1 - l \cdot \text{side}} where l = 1 / maintenance_leverage and side is +1 for longs, −1 for shorts.

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Off-Hours

Dislocations that build up while the external assessment is dark are resolved through funding on reopen rather than through forced liquidations.