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Once a Print order fills, it becomes a normal leveraged position and can be liquidated — so leverage cuts both ways. Concepts like size, margin, and liquidation price work the same as regular perp trading. The most you can lose is everything in the Print account — your deposit plus the yield it has earned. You can never lose more than that.
In practice the liquidation price sits roughly target ÷ leverage away from your target, on the losing side. Higher leverage moves the liquidation price closer to your target — more yield, but more risk. Two things that differ from a normal position:
  • Liquidation is only checked at the cycle’s checkpoint, not continuously. If the mark price is beyond your liquidation price at the end of a block, the order is liquidated and the margin is lost. Moves that recover before the checkpoint do not liquidate you — but note that on a 7-day or 30-day cycle, the check that matters is the one at the end of the week or the month, so a large move that has not recovered by then is what settles your order.
  • No maintenance margin while resting. Before a Print order fills, there’s nothing to top up — the deposit is the whole risk.