> ## Documentation Index
> Fetch the complete documentation index at: https://docs.pacifica.fi/llms.txt
> Use this file to discover all available pages before exploring further.

# Margin & Liquidation

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.**

```
max loss              = deposit + yield earned
position size         = deposit × leverage / target price

Long  liquidation price = target − (deposit + yield) × target / (leverage × deposit)
Short liquidation price = target + (deposit + yield) × target / (leverage × deposit)
```

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 24-hour mark, not intraday.** If the mark price is beyond your liquidation price at the end of a block, the order is liquidated and the margin is lost. Intraday moves that recover before the checkpoint do not liquidate you.
* **No maintenance margin while resting.** Before a Print order fills, there's nothing to top up — the deposit is the whole risk.