暗号を理解する 清算
2月Binance、20%には、0を超える仮想通貨ポジションがわずかBitcoin時間で清算され、Bitcoin以上のトレーダーが全滅しました。 1 分の 1 回のカスケードで 5 百万ドルが清算されました。レバレッジを利用する仮想通貨トレーダーにとって、清算がどのように機能するのか、なぜ清算が起こるのか、そして自分自身を守る方法を理解することは不可欠です。
清算とは何ですか?
A liquidation occurs when a cryptocurrency exchange force-closes your leveraged trading position because your losses have approached or exceeded your deposited margin (collateral). In simple terms: you borrowed money to make a bigger trade, the trade went against you, and the exchange closed it before you could lose more than what you put in.
Think of it like a house mortgage. If you put 10% down on a house and the house value drops below what you owe the bank, the bank forecloses. In crypto, the "bank" is the exchange, your margin is the "down payment," and liquidation is the "foreclosure." It happens automatically and instantly -- often in milliseconds.
Open Position
You deposit margin and open a leveraged long or short position
Price Moves Against You
Market moves in the opposite direction of your trade
Margin Call
Your losses approach the maintenance margin level -- warning issued
Liquidation
Exchange force-closes your position. You lose your deposited margin.
Long vs Short Liquidation
Long Liquidation
When price dropsYou open a LONG position expecting the price to go UP. Instead, the price DROPS. When it drops far enough, your position is liquidated. In the February 2026 crash, 91% of all $2.1B in liquidations were longs -- traders who bet BTC would keep going up.
例: あなたは4を4で5xレバレッジでロングしています。清算価格は約 $68 です。 BTC が $68,000 に下がる — あなたは清算され、証拠金全体を失います。 You long BTC at $70,000 with 10x leverage ($1,000 margin). BTC drops to $63,000 (-10%). Your $1,000 margin is wiped. Position force-closed.
Short Liquidation
When price risesYou open a SHORT position expecting the price to go DOWN. Instead, the price RISES. When it rises far enough, your position is liquidated. Short squeezes happen when mass short liquidations push the price even higher, creating a cascade in the opposite direction.
例: 4 を4 で5x レバレッジでショートします。清算価格は約 $68 です。 BTC が $68,000 に跳ね返った場合 — あなたは清算されます。 You short BTC at $70,000 with 10x leverage ($1,000 margin). BTC rises to $77,000 (+10%). Your $1,000 margin is wiped. Position force-closed.
レバレッジの仕組み
Leverage lets you control a larger position with less capital. While it amplifies potential profits, it equally amplifies losses. Here is how different leverage levels affect your liquidation risk:
| Leverage | Required Margin | Liquidation Distance | Risk Level | Example ($1,000 margin) |
|---|---|---|---|---|
| 1x (Spot) | 100% | N/A (no liquidation) | Safe | $1,000 → $1,000 position |
| 2x | 50% | ~50% move | Safe | $1,000 → $2,000 position |
| 5x | 20% | ~20% move | Moderate | $1,000 → $5,000 position |
| 10x | 10% | ~10% move | Moderate | $1,000 → $10,000 position |
| 20x | 5% | ~5% move | High | $1,000 → $20,000 position |
| 50x | 2% | ~2% move | Extreme | $1,000 → $50,000 position |
| 100x | 1% | ~1% move | Suicidal | $1,000 → $100,000 position |
| 125x | 0.8% | ~0.8% move | Suicidal | $1,000 → $125,000 position |
0倍のレバレッジでは、わずかBitcoinの価格変動でポジション全体が消去されます。 2月の0の暴落では、0が36時間で2下落しました。ロングで5x 以上のレバレッジを使用した人は清算されました。 BTC regularly moves 5-15% in a single day during volatile markets. At 20x leverage, a 5% move liquidates you. At 100x, a 1% move -- which can happen in seconds -- wipes your position entirely. Over 90% of traders using high leverage lose money.
Cross Margin vs Isolated Margin
クロスマージン
- •Your ENTIRE account balance is used as collateral
- •Higher liquidation threshold (harder to get liquidated on single trade)
- •BUT: one bad trade can wipe your ENTIRE account
- •Risk of negative balance in extreme flash crashes
Verdict: Dangerous for beginners. One cascading event can destroy your entire portfolio.
孤立したマージン
- •Only the margin allocated to that trade is at risk
- •Lower liquidation threshold (easier to get liquidated per trade)
- •Your other funds and positions are PROTECTED
- •Maximum loss is limited and known in advance
Verdict: RECOMMENDED for all traders. Limits risk to individual positions. Always use this.
Pro Tip: On Binance, OKX, and Bybit, you can switch between Cross and Isolated margin for each position. Always select Isolated Margin before opening a new leveraged trade. This single setting could save your entire account during a crash.
清算価格の計算方法
正確な清算価格は、レバレッジ、エントリー価格、証拠金の種類、取引所の維持証拠金率によって異なります。簡略化した式は次のとおりです。
Long Position Formula
Short Position Formula
Example: BTC Long at $68,000 with 10x Leverage
Case Study: February 2026 $2.1B Liquidation Event
The February 4-5, 2026 liquidation cascade was one of the largest in crypto history. Triggered by Trump's global tariff war, it demonstrates exactly how cascading liquidations create a waterfall effect that amplifies price crashes far beyond the initial selling pressure.
Tariffs Take Effect
BTC at $84K. First wave of selling as Asian markets react. $400M liquidated in first 6 hours as overleveraged longs at $80K+ get wiped.
Cascade Accelerates
BTC drops through $74K. $1.3B total liquidated. Each liquidation pushes price lower, triggering the next wave. Clustered stop-losses between $72K-$74K accelerate the fall.
The 45-Minute Waterfall: $890M Liquidated
BTC breaks $70K. Massive cluster of liquidation orders between $69K-$71K trigger simultaneously. $890M liquidated in 45 minutes. Price crashes to $68,200. 91% of liquidations are longs.
歴史的な大規模な清算イベント
COVID-19 Black Thursday
March 2020Global pandemic panic -- BTC crashed from $8K to $3.8K in 24 hours. BitMEX went down during the cascade.
China Mining Ban Crash
May 2021China banned crypto mining and trading. BTC fell from $58K to $30K over 2 weeks. Largest liquidation event in crypto history.
FTX Collapse
November 2022FTX exchange insolvency revealed. BTC crashed from $21K to $15.5K. Trust in centralized exchanges shattered.
Trump Trade War Crash
February 2026Global tariff war escalation. BTC crashed from $84K to $68K. 310,000+ traders wiped out. $890M liquidated in 45 minutes.
2021 清算を回避する戦略
Always Use Stop-Loss Orders
A stop-loss automatically closes your position at a predetermined price. Without one, a sudden crash can liquidate your entire margin before you can react. Set stop-losses at 2-5% below entry for leveraged trades.
Keep Leverage at 2-5x Maximum
At 10x leverage, a mere 10% move liquidates you. At 50x, a 2% move wipes your position. BTC regularly moves 5-15% in a single day during volatile markets. Low leverage gives you room to survive.
Use Isolated Margin (Not Cross)
Isolated margin limits your loss to the margin allocated to that specific trade. Cross margin uses your entire account balance as collateral -- meaning one bad trade can wipe your whole account.
Never Risk More Than 1-2% Per Trade
Professional traders risk 1-2% of their total account per trade. If you have $10,000, risk $100-$200 maximum per position. This way, even 10 consecutive losses only cost 10-20% of your capital.
Monitor Funding Rates
High positive funding rates mean longs are overleveraged and paying shorts. This often precedes a long squeeze (mass long liquidation). High negative funding signals the opposite. Use funding rates as a crowding indicator.
Keep Dry Powder (Stablecoin Reserve)
Hold 20-40% of your portfolio in stablecoins (USDT/USDC). This serves two purposes: it protects capital during crashes and gives you buying power to enter after liquidation cascades create discounted prices.
2% で安全に取引しましょう
独立マージンを使用し、ストップロスを設定し、世界最大の取引所で最大2倍のレバレッジで取引します。専用の紹介コードを使用すると、すべての取引手数料が 5 割引になります。
Also available on other exchanges with exclusive referral codes:
でも入手可能です:よくある質問
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重要なリスク警告
- •レバレッジ取引には全損の極度のリスクが伴います。 2月$1～$2.1、2026の0時間でBinance億以上が清算されました。
- •Binance+ トレーダーが 1 日でポジションを失いました。大多数は0x を超えるレバレッジを使用していました。
- •クロスマージンにより、アカウントが完全に清算される可能性があります。ポジションレベルのリスク管理には常に分離証拠金を使用してください。
- •清算イベントが連鎖的に起こり、価格が通常の技術レベルをはるかに超えて下落する可能性があります。
- •失うわけにはいかない資金で取引をしないでください。低いレバレッジ (Binance-0x) と小さなポジションサイズから始めます。
- •この記事は情報提供のみを目的としており、財務または投資に関するアドバイスを構成するものではありません。
Bitcoinで安全に取引しましょう
$2.1B 清算イベントから学びましょう。分離マージンを使用し、ストップロスを設定し、ツールを使用して取引してポジションを保護します。専用の紹介コードを使用すると、すべての取引手数料が 20% 割引になります。
この記事は情報提供および教育のみを目的としています。レバレッジを活用した暗号通貨取引には、全損の大きなリスクが伴います。提供される情報は投資アドバイスを構成するものではありません。過去の清算データは教育目的で表示されます。ストップロスや分離証拠金などのリスク管理ツールを常に使用してください。損失を許容できる以上に投資しないでください。