爆仓价格系数推导 多仓爆仓条件账户权益 维持保证金即Equity Maintenance Margin对于一个仓位多仓权益权益 初始权益 (当前价 - 开仓价) × 数量因为价格上涨赚钱。空仓权益权益 初始权益 (开仓价 - 当前价) × 数量因为价格下跌赚钱。维持保证金MM 仓位价值 × (keepRate feeRate)而仓位价值PositionValue Price × Quantity所以MM Price × Quantity × (keep fee)多仓权益Equity E (P - Open) × Q维持保证金MM P × Q × (keep fee)爆仓条件E (P - Open)Q P Q (keep fee)展开E PQ - OpenQ PQ(keepfee)移项E - OpenQ PQ(keepfee-1)所以(keep fee - 1)出现了。空仓空仓盈亏(Open - P)Q权益Equity E (Open - P)Q爆仓条件E (Open - P)Q PQ(keepfee)展开E OpenQ - PQ PQ(keepfee)移项E OpenQ PQ(keepfee1)所以keep fee 1这是所有合约交易所爆仓系统核心包括BinanceBybitOKXBitMEX本质都一样。区别只是是否加入 funding是否加入手续费 buffer是否阶梯强平是否 ADL