Before the next headline night

For scale, CoinGecko's aggregated XRP price was about 1.32 USD at 11:02 AM ET on Wednesday. That is a cross-market average, not a Bitbase quote. The rules below come from the Bitbase help center. The backdrop is real: crypto fell overnight as US midterm results came in, with BTC touching a six-week low, then recovered on Wednesday, Nov 4, as Reuters reported. Nights like that are when settings you never checked suddenly decide your result, so it is worth ten minutes now while the market is calmer.

Q1: Which price closes me out if things go badly?

The mark price, not the last traded price. The Bitbase help center says liquidation is triggered by the mark price. Mark is built from the index price plus a smoothed basis, updated every second, so it reacts to sharp moves but does not copy every short spike in the last trade.

In the scene, the last price wicked below your stop for a moment. The mark price likely moved less during a spike that brief, because of the smoothing. That is the point of using mark for liquidation: one thin-book print should not wipe out a position.

Q2: Which price triggers my stop-loss?

That depends on what you chose. The Bitbase help center tells you to check the trigger type on your TP/SL. If your stop watches the last price, that brief wick can trigger it even though the mark price never got there. If it watches the mark price, a short wick is less likely to fire it, but a real move will.

Neither is "correct". A last-price stop reacts faster. A mark-price stop ignores some noise. Pick on purpose. A useful habit is to write the trigger type next to the stop price in your trading notes, so you are never guessing about it in the middle of a fast move when every second feels expensive.

Q3: Why did my PnL look different on two screens?

The Bitbase help center notes that unrealized PnL can be shown on mark or on last price. During a fast candle those two numbers can disagree. Check which one you are reading before you panic.

Q4: What happens if mark does reach my liquidation price?

Per the Bitbase help center, the system first cancels open orders on the position, then works through partial liquidation where the risk tier allows, before a full close. If the close price is worse than the bankruptcy price, the insurance fund covers the gap, and auto-deleveraging is the last resort. For a beginner the takeaway is simple: by the time mark touches your line, you are no longer in control of the exit.

Q5: How do I keep my stop in charge instead of liquidation?

Put clear space between them. A rough rule: room before liquidation is about 1 divided by your leverage, minus maintenance margin and fees. At 10x that is a bit under 10%, so a stop a few percent below entry leaves a wide gap. At 20x it shrinks to a bit under 5%, about the size of an ordinary headline wick, and now liquidation and your stop are competing.

Q6: Does this apply only to XRP?

No. The same rules apply to every Bitbase perpetual. Coins that move faster, such as $SOL.USDT or $DOGE.USDT, need more space than $BTC.USDT or $ETH.USDT on the same leverage. Look at last night's range on $XRP.USDT and the others before you choose.

Your headline-night checklist

1. Open the position settings and confirm whether your TP/SL triggers on mark or last.
2. Find your estimated liquidation price and make sure your stop is well before it.
3. Pick leverage from the range you have seen recently, not from how sure you feel.
4. Know which price your PnL display uses.
5. Turn on 2FA and use the official channel checker before acting on any "urgent" message during big news.
6. Decide before the event whether you will hold through it or step aside.