Can a 0.97% dip liquidate an ETH long?

[Current events] Example first: you buy ETH on Bitunix at the 2,314.43 mark price with 100x leverage. ETH's 24h low on the same page is 2,292.01. That is only 0.97% below your entry, and a 100x long has roughly 1% of room before maintenance margin is taken out. If today's low repeats, that position is very likely gone.

The image is Bitunix's live ETHUSDT perpetual page at about 10:29 AM ET: last 2,313.95 (-0.69%), mark 2,314.43, index 2,315.25, 24h high 2,364.36, 24h low 2,292.01, 24h volume 471.39K ETH (1.09B USDT), and funding 0.0072% with 1:30:37 left on the 8h countdown.

Why this week: CoinDesk reported ETH fell about 3% to just above 2,300 in Monday's Asian session as traders de-risked ahead of Wednesday's Fed meeting, with BTC slipping under 80,000, XRP down about 3% to 1.28, SOL barely holding 100 and DOGE among the 1-2% decliners. Most economists expect a hold, but traders want to hear whether Chair Kevin Warsh leaves the door open to a December hike. Thursday brings the ECB, Friday the BoJ plus a large monthly BTC options expiry. That is three central bank days in a row, so wider-than-usual ranges are a fair thing to plan for.

Step 1. Measure today's room

• Distance from mark to 24h low: 2,314.43 - 2,292.01 = 22.42, which is 0.97%
• Distance from mark to 24h high: 2,364.36 - 2,314.43 = 49.93, which is 2.16%
• Full 24h range: 72.35, which is 3.16% of the low

Step 2. Rough liquidation price for an isolated long at 2,314.43

This uses entry x (1 - 1/leverage) and ignores maintenance margin and fees, so the real level is always a bit closer to your entry.

• 10x: about 2,082.99 (10% away)
• 25x: about 2,221.85 (4% away)
• 50x: about 2,268.14 (2% away)
• 100x: about 2,291.29 (1% away), which is already below today's low of 2,292.01 by less than one dollar

Step 3. Compare against the range

Today's 3.16% range is wider than the rough 50x buffer (2%) and the 100x buffer (1%), so a long opened at the wrong end of the range would have been liquidated at either leverage, and earlier once maintenance margin is added. 25x (4%) survives a repeat of today, but not a range much wider. 10x leaves room for a swing about three times today's.

Step 4. Size the margin

0.5 ETH at 2,314.43 is 1,157.22 USDT notional. At 50x that is 23.14 USDT of margin; at 10x it is 115.72 USDT. Same exposure, five times the margin, roughly five times the distance to liquidation.

Pre-Fed checklist

• Find today's 24h high and low on the contract page
• Work out the rough liquidation price for your leverage, then assume the real one is closer
• If that price sits inside today's range, cut leverage or size before Wednesday
• Remember funding (0.0072% per 8h here) keeps running while you wait