Liquidation updates

Real-time liquidation and risk state updates. Requires authentication.

Pushed when the account's risk state changes — including transitions to and from Normal, MarginCall, Liquidation, and AutoDeleveraging. Each message is self-contained with full margin data, so clients do not need to correlate with the margin channel.

{"op": "subscribe", "args": ["liquidations"]}

Topic format: liquidations (per-account, not per-symbol).

Update Message

{
  "channel": "liquidations",
  "type": "update",
  "customer_code": "c1d2e3f4-a5b6-7890-cdef-123456789abc",
  "currency": "USD",
  "risk_state": "MarginCall",
  "total_equity": "52430.50",
  "available_margin": "-1200.00",
  "used_margin": "53630.50",
  "margin_ratio": "1.0229",
  "unrealised_pnl": "-8500.00",
  "margin_deficit": "4800.00",
  "leverage_ratio": "15.20",
  "timestamp": "2025-06-15T07:30:00.123Z"
}

Field	Description
`customer_code`	Customer identifier
`currency`	Account denomination currency
`risk_state`	`Normal`, `MarginCall`, `Liquidation`, or `AutoDeleveraging`
`total_equity`	Total account equity (balance + unrealised PnL)
`available_margin`	Margin available for new positions (can be negative)
`used_margin`	Margin currently used by open positions and orders
`margin_ratio`	Used margin as a fraction of total equity
`unrealised_pnl`	Total unrealised profit/loss across all positions
`margin_deficit`	Amount needed to restore initial margin (null when `Normal`)
`leverage_ratio`	Account leverage ratio (null if not applicable)
`timestamp`	Server-side event time

Notes:

There is no initial snapshot on subscribe — use REST for current risk state.
Includes all risk state transitions, including back to Normal, so clients can clear alerts.