Does a Margin Call Occur before or after the Maintenance Margin Is Breached?

A traditional margin call is typically issued before the maintenance margin is breached, when the account equity falls below the initial margin but is still above the maintenance margin. It serves as a warning and a chance to add funds.

However, in high-volatility crypto futures, the process is often simplified: a 'liquidation warning' may occur near the maintenance margin, and the automatic liquidation occurs immediately upon breaching the maintenance margin.