What Is the Specific Consequence of an Account Equity Falling below the Maintenance Margin Level?

The specific consequence is a forced liquidation. The exchange's risk engine will automatically close the position, or a portion of it, to prevent the account balance from becoming negative.

The liquidation process is designed to protect the exchange and the insurance fund from losses, and it typically occurs at the Mark Price, not the Last Traded Price.

What Is the Difference between a ‘Soft’ and ‘Hard’ Liquidation?
What Is “Liquidation” in the Context of a Crypto Futures or Margin Trading Account?
How Does a Liquidation Event Occur in Leveraged Crypto Trading?
What Is the Relationship between ‘Initial Margin’ and ‘Maintenance Margin’?
How Does a Partial Liquidation Differ from a Full Liquidation?
What Is the Term for an Account Balance Becoming Negative after Liquidation?
Why Is a Maintenance Margin Level Always Lower than the Initial Margin Level?
How Does the Liquidation Process on a Crypto Futures Exchange Typically Work?

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