What liquidation-only mode is, what triggers it, and how to get your account back to normal.
Liquidation-only mode is an account state in which you can close existing positions but cannot open new ones. It is triggered automatically by specific risk events, and the restriction lifts once the triggering condition is resolved.
⚠️ Important: No additional fee applies simply for being in liquidation-only mode — fees apply to the event that triggered it. A daily loss limit breach does not close your positions; a maintenance margin breach may.
What can I do in liquidation-only mode?
Liquidation-only mode restricts new entries only. Everything else on the account continues to work:
Action | Allowed in liquidation-only mode? |
Close existing open positions | Yes — unrestricted |
Open new positions | No — the order will be rejected |
Cancel existing orders | Yes |
Deposit funds | Yes |
Withdraw available funds (subject to holds) | Yes |
What triggers liquidation-only mode, and how does each one resolve?
Four events put a Slay Markets account into liquidation-only mode. Each resolves differently:
Trigger | Cause | How the restriction lifts |
Daily loss limit breach | Your total session loss reached the dollar limit you set in Account Dashboard > Risk Settings. | Automatically at 6:00 PM ET, the start of the next trading session. No action needed, and no positions are closed for you. |
Maintenance margin breach | Your net liquidation value fell below the maintenance margin required for your open positions. | Reduce position size or deposit additional funds to bring NLV above the threshold. The automated system may close positions to resolve the breach. |
Pre-delivery prohibition | You held a physically-settled futures position on the business day preceding the earlier of the Last Trade Date or First Notice Date. | After the prohibition period passes. Roll or close the position beforehand to avoid this. |
Admin restriction | A compliance hold, risk review, or account event placed the account in restricted status. | Contact support@slaymarkets.com to investigate and resolve. |
The daily loss limit is optional and self-set — see Daily Loss Limits. Maintenance margin breaches and the resulting auto-liquidation are covered in Auto-Liquidation Rules.
How do I check whether my account is in liquidation-only mode?
Log in to your Account Dashboard.
Check the account status banner — a notice appears if your account is in liquidation-only mode.
Review any notifications from the past 24 hours for details on what triggered the restriction. Margin violation emails are sent after the event, not before.
If the cause is not clear, contact support@slaymarkets.com and a representative will investigate.
Frequently asked questions about liquidation-only mode
Q: My order was rejected with “liquidation only.” What happened?
A: Your account has entered liquidation-only mode. Check your Account Dashboard for a status banner explaining which trigger fired. The most common causes are a daily loss limit breach or a maintenance margin breach.
Q: I hit my daily loss limit but my positions are still open. Is that normal?
A: Yes. A daily loss limit breach does not close your positions — it only prevents you from opening new ones. You keep full control of your existing positions and can close them yourself. The restriction lifts at 6:00 PM ET.
Q: My account entered liquidation-only mode and positions were closed. Why?
A: That indicates a maintenance margin breach — your net liquidation value fell below the required maintenance margin and the automated system closed positions. A $50 margin call fee and a $25–$50 liquidation fee apply. Contact support@slaymarkets.com within 2 business days if you want to dispute the liquidation.
Q: Does liquidation-only mode cost anything by itself?
A: No. There is no fee for being in liquidation-only mode. Fees apply only to the event that triggered it, such as a margin call or an auto-liquidation.
Liquidation-only mode means you can close positions but not open new ones. It is triggered by a daily loss limit breach, a maintenance margin breach, a pre-delivery prohibition, or an admin restriction. Daily loss limit breaches lift automatically at 6:00 PM ET with no positions closed. Margin breaches require depositing funds or reducing position size.
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