The main reason is likely caused by traders choosing a different price to activate their stop loss on Phemex.
Liquidation is initiated by the Mark Price (White Box) on Phemex. Conversely, traders have the flexibility to choose the trigger price (Mark price or Last Traded Price) for their stop loss, with the default being the Mark Price. This creates a scenario where the Mark Price may trigger liquidation before the LTP (Red Box) can activate the stop loss.
Consequently, Phemex traders can choose the trigger price type for their stop loss, depending on their trading strategies.
The Last Traded Price reflects the most recent trading prices on the platform when traders execute Buy Long or Sell Short orders. Meanwhile, the Mark Price (Default) is utilized for liquidation triggers.
For insights into the advantages and disadvantages of employing each triggering price for stop loss activation, please consult the article: What Is the Difference Between Using the Last Traded Price Or Mark Price To Trigger Your Conditional Orders?
How to check which triggering price was selected to trigger your stop loss?
Step 1: view your Order History
Step 2: Select the correct trading pair
Step 3: Check the trigger price column
LP = Last Traded Price
MP = Mark Price
Lastly, why was the stop loss marked as canceled?
Upon liquidation, the system will revoke all active/conditional/take profit/stop loss orders and reset your Positions tab.
