When you hover over MMR as shown, the system will show the breakdown of the MMR based on the market risks.What happens during liquidation? When the margin level is lower than a certain threshold (e.g. 300%), the system will send you a liquidation alert. The liquidation in portfolio margin mode is triggered when the margin level drops to 100%. When options liquidity is low, liquidation may lead to the opening of new perpetual or expiry futures positions.