I used to think that liquidation was just "when the price hits the line and bam," the kind that syncs with K-line on the chain. Now I realize that, more often than not, it's more like the few seconds or tens of seconds delay in oracle price feeds pushing people behind the scenes: the price you see has already returned, but the contract is still calculating health based on the old quote. By the time the new price catches up, the liquidation bot has already queued up... To put it simply, it's not the market targeting you, but the time lag collecting your margin.

Now I tend to check the oracle update frequency, the timestamps of the last few updates, and even whether the contract uses spot prices or averages over a window, just to feel more at ease. By the way, the recent NFT royalty debate also seems quite similar: everyone is focused on "whether to collect," but what really affects creators' income might be secondary liquidity and execution details—ultimately, it's the details that eat you up. Anyway, I try not to sleep right at the liquidation line... it's too intense.