Message: MsgMultiLiquidate

The MsgMultiLiquidate handler is responsible for liquidating underwater positions. It can be called by anyone with a list of trader and pair mappings and will attempt to partially or fully liquidate each position.

The parameter that is controllable by the user is

• liquidationRequests — This is an array consisting of groups of a trader address and a pair. Each address and pair is validated to ensure they are well-formed.

When liquidating multiple positions, the transaction will fail if all the liquidations are unsuccessful, but it will return a success if there is at least one valid liquidation.

For each position, the margin ratio is checked, and if it is greater than the market's specified MaintenanceMarginRatio, then the liquidation fails with LiquidationFailedEvent_POSITION_HEALTHY. Otherwise, if the spot margin ratio is greater or equal to the market's LiquidationFeeRatio (there is enough margin to pay the liquidation fee), a partial liquidation is performed by reducing the size to the market's PartialLiquidationRatio. If there is not enough margin to pay the liquidation fee, then a full liquidation is performed and the position is closed out.