Actually, I can see one big liquidation at a price that is worse than any on the candle graph. And my account has no money in it. What’s up with that?

This means your account was liquidated through the ‘backstop flow’. Remember how we said that the passive pool acts as a backstop to liquidations? This happens when the partial liquidations fail to keep your account healthy, or the markets move very quickly against you. Due to the increased urgency in getting your account liquidated, your entire position is pushed directly onto the passive pool, which also takes the entirety of your margin balance as compensation.

The backstop flow is the last resort measure to prevent the collateral pool from going insolvent, guaranteeing it can make good on any profits that traders make. The backstop threshold is the margin ratio at which the backstop flow is enabled, and currently set at 125%.