Leverage and margin

Leverage (the multiplier in the app) lets you open a position larger than the collateral you put up. At 10x, $100 of margin controls a $1,000 position. Gains and losses are both calculated on the full position, so leverage magnifies both.

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Choose your multiplier

Set the multiplier on the order form before you place the order: the Leverage slider on iOS, or the leverage control in the web order panel. You can pick any whole number from 1x up to the market’s maximum. The maximum depends on the market; crypto perps go up to 40x. See Markets. The order form shows your Liquidation Price before you confirm. The higher the multiplier, the closer it is to your entry price. The margin needed to open a position is: $$\text{Initial margin} = \frac{\text{Position size} \times \text{Mark price}}{\text{Leverage}}$$ Leverage is only checked when you open or add to a position. After that, losses raise your effective leverage, so keep an eye on your liquidation price. You can raise the multiplier of an open position without closing it.

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Cross and isolated margin

Use cross for capital efficiency across several positions. Use isolated to cap what one trade can lose. On web, pick Cross or Isolated in the order panel. Some markets are isolated only, and some are strict isolated: you can’t remove margin while the position is open; it’s released as you close the position. On a unified account, cross positions on different markets share the same margin.

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Add or remove margin

For an isolated position, add margin to push your liquidation price further away, or remove extra margin to free up balance. On iOS, open the position and tap Update Margin. On web, use Adjust Margin on the position row. See Manage and close positions. You can withdraw or move unrealized profit only if the margin left behind covers the largest of your initial margin, 10% of the total value of your open positions, and $10: $$\text{Margin left} \geq \max(\text{\$10}, \text{Initial margin}, 10\% \times \text{Total position value})$$ This applies to withdrawals, transfers, and removing isolated margin.

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Maintenance margin

Maintenance margin is the minimum collateral a position needs to stay open. It’s half of the initial margin at the market’s maximum leverage: 1.25% of the position for a 40x market, up to 16.7% for a 3x market.

• Cross: you’re liquidated when your account value, including unrealized PnL, falls below the maintenance margin of all your cross positions.
• Isolated: only the position’s own margin and size count.

See Liquidations for what happens next, and set a stop loss so you exit before it gets there.