Leverage and margin
Leverage is not one number. It is capped by how violently each trader's index actually moves, recalculated weekly. The 100x lives in the marketing and on the steady grinders; the memecoin snipers get 5 to 10x.
Isolated margin
Every position has its own margin, locked when it opens. Profit and loss on one market never spill into another, a liquidation on one never touches the rest, and an account's available balance is simply what is not locked. An account can hold a long and a short on the same market at once, each with its own margin: a same-side order increases a position and averages its entry, a reduce-only order shrinks or closes the position on the other side, and nothing ever flips. Cross margin is deliberately not in v1.
Leverage tiers
| Tier | Daily index volatility | Initial margin at max | Maintenance margin |
|---|---|---|---|
| 100x | < 1.5% | 1.0% | 0.5% |
| 50x | 1.5% to 3% | 2.0% | 1.0% |
| 25x | 3% to 6% | 4.0% | 2.0% |
| 10x | 6% to 12% | 10.0% | 5.0% |
| 5x | ≥ 12% | 20.0% | 10.0% |
A position keeps the maintenance fraction it was opened with. A tier change lowers the cap on new positions but never retro-liquidates an open one.
Initial and maintenance margin
Initial margin is size divided by leverage, so 1% at 100x and 20% at 5x. Maintenance margin is half of the initial margin at the tier's maximum leverage: 0.5% of notional on a 100x market, 10% on a 5x market. A position is liquidated when its margin plus unrealised PnL falls to the maintenance fraction of its notional.
Liquidation price
short: Pliq = (q·E + M) ÷ (q·(1 + mm))
The order panel shows the liquidation price before you submit, the positions tab shows it live, and the chart draws it. See Liquidations for what happens when it is reached.
Adjusting margin
Add margin to move the liquidation price away, or remove it to free collateral. Removal is capped so the position stays within its tier's maximum leverage on an equity basis; adding is capped at 1x. The dialog previews the new leverage and liquidation price before you confirm.