Leverage

Leverage means controlling a position larger than the collateral (margin) you’ve actually posted, by borrowing the difference — implicitly, through the mechanics of a perpetual futures contract, rather than a literal loan you apply for. 10x leverage means a $1,000 deposit controls a $10,000 position; a 10% adverse price move against that position wipes out the entire $1,000 in collateral.

Leverage is symmetric — it magnifies gains exactly as much as losses — but the practical risk is asymmetric in effect, because a large enough adverse move triggers liquidation: the platform automatically closes your position once your remaining collateral falls below the maintenance margin threshold, often locking in a total loss of the posted collateral rather than letting you ride out a temporary move. Higher leverage means a smaller price move is needed to trigger that outcome. Several Solana and cross-chain perps platforms advertise maximum leverage figures as high as 100x or more; treat any leverage tier significantly above what established venues typically use as a marketing ceiling rather than a practical trading tool, since the room for normal price noise shrinks to almost nothing at those extremes.

See our Perpetuals category page for how to evaluate leverage limits across platforms, and our lending risk and liquidation guide for how liquidation mechanics generalize from collateralized lending to leveraged perps positions.