How does leverage work in X-Perps trading?

What is leverage?

Leverage is a feature in X-Perps trading that increases market exposure relative to the margin supporting a position.

X-Perps offer leverage of up to 10x. The values you can select on any individual order are shown in the leverage selector on the order panel, so read them there before you size a position.

Leverage can increase both potential gains and potential losses. It doesn't guarantee better results, it changes your exposure and risk.

Does the Amount field in the order panel mean position size or margin?

The Amount field is the total size of the position you're opening. It isn't the margin you post, and leverage doesn't grow it beyond the number you enter.In selected margin mode and in isolated margin mode, the initial margin required for a position is position value ÷ leverage.

Example:

You enter an Amount of 1,000 USDC and set leverage to 5x.

• Your position size is 1,000 USDC, not 5,000 USDC

• The initial margin required is about 200 USDC (1,000 ÷ 5)

• Setting 10x leverage on the same order lowers the initial margin to about 100 USDC, and the position size stays 1,000 USDC

If you want a 5,000 USDC position at 5x leverage, enter 5,000 in the Amount field. The initial margin required is then about 1,000 USDC.Before you submit, the order panel shows the estimated margin required for the Amount and the leverage you've entered, so you can check that figure against your available balance.

Why isn't my estimated profit multiplied by my leverage?

Estimated profit and estimated PnL are calculated on your position size, not on the margin you post, so leverage doesn't appear as a multiplier in the figure shown.

If you open a 1,000 USDC position at 5x leverage and set a take-profit level, the estimated profit shown for that level is calculated on the 1,000 USDC position, not on 5,000 USDC

What leverage changes is the margin behind the position. With about 200 USDC of initial margin supporting a 1,000 USDC position, the same estimated profit is a larger percentage return on the margin you posted, and an adverse price move of the same size is a larger percentage loss on it.

To raise the estimated profit figure itself, you need a larger position: enter a larger Amount, and check the higher margin requirement shown in the order panel before you submit.

What leverage means in practice

Higher leverage

A higher leverage setting generally means:

• A given price move has a larger effect on your position relative to posted margin

• Less adverse movement may be required before risk increases significantly

• Liquidation risk may rise faster if the position moves against you

Lower leverage

A lower leverage setting generally means your position may have more room to move before the margin becomes stressed. This is subject to platform rules and your specific position setup.

Why leverage matters in X-Perps?

X-Perps are margin-based products. Because of that, leverage is directly connected to several key aspects of your trading:

• Required margin

• Liquidation risk

• Position sizing decisions

• Risk-control planning

• The impact of funding payments over time

This is one reason leverage is one of the most important concepts to understand before trading X-Perps.

Leverage and liquidation risk

Leverage and liquidation risk are closely linked. When leverage is high, a smaller adverse price move may be enough to reduce your margin toward required maintenance levels. If your margin becomes insufficient under platform risk rules and contract parameters, your position may be liquidated.

This doesn't mean high leverage always leads to liquidation. It means your position is generally less tolerant of adverse movement.

Why is the maximum leverage on my order lower than I expected?

The highest leverage an X-Perps order will accept isn't one fixed number. Position size decides which risk tier the position falls into, and a higher risk tier carries a higher maintenance margin requirement and a lower maximum leverage, so a larger order can be offered less leverage than a smaller one on the same contract. Equity already supporting your open positions and your unfilled orders isn't available to a new order either, which reduces the size you can open at whatever setting you choose.

Read the values that apply to you from the leverage selector on the order panel for the contract you're trading, and check the tier structure for that contract in the X-Perps contract specifications. A figure quoted anywhere else may not be the one your order is subject to.

How do I change the leverage on an X-Perps order?

Leverage is selected per contract from the leverage selector on the X-Perps order panel. Open the selector, choose the value you want, and confirm it.

Lowering the selected leverage raises the margin a given position size requires and moves the estimated liquidation price further away from your entry price. Raising it does the opposite. The estimated liquidation price of an open position is recalculated whenever the margin or the leverage behind it changes, so check the updated figure after you confirm rather than working from the one you saw earlier.

If the value you picked isn't accepted, check the equity you have available, the positions and open orders already using it, and the range the leverage selector offers for that contract.

Leverage doesn't replace risk management

Leverage is a position setting, not a risk-management strategy. Before using leverage, you should still consider:

• Position size

• Margin mode (portfolio margin, selected vs isolated)

• Stop-loss or exit plan

• Available margin buffer

• Volatility conditions

• Funding rate impacts on the position over time

A smaller, more controlled position is often easier to manage than a larger position with aggressive leverage.

Practical reminders before using leverage in X-Perps

Before placing a leveraged X-Perps order, review the following:

• Selected leverage level (up to 10x available)

• Margin mode

• Order size

• Available margin

• Risk controls (for example, TP/SL)

• Current funding rate

• Whether the product is available to your account and your appropriateness assessment is complete

Leverage can increase exposure quickly, so confirming these settings before order submission is important.

FAQ

1. What is the maximum leverage available for X-Perps?

Up to 10x leverage is available on X-Perps. Which values an individual order will accept depends on the contract, the size of the position and the risk tier it falls into, and the equity you have available, so read the selectable values from the leverage selector on the order panel.

2. Does higher leverage mean higher profit?

Not necessarily. Higher leverage increases your exposure, which amplifies both potential gains and potential losses. It also brings you closer to liquidation if the market moves against you.

3. How does leverage affect liquidation prices?

Higher leverage generally means your estimated liquidation price is closer to your entry price. This is because your margin buffer is smaller relative to your position size, so less adverse price movement is needed to trigger liquidation.

4. Is 10x leverage suitable for beginners?

Higher leverage carries higher risk. If you're new to X-Perps, consider starting with lower leverage until you are comfortable with how margin, liquidation, and funding rates work together.

5. Does leverage affect funding payments?

Leverage affects your position size, and funding payments are calculated based on position size. A larger leveraged position will result in larger funding payments, both received and paid.

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