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Leverage and margin mode

Choose cross or isolated margin and set leverage for a perpetual market.

What is it?​

Two buttons at the top of the perpetual order form control how much margin a position uses:

  • Margin mode: Cross or Isolated.
    • Cross margin shares your whole account balance across positions.
    • Isolated margin assigns margin to each position separately, so a loss on one position can't draw on the rest of your balance.
  • Leverage (for example 10x): how large a position you can open for a given amount of margin. The maximum depends on the market.

Why would I use it?​

  • Higher leverage needs less margin for the same position size. On an isolated position it also moves the liquidation price closer, because less margin backs the position. On cross, liquidation depends on your total positions compared with your balance.
  • Isolated margin caps what a single position can lose at the margin you give it.
  • Cross margin lets all your balance support your positions, which keeps each one further from liquidation. The trade-off: a large loss on one cross position uses up the shared balance, and liquidation can then close all your cross positions.

What do I need?​

How do I change leverage and margin mode?​

  1. Margin mode

    Click the Cross / Isolated button to switch modes. The choice is saved for this market straight away, with no signature and no gas, and new orders use it. If you already hold a position in this market, the form starts on that position's margin mode. You can't add or remove margin on an isolated position after opening it.

  2. Open the leverage dialog

    Click the leverage button, or press D then V. The dialog is called Adjust Leverage.

  3. Pick a value

    Drag the slider, type a value, or use a preset. The slider goes up to the market's maximum leverage. Maximums per market are listed in Find a market.

  4. Confirm

    Confirm the change. The dialog reminds you: Modifying your leverage will impact the leverage of your open position and orders.

What should I expect?​

  • A toast confirms Updated leverage successfully.
  • The order form and the Required Margin row update to the new leverage.
  • On this network the change is relayed gas-free. With One-Click Trading off, your wallet asks you to sign.

What can go wrong?​

You cannot reduce leverage because you have an open …-USD position

Why: You tried to lower leverage below its current value while you have an open position in that market.

Fix:

Close or reduce the position first, or keep the current leverage.

Update leverage failed

Why: The signature was rejected or the relayer/chain refused the update.

Fix:

Try again, and approve the signature request in your wallet.

Max leverage unavailable or Max leverage unavailable for this market, so leverage can't be changed right now.

Why: The API did not report this market's maximum leverage, so the app does not guess one and disables leverage changes.

Fix:

Reload the page. If it persists, the market's configuration could not be read; try again later. Your open positions are not affected.

How do I recover?​

  • Leverage is too high for comfort: lower it (possible when you have no open position in that market), or reduce the position (Manage positions).