Margin and leverage
Margin
- In the app, the amount you type includes the $0.02 execution fee. The rest is your margin.
- Your margin includes the open fee. The open fee is the taker fee (the market's, or the global one if that is lower) on your margin times your leverage, minus your referral discount if you have one. It is 0 at launch. Your collateral is margin minus the fee you are charged.
- The minimum collateral is $0.90 on every market. If the amount you type is too small, the app shows Min margin $0.90 after fees (enter X), where X is the smallest amount to type, rounded up to the cent, that clears the minimum after the execution fee and the open fee. With no open fee it is 0.92.
- The minimum size (notional) is $90, or $45 on SUI. That is exactly $0.90 of collateral at the minimum leverage: 100x, or 50x on SUI.
- If you build transactions yourself, the contract's
margindoes not include the execution fee, so your free balance must cover the margin plus $0.02.
Your size (notional) is your collateral times your leverage.
You cannot add margin to an open position or change its size. Open a new position instead.
Leverage
Up to 1000x on every market except SUI, which goes up to 500x. Each market also has a minimum leverage: 100x, or 50x on SUI. See Markets.
Around some scheduled events, the leverage of new opens can be capped lower for a while. See Scheduled events.
Bust price
Every position has a bust price, computed from its fill price and leverage. When the oracle mid reaches it (at or below for a long, at or above for a short), the position is liquidated. The higher your leverage, the closer the bust price is to your entry.
The bust price includes a small buffer before zero equity: 5 basis points by default, capped at 40% of 1/leverage (so 4 basis points at 1000x).
Minimum hold
You can close a position once the market's minimum hold has passed since you opened it. It is 10 seconds on every market and can never be more than 2 minutes. The app shows each market's current value.