> For the complete documentation index, see [llms.txt](https://docs.imperial.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.imperial.trade/trading/leverage.md).

# Leverage

Leverage is your position size divided by your collateral. A $1,000 position on $100 of collateral is 10x.

### Maximum leverage

| Margin mode  | Maximum                                    |
| ------------ | ------------------------------------------ |
| **Isolated** | The market's leverage tier: up to **250x** |
| **Cross**    | **25x**, or the market's tier if lower     |

Isolated leverage tiers for the main markets:

| Max leverage | Maintenance | Markets                                                                             |
| ------------ | ----------- | ----------------------------------------------------------------------------------- |
| **250x**     | 0.20%       | BTC, SOL                                                                            |
| **100x**     | 0.16–0.20%  | ETH, XAU, XAG, EURUSD, GBPUSD, USDJPY                                               |
| **75x**      | 0.40%       | BNB, XRP                                                                            |
| **50x**      | 0.60–1.36%  | HYPE, DOGE, SUI, ZEC, AAPL, NVDA, TSLA, COIN, MSTR, HOOD, GOOGL, SPCX, WTI and more |
| **45x**      | 2.00%       | SPY, NATGAS, 1000BONK, WIF, PENGU                                                   |
| **25x**      | 1.20–2.40%  | AMZN, META, MSFT, AMD, TAO, US500, US100, QQQ, PAXG, minor FX and more              |
| **20x**      | 3.00%       | BRENTOIL, XPT, XPD, US10Y and more                                                  |
| **10–15x**   | 4.00–6.00%  | LINK, AVAX, ARB, OP, UNI, PLTR, ORCL and more                                       |

The trade screen and `GET /api/v1/armada/markets` always show each market's current limit. Tiers can change. A change applies to new orders only; an open position keeps the terms it was opened with.

### Why the screen shows 243.9x instead of 250x

The 1 bp trading fee comes out of your collateral and counts toward the leverage cap. The usable maximum is therefore:

> max shown = L ÷ (1 + L × fee)

For example, 250x shows as **243.9x** and 25x as **24.93x**. A builder fee, if your app charges one, lowers this a little further.

### High leverage

At 250x, your initial margin is 0.4% of the position and BTC's maintenance is 0.2%. **A move of about 0.2% against you liquidates the position.** On isolated tiers, liquidation forfeits the remaining collateral (see [Liquidation](https://docs.imperial.space/trading/liquidation)). Use high leverage for very short-term trades only.