Leverage does not change your edge — it changes how much noise your position can survive. Enter the trade and see the exact level at which the venue closes it for you.
Initial margin is 1 ÷ leverage. The position is liquidated once unrealised loss has consumed everything above the maintenance requirement, so the adverse move it can survive is:
move = (1 ÷ leverage) − maintenance margin
For a long, liquidation sits at entry × (1 − move); for a short, at entry × (1 + move). Venues differ in fee treatment and in how they compute the mark price, so treat the output as a close estimate and keep a buffer.
| Leverage | Move that liquidates (0.5% maintenance) |
|---|---|
| 2× | 49.5% |
| 5× | 19.5% |
| 10× | 9.5% |
| 20× | 4.5% |
| 50× | 1.5% |
| 100× | 0.5% |
Compare the right-hand column to the asset's ordinary daily range. If a routine session moves more than your liquidation distance, the position is not a trade — it is a coin flip with a countdown.
Most venues liquidate against a mark price derived from an index of spot markets, not the last traded price on their own book. That protects you from a single-venue wick, and it also means your stop and your liquidation can reference different numbers.
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A stop placed inside the liquidation distance will usually trigger first, which is the point of using one. A stop placed beyond it is decorative.
Liquidation is normally assessed against an index mark price, not your venue's last trade, and funding or fees can erode margin slightly before the move does.
Isolated caps the loss at that position's own collateral and liquidates sooner. Cross uses the whole balance, delays liquidation, and puts the entire account at stake.
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