Leverage
A leverage position borrows and swaps in one transaction to go long or short. Margin tiers cap a small position at 10×, and keepers fill its take-profit, stop-loss and limit orders.
Updated Nov 9, 2026
A leverage position is a loan and a swap in one instruction. You put up margin in one asset, the market lends you more of the same asset, and the whole notional is swapped through the curve into the other asset, which the position holds as collateral. Longs and shorts are symmetric: a long on the base asset borrows quote; a short borrows base.
Opening a position
Pick a market and a side
On Leverage, choose the market and Long or Short. Simple mode shows the form; Pro mode adds the chart, the virtual order book and the trades feed around it.
Market or limit
A market entry fills now at the quoted price. A limit entry is an order: you set the price and an expiry (one hour, one day, seven days or thirty), deposit the margin into escrow, and a keeper executes it when the market reaches your price. There is no good-till-cancelled; an unfilled order expires and your margin comes back.
Set margin and multiplier
Enter what you pay and drag the multiplier from 1.01×, or press Max. The slider stops at the most this position can take: 10× for a small position, less as the position grows or its side gets crowded. The program's 20× limit is only a circuit breaker. The breakdown shows the notional, the borrowed amount, the collateral you will hold, the entry price, fees and the maintenance level.
Add protection, optionally
Take-profit and stop-loss levels can be attached at open. They are orders held by the leverage-delegate program and executed by keepers; you can add, edit or cancel them later.
Confirm
Sign once for a market entry. A limit entry creates the order and escrows your margin; the fill is a later transaction that a keeper sends.
The numbers
With margin and multiplier , the position borrows and swaps through the market. Fees, impact and any token transfer fees come out of that swap, so the collateral you end up holding is a little less than the notional divided by the entry price.
The permitted leverage is determined by the position's margin terms and current admission checks. A user can choose less leverage than that maximum. The devnet program uses stored size-based maintenance terms and initial margin equal to maintenance plus a buffer, with crowding applied to new risk; the former per-position 2% unwind-impact rule is gone.
Health and liquidation
Health uses symmetric-EMA collateral value and outstanding debt, against the position's stored maintenance requirement. Later LP withdrawals do not themselves change the stored terms or make healthy EMA equity liquidatable. Increasing risk rechecks the applicable admission terms.
Liquidation can use an atomic external fill or permitted internal settlement. Partial fills must improve health after costs. The emergency path uses EMA price and smoothed depth, with separate full-close permission and loss accounting.
Execution impact affects recovery, while the health trigger remains independent of live AMM exit depth. See Liquidations for the exact flow and candidate defaults.
Orders
| Order | What it does | Who executes |
|---|---|---|
| Take-profit | Closes part or all of the position when the closeout price reaches your level | A keeper, through the delegate program |
| Stop-loss | Closes part or all of the position when the closeout price falls to your level | A keeper |
| Limit entry | Opens the position when the market reaches your price, before the expiry you set | A keeper, from escrowed margin |
Orders authorise an attempt, not a fill. Execution needs a keeper to be running and the market to have enough depth at that moment; a gap through your stop-loss fills at the price the curve gives, and the liquidation path can run first if health has already failed.
Every executed order pays a flat protocol fee of 10 bps on its executed value, on top of swap fees. The keeper that executes a take-profit or stop-loss also earns 5% of the margin on a full close, or 5% of what is left after the debt on a partial close, paid from the proceeds.
Managing a position
From Leverage or Portfolio you can:
- Close the position, fully or partially, back into the margin asset.
- Add margin to raise health. Margin cannot be withdrawn on its own; value comes out when you decrease or close the position.
- Edit or cancel take-profit and stop-loss orders, and cancel unfilled limit entries.
- Repay a leverage position's debt directly without selling collateral; after full repayment only you can withdraw the collateral and close.
Debt on a leverage position accrues interest at the market's borrow rate for that asset, the same rate lenders see, and counts toward the market's utilization.
Related
- Leverage and hedging: the accounting behind positions and the delegate program.
- Keeper roles: who fills orders and liquidations, and what they earn.
- Trade: the same curve without borrowed size.