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Leverage calculator
The advertised maximum applies to the smallest tier only. This shows what BTC allows at your notional, and what it costs in margin.
Allowed at this size
20×
Advertised maximum
40×
Initial margin
$9.00M
Maintenance margin
$4.50M
40× is not available at this size. $180.00M of notional falls in tier
2, which caps leverage at 20×. The order is filled at the cap or
rejected, depending on the venue — either way the position is not the one you sized.
Why the advertised number is not your number
Exchanges publish a single headline maximum — 40× on this contract — and then apply a margin tier table that steps the cap down as position size grows. The headline applies only to the smallest tier. Above it, both the permitted leverage and the maintenance margin change, and the liquidation price moves with them.
Every tier on BTC
Contract table 56 — tiered 40x.
Your notional of $180.00M is in tier 2.
| Tier | Notional from | Max leverage | Maintenance margin | Margin on $180.00M |
|---|---|---|---|---|
| 1 | $0 | 40× | 1.250% | $4.50M |
| 2 · yours | $150.00M | 20× | 2.500% | $9.00M |