Trading & Orders
What is leverage?
Leverage determines the market exposure supported by allocated margin. It increases potential gains and losses relative to the margin used. Maximum leverage is set per market.
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Exposure relative to margin
Leverage determines how much market exposure is supported by allocated margin. At 10x, $1,000 initial margin supports $10,000 notional exposure before fees and other requirements. Higher leverage permits more exposure for the same margin; it does not make risk disappear.
Perpify caps differ by instrument
BTC, ETH, major altcoins, NAS100 and SPX500 generally have 70x Perpify simulated caps. SOL, gold, equities and other commodities/FX generally have 30x. Check the current selected market because its verified specifications and cap control the ticket.
These are Perpify simulated leverage limits, not claims about Hyperliquid exchange maximum leverage. Changing markets can lower the allowed leverage; review the ticket after switching symbols.
Margin is not a loss budget
A $10,000 exposure changes by approximately $100 for a 1% underlying price move on a linear instrument, before costs. If the margin used was only $200 at 50x, that $100 is a large part of the allocated margin. Meanwhile, the account's maximum equity-loss rule still applies to the whole account.
A $5,000 Instant Account has a $200 static loss allowance. A leveraged position can consume that allowance quickly, even though the displayed starting capital is much larger. Evaluation products also face a daily loss limit.
Sizing checks
Use quantity, current price and contract multiplier to calculate notional exposure; divide by leverage for initial margin. Include entry costs, other open positions and remaining risk capacity. The server validates buying power and can reject an order despite an apparently affordable margin estimate.
Practical next step
Review the order preview and a planned adverse price move before trading. A maximum slider setting is a cap, not a recommendation. If the ticket's margin estimate seems wrong, confirm the exact contract and account instead of assuming one universal multiplier for all assets.
Related guidance
Read How are profits and losses calculated? and What is the maximum drawdown?.