◇ GLOSSARY
Leverage
The ratio of notional exposure to margin posted, e.g. 10× on $2,000 margin controls $20,000 notional. It amplifies P&L per dollar of collateral: the same price move hits your equity harder. Higher leverage also puts you closer to liquidation at entry.
Leverage is not a speed setting; it is how much notional each dollar of margin must survive. 10× turns a 10% move into roughly 100% of posted collateral before fees, ignoring funding.
The slider shows max leverage; maintenance margin sets the floor. At 20× you might start only ~5% from liquidation on some books. One gap candle and the engine does not wait for your thesis.
Lower leverage buys time, not edge. Use the liquidation calculator with your venue's maintenance schedule before you treat 25× as default.