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Real Leverage (Isolated Margin)

Última atualização: 04/12/2025
Real Leverage measures the actual risk exposure of a position in Isolated Margin mode. This metric dynamically adjusts based on changes in the isolated margin balance and the floating (unrealized) PnL. In simple terms: higher leverage indicates higher risk, while lower leverage indicates lower risk.
Formula
  • Real Leverage = Position Value ÷ (Isolated Margin + Unrealized PnL)
    • Isolated Margin includes the initial margin, added or removed margin, margin changes caused by funding fee settlements, and trading fees.
  • Example for reference (ignoring trading fees and funding fees)
Stage
Position
Price
Position Value
Isolated Margin
Unrealized PnL
Formula
Real Leverage
Initial Position
1 BTC
10,000
10,000
1,000
0
10,000/(1,000+0)=10
10 X
Price drops 5%, unrealized loss −500
1 BTC
9,500
9,500
1000
-500
9,500/(1,000-500)=19
19 X
Add 500 margin
1 BTC
9,500
9,500
1,500
-500
9,500/(1,500-500)=9.5
9.5 X
Price rises back to the entry price of 10,000
1 BTC
10,000
10,000
1,500
0
10,000/(1,500+0)= 6.66
6.66 X
Price rises 5%, unrealized profit +500
1 BTC
10,500
10,500
1,500
+500
10,500/(1,500+500)=5.25
5.25 X

1. What factors affect changes in Real Leverage?

During the holding period, the following factors continuously alter your isolated margin equity:
  • Mark price fluctuations, which change unrealized PnL (position value)
  • Manually adding or removing isolated margin

2. How to use it to assess current risk?

How to intuitively understand its trend:
  • Leverage is rising → Risk is building up; consider adding margin or reducing position
  • Leverage is falling → Risk is easing; you may continue to hold as planned
  • Sudden spike in leverage → Check for rapid price movements, insufficient margin, or unintended position increases.

3. Where Real Leverage applies

  • Real Leverage applies only to Isolated Margin in Classic Accounts. Cross Margin uses fixed leverage.
  • Entry Leverage: Used to calculate the required margin when opening a position; it does not change afterward.
  • Isolated Position Leverage (Real Leverage): The actual leverage during the position, which changes with unrealized PnL or margin adjustments.

4. Frequently Asked Questions

Q: I selected 100× leverage when opening the position. Why isn’t my Real Leverage 100×?
A: 100× is only the margin requirement at entry. Once the price moves or you adjust your margin, the position’s real-time risk changes, and Real Leverage reflects your current state accurately.

Q: Sometimes the Real Leverage fluctuates a lot. Is that normal?
A: Yes. When a position loses value, the denominator in the formula becomes smaller, causing leverage to rise faster. At this point, consider reducing the position or adding margin.

Q: Does Real Leverage represent the “distance to liquidation”?
A: No. It is an indicator of real-time risk to help you sense changes earlier. To determine how close you are to liquidation, check your Risk Ratio or reference the Liquidation Price.