Leverage and liquidation

Leverage. 2x minimum, 10x maximum (Practice and Trade settings, 2026-10-19). No 1x: with no holding fee it could sit open forever.

Depth sets the ceiling. Depth, the dollars it takes to move the price 2%, is what pushing our price costs a manipulator. Longs read depth upward, shorts downward.

• Practice: 10x from $3,000 of depth, 3x from $1,000, 2x from $300, no opens below (Practice settings, 2026-10-19).
• Trade: 10x from 300 USDC, no opens below (Trade settings, 2026-10-19). At a 100 USDC cap a push has little to win. All 5 Trade markets had 934 to 5,887 USDC (thinner side; oracle, 2026-10-19).

Size. Practice: up to 5,000 points of exposure or the pool's 2% depth, whichever is lower; margin up to 500 points. Trade: up to 100 USDC exposure; margin 1 to 50 USDC (settings, 2026-10-19).

Liquidation price. Liquidation comes at an adverse move of 1/leverage minus 3 times the token's p99 one-minute move (its 1-in-100 biggest minute), but never closer than half your margin: 5% at 10x, 25% at 2x. Fixed at open, from 7 days of data, else 24 hours, else (in a market's first hour) a 3% fallback (settings, 2026-10-19). At 10x: CLAW (p99 1.56%) at a 5.3% move, the other four Trade markets at 5% (oracle, 2026-10-19).

What happens. When the live price and 8-second average both cross it, the position closes. You get what is left of your margin, minus 2% of it, never below zero: you cannot lose more than your margin. Liquidations wait while the breaker is tripped or the price stale; a fast move can jump past your price.