Trading

Trading overview

Positions, collateral, leverage, and profit and loss, and how a trade is accounted for.

Positions and collateral

A position is synthetic exposure to a market's mark price, backed by USDG collateral. Your collateral absorbs unrealized losses, fees, and funding and borrowing costs. A wallet can hold multiple independent positions, up to 64 open at once.

Leverage tiers

Leverage is capped by position notional: the larger the position, the lower the maximum leverage.

Maximum leverage by position notional
Position notional	Max leverage
Up to $100,000	200x
$100,000 to $200,000	100x
$200,000 to $250,000	50x
$250,000 to $1,000,000	20x
Above $1,000,000	10x

leverage = position notional / collateral

One place for every number

Fees & costs is the source of truth for fees, margins, and leverage tiers. Other pages restate those numbers and link back to it.

Profit and loss

Your position value moves with the mark. Profit and loss is realized when you reduce or close; until then it is unrealized and counts toward your effective equity.

Longs gain when the mark rises above entry; shorts gain when it falls below
Unrealized PnL updates continuously with the mark
Realized PnL is booked when you reduce or close
Losses round in the protocol's favor and gains truncate, a deliberate solvency convention