◇ GLOSSARY
Max leverage
The highest leverage ratio a venue allows on a contract or tier, e.g. 50× on BTC, 20× on alts. It caps initial margin at entry; maintenance margin still sets how close you are to liquidation after the fill.
Venues advertise max leverage; risk engines enforce maintenance margin. At 50× allowed, you might still be one 2% mark move from liquidation depending on tier and coin. The slider's top tick is a product limit, not a risk budget.
Max leverage often steps down as position size rises — another hidden cap. Read the tier table: the first $50k notional may allow 100×; the next tranche allows 20×.
Use max leverage to understand venue positioning, not to default your size. The liquidation calculator at 5× and 25× on the same entry tells you what the slider omits.