Home / Glossary / Margin and leverage
How do margin and leverage work on SilkDEX?
Leverage is the size of a position divided by the margin backing it: 1,000 USDC of margin at 10x controls a 10,000 USDC position. On SilkDEX each market's maximum leverage is 1 ÷ its base initial margin ratio (IMR) — 100x on BTC, ETH and SOL — and the usable maximum falls as a position grows.
Leverage caps by market
| Max leverage | Markets | For example |
|---|---|---|
| 100x | 3 | BTC, ETH, SOL |
| 50x | 5 | BNB, DOGE, EURUSD, USDJPY, XRP |
| 20x | 29 | 1000BONK, 1000PEPE, ADA, AVAX, CL, EWY |
| 10x | 99 | AAOI, AAPL, AAVE, ALLO, AMD, AMZN |
| 5x | 1 | FASTX |
Initial and maintenance margin
- Initial margin ratio (IMR): the margin needed to open a position or withdraw — 1% on BTC.
- Maintenance margin ratio (MMR): the floor below which the account is liquidated — 0.6% on BTC.
- For large positions both rise with size: IMR = max(1 ÷ account max leverage, base IMR, IMR factor × |position notional|^(4/5)).
- Account margin ratio = total collateral ÷ the notional of all open positions.
Cross margin
By default one USDC balance backs all your positions (cross margin, shown as “Cross” in the order panel): profit on one position supports the others, and a loss on one puts the whole account at risk.
Example
With 1,000 USDC and a 10x long (10,000 USDC), a 10% fall wipes out the margin; in practice the account is liquidated earlier, once its margin ratio drops below the maintenance margin ratio.
FAQ
What is the maximum leverage on SilkDEX?
100x on BTC, ETH and SOL. Caps are set per market: 100x on 3 markets, 50x on 5 markets, 20x on 29 markets, 10x on 99 markets, 5x on 1 market. Every market page lists its cap.
Why can't I use the maximum leverage on a large order?
Because the margin requirement grows with position size (IMR factor × notional^(4/5)), so large positions get less leverage than the headline cap. The order panel shows the maximum for your size.
Related: What is liquidation on SilkDEX? · What are perpetual futures? · What is the mark price? · All terms
Source: Orderly: Margin, leverage and PnL. SilkDEX figures from Orderly's public API as of 2026-10-13.