Coinbase International Exchange

How much leverage is available to me if I am eligible to trade perpetual futures?

Eligible traders can access maximum leverage up to 10x. There will be specified limits per contract and a cap on the notional value for all positions that use maximum 10x leverage.

Limits Per Contract:

Every contract offers a maximum leverage of 10x, and comes with distinct limits to ensure risk management and safeguard both users on the platform and International Exchange. Refer to the table provided for detailed limits per contract:

10x Leverage Notional Value Limit 

For positions with 10x leverage, there is a predefined limit on the notional value across all positions for each Ultimate Beneficial Owner (“UBO”), defined as $90K.

What is the difference between the 'Maximum Quantity Per Instrument' and 'Maximum Notional Across All Instruments'?

he $90K maximum notional limits the 10x notional across all instruments to this value. For example, assume BTC and ETH prices are currently $50K and $2K, respectively.  The BTC instrument limit is 1.5 quantity which equals $75K (= 1.5 * $50K) notional assuming BTC price of $50K.  The ETH instrument limit is 20 quantity which equals $40K (= 20 * $2K) notional assuming ETH price of $2K.  Customers will not be able to fully utilize the BTC and ETH instrument limits as the combined $115K (= $75K + $40K) notional exceeds the $90K maximum notional across all instruments.

What happens when a trader fully utilizes the account level 10x limits?

Traders may continue to transact; however, new transactions are only permitted at Default Initial Margin (“DIM”). (DIM requirements per instrument

As a trader, I want higher 10x limits, is there anything I can do to obtain these?

These limits are reviewed frequently - influenced by the exchange's order book depth, volumes, and stress testing results against insurance fund balances (assuming full utilization of our 10x program). We aim to provide best access to 10x leverage for customers, while balancing systemic risks for all traders associated with higher leverage trading. As the most trusted crypto brand, our independent Risk team conducts robust stress testing analysis that informs these limits.  As our exchange continues to gain market share and increase volumes, our Risk team will review for larger limits as we expand. 

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