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 $90,000 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:

Market

Maximum Quantity

1000BONK-PERP

27,683 1000BONK

1000FLOKI-PERP

9,726 1000FLOKI

1000PEPE-PERP

286,483 1000PEPE

1000SHIB-PERP

34,547 1000SHIB

ADA-PERP

15,400 ADA

AEVO-PERP

1,190 AEVO

ALT-PERP

10,846 ALT

AR-PERP

73 AR

ARB-PERP

6,000 ARB

APT-PERP

213 APT

AVAX-PERP

950 AVAX

BCH-PERP

35 BCH

BLAST-PERP

83,542 BLAST

BLUR-PERP

4,452 BLUR

BOME-PERP

86,562 BOME

BTC-PERP

1.5 BTC

CRV-PERP

7,112 CRV

DOGE-PERP

14,000 DOGE

DOT-PERP

449 DOT

ENA-PERP

2,102 ENA

ENS-PERP

74 ENS

ETC-PERP

450 ETC

ETH-PERP

20 ETH

ETHFI-PERP

517 ETHFI

FIL-PERP

375 FIL

FTM-PERP

1,902 FTM

HBAR-PERP

20,446 HBAR

ICP-PERP

86 ICP

INJ-PERP

51 INJ

JTO-PERP

565 JTO

JUP-PERP

1,791 JUP

LDO-PERP

1,005 LDO

LINK-PERP

700 LINK

LTC-PERP

125 LTC

MATIC-PERP

12,000 MATIC

NEAR-PERP

500 NEAR

NOT-PERP

123,726 NOT

ONDO-PERP

2,646 ONDO

OP-PERP

3,500 OP

ORDI-PERP

34 ORDI

PENDLE-PERP

394 PENDLE

PEOPLE-PERP

15,257 PEOPLE

PYTH-PERP

4,801 PYTH

RUNE-PERP

247 RUNE

SEI-PERP

2,323 SEI

SOL-PERP

280 SOL

STX-PERP

998 STX

STRK-PERP

822 STRK

SUI-PERP

1,290 SUI

TAO-PERP

9.44 TAO

THETA-PERP

1,020 THETA

TIA-PERP

218 TIA

TNSR-PERP

2,355 TNSR

TON-PERP

275 TON

TRB-PERP

36 TRB

UNI-PERP

197 UNI

W-PERP

1,176 W

WIF-PERP

350 WIF

WLD-PERP

287 WLD

XLM-PERP

30,500 XLM

XRP-PERP

10,300 XRP

ZETA-PERP

1,282 ZETA

ZK-PERP

12,555 ZK

ZRO-PERP

775 ZRO

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 $90,000.

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

The $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.