FOREVER MARKETS
Margin & leverage
One position model from fully funded 1× exposure through dynamically gated 30× leverage.
One engine
A 1× position and a leveraged position use the same account, units, entry price, funding indices and close path. Leverage only changes how much margin is posted against the exposure.
At 1×, the user prepays the maximum market-price loss. Normal price movement cannot make the position undercollateralized, although accumulated funding can gradually reduce its units or close it when equity is exhausted.
Leverage tiers
| Requested leverage | Availability | Maintenance fraction |
|---|---|---|
| 1–5× | Always subject to position and OI caps | 10% of current position value |
| 6–15× | Standard tier | 3% of current position value |
| 16–30× | Dynamic risk capacity only | 1.5% of current position value |
Why high leverage is dynamic
The maximum above 15× falls as gross OI, directional imbalance or required risk reserve consumes market capacity. At low utilization the system can allow 30×; it approaches 15× as utilization rises.
High-leverage entries additionally require an oracle observation no older than 75 seconds and a side-relative spread no wider than 50 bps.
Capacity is validated again in the execution transaction. Another trade or oracle update can reduce the available tier before settlement.
PnL
PnL is realized at the weighted execution price of the reduction. Closing fees and outstanding funding are applied before payout.