VERSION HISTORY
Cross Margin & Leverage
Fetches the article and compares it with Version 3.
▸Version 3October 14, 2026, 3:51 PM+2−2
Changes shown against Version 2.
Choose ES or NQ, then switch the Amount field from USDC to the market unit and enter the Vest quantity from the table. When Amount is set to USDC, it represents position notional, not the margin you are posting. Notional = quantity × price; estimated initial margin = notional ÷ leverage. Check the order preview for the resulting size, margin, fees, and estimated Fail Price where applicable.
Example: the exposure of 1 MES
At a hypothetical ES price of 6,000, enter 5 ES units for the price exposure of 1 MES. The position notional is 5 × 6,000 = 30,000 USDC. At 10x leverage, estimated initial margin is 3,000 USDC before fees. A 10-point rise produces 50 USDC of gross profit on a long position; a 10-point fall produces a 50 USDC loss. A short position has the opposite result.
Changing leverage changes the margin required for these 5 units, not their 5 USDC-per-point exposure. To estimate price risk, multiply quantity by the distance to your stop: 5 units × 20 points = 100 USDC before fees, funding, and slippage. A stop does not guarantee its execution price, and account loss limits apply to total equity across all open positions.
Leverage
Leverage is set per market and displayed on that market's trading page.
- Primary Accounts — up to 100x, market-dependent
- Funded Accounts — up to 50x, market-dependent
Markets with lower liquidity or higher volatility typically cap leverage lower than highly liquid markets like BTC or major equity indices.
Maximum Leverage by Market
Primary (direct) and Funded Account maximum leverage is listed below. “Unavailable” means the market cannot be traded on Funded Accounts.
Asset class | Market | Primary max. | Funded max.
− CRYPTO | BTC-PERP | 50x | 15x
+ CRYPTO | BTC-PERP | 50x | 25x
CRYPTO | ETH-PERP | 50x | 15x
CRYPTO | HYPE-PERP | 5x | Unavailable
− CRYPTO | SOL-PERP | 20x | 5x
+ CRYPTO | SOL-PERP | 20x | 10x
CRYPTO | XRP-PERP | 10x | Unavailable
ENERGY | BZ-PERP | 10x | 5x
ENERGY | CL-PERP | 10x | 10x
ENERGY | NG-PERP | 10x | 5x
EQUITY | AAPL-USD-PERP | 25x | 5x
EQUITY | ALAB-USD-PERP | 5x | 5x
EQUITY | AMAT-USD-PERP | 10x | 5x
EQUITY | AMD-USD-PERP | 25x | 5x
EQUITY | AMZN-USD-PERP | 25x | 5x
EQUITY | ARM-USD-PERP | 10x | 5x
EQUITY | ASTS-USD-PERP | 10x | 5x
EQUITY | AVGO-USD-PERP | 25x | 5x
SHA-256 f7e61f25096bb79f723c94de7c42d0d2cc64fc5eba4851bc8564e20130ca24d8
▸Version 2October 13, 2026, 4:47 AM+1−0
Changes shown against Version 1.
FX | AUD-USD-PERP | 100x | 5x
FX | CAD-USD-PERP | 100x | 5x
FX | CHF-USD-PERP | 100x | 5x
FX | EUR-USD-PERP | 100x | 5x
FX | GBP-USD-PERP | 100x | 5x
FX | JPY-USD-PERP | 100x | 5x
FX | NOK-USD-PERP | 100x | 5x
FX | NZD-USD-PERP | 100x | 5x
FX | SEK-USD-PERP | 100x | 5x
INDEX | NQ-PERP | 50x | 50x
INDEX | RTY-PERP | 50x | 50x
INDEX | ES-PERP | 75x | 75x
+ INDEX | YM-PERP | 50x | 50x
METAL | GC-PERP | 25x | 5x
METAL | HG-PERP | 25x | 5x
METAL | PL-PERP | 25x | 5x
METAL | SI-PERP | 25x | 5x
BTC and ETH have a 15x maximum on Funded Accounts. ES has a 75x maximum on both Primary and Funded Accounts. NQ and RTY have a 50x maximum on both Primary and Funded Accounts. HYPE and XRP are unavailable to trade on Funded Accounts.
Changing your leverage
Leverage is set per market from the trading view.
1. Open the market you want to trade.
2. Click the leverage indicator near the top of the order form (shows your current multiplier, e.g. "5x").
3. Use the slider or preset buttons to choose a new leverage level, up to that market's maximum.
4. Confirm the change.
The order-form leverage setting controls sizing for new orders. Effective portfolio leverage is a separate measure: total notional exposure divided by current portfolio equity.
SHA-256 d39de64d897a7563fd75ad9e52ddef606a2a24f96d63df346d03a32f005673b1
▸Version 1October 11, 2026, 2:01 PM
First archived version.
Cross Margin & Leverage
Vest uses a single, unified margin model across every account: cross margin, with leverage up to 100x depending on account type and market.
Margin
Margin lets you open positions larger than the collateral you've deposited. Instead of paying the full value of a position upfront, you post a fraction of it, the margin, and the rest is effectively borrowed exposure, backed by your account.
Leverage allows greater exposure relative to your equity, magnifying gains and losses relative to that equity. For a fixed position size and price move, dollar PnL is unchanged by the leverage setting.
Sizing for Futures Traders: Micro and E-mini Equivalents
Vest uses market units rather than CME contract counts. On ES and NQ, 1 Vest unit gains or loses 1 USDC for each 1-point price move. To match the price exposure of a futures position, multiply the number of CME contracts by the equivalent Vest quantity below.
CME position | Vest market | Vest quantity | PnL per 1-point move
1 Micro E-mini S\&P 500 (MES) | ES | 5 units | 5 USDC
1 E-mini S\&P 500 (ES) | ES | 50 units | 50 USDC
1 Micro E-mini Nasdaq-100 (MNQ) | NQ | 2 units | 2 USDC
1 E-mini Nasdaq-100 (NQ) | NQ | 20 units | 20 USDC
For either index, 1 E-mini has the price exposure of 10 Micro E-minis. For example, 3 MES correspond to 15 ES units on Vest, and 3 MNQ correspond to 6 NQ units. These are gross price-exposure equivalents before fees and funding; Vest perpetuals have their own pricing, margin requirements, and trading rules. CME multipliers: Micro E-mini contract specifications.
Entering the equivalent size
Choose ES or NQ, then switch the Amount field from USDC to the market unit and enter the Vest quantity from the table. When Amount is set to USDC, it represents position notional, not the margin you are posting. Notional = quantity × price; estimated initial margin = notional ÷ leverage. Check the order preview for the resulting size, margin, fees, and estimated Fail Price where applicable.
Example: the exposure of 1 MES
At a hypothetical ES price of 6,000, enter 5 ES units for the price exposure of 1 MES. The position notional is 5 × 6,000 = 30,000 USDC. At 10x leverage, estimated initial margin is 3,000 USDC before fees. A 10-point rise produces 50 USDC of gross profit on a long position; a 10-point fall produces a 50 USDC loss. A short position has the opposite result.
Changing leverage changes the margin required for these 5 units, not their 5 USDC-per-point exposure. To estimate price risk, multiply quantity by the distance to your stop: 5 units × 20 points = 100 USDC before fees, funding, and slippage. A stop does not guarantee its execution price, and account loss limits apply to total equity across all open positions.
Leverage
Leverage is set per market and displayed on that market's trading page.
- Primary Accounts — up to 100x, market-dependent
- Funded Accounts — up to 50x, market-dependent
Markets with lower liquidity or higher volatility typically cap leverage lower than highly liquid markets like BTC or major equity indices.
Maximum Leverage by Market
Primary (direct) and Funded Account maximum leverage is listed below. “Unavailable” means the market cannot be traded on Funded Accounts.
Asset class | Market | Primary max. | Funded max.
CRYPTO | BTC-PERP | 50x | 15x
CRYPTO | ETH-PERP | 50x | 15x
CRYPTO | HYPE-PERP | 5x | Unavailable
CRYPTO | SOL-PERP | 20x | 5x
CRYPTO | XRP-PERP | 10x | Unavailable
ENERGY | BZ-PERP | 10x | 5x
ENERGY | CL-PERP | 10x | 10x
ENERGY | NG-PERP | 10x | 5x
EQUITY | AAPL-USD-PERP | 25x | 5x
EQUITY | ALAB-USD-PERP | 5x | 5x
EQUITY | AMAT-USD-PERP | 10x | 5x
EQUITY | AMD-USD-PERP | 25x | 5x
EQUITY | AMZN-USD-PERP | 25x | 5x
EQUITY | ARM-USD-PERP | 10x | 5x
EQUITY | ASTS-USD-PERP | 10x | 5x
EQUITY | AVGO-USD-PERP | 25x | 5x
EQUITY | BABA-USD-PERP | 10x | 5x
EQUITY | BB-USD-PERP | 10x | 5x
EQUITY | BE-USD-PERP | 10x | 5x
EQUITY | BMNR-USD-PERP | 25x | 5x
EQUITY | CBRS-USD-PERP | 10x | 5x
EQUITY | COIN-USD-PERP | 25x | 5x
EQUITY | COST-USD-PERP | 25x | 5x
EQUITY | CRCL-USD-PERP | 25x | 5x
EQUITY | CRDO-USD-PERP | 5x | 5x
EQUITY | CRSR-USD-PERP | 5x | 5x
EQUITY | CRWV-USD-PERP | 10x | 5x
EQUITY | DRAM-USD-PERP | 10x | 5x
EQUITY | EWY-USD-PERP | 25x | 5x
EQUITY | GDX-USD-PERP | 25x | 5x
EQUITY | GLD-USD-PERP | 25x | 5x
EQUITY | GLW-USD-PERP | 10x | 5x
EQUITY | GOOGL-USD-PERP | 25x | 5x
EQUITY | HIMS-USD-PERP | 10x | 5x
EQUITY | HOOD-USD-PERP | 25x | 5x
EQUITY | IBM-USD-PERP | 25x | 5x
EQUITY | INTC-USD-PERP | 25x | 10x
EQUITY | IREN-USD-PERP | 10x | 5x
EQUITY | IWM-USD-PERP | 25x | 5x
EQUITY | KLAC-USD-PERP | 10x | 5x
EQUITY | LITE-USD-PERP | 10x | 5x
EQUITY | LLY-USD-PERP | 25x | 5x
EQUITY | LRCX-USD-PERP | 10x | 5x
EQUITY | META-USD-PERP | 25x | 5x
EQUITY | MRVL-USD-PERP | 25x | 5x
EQUITY | MSFT-USD-PERP | 25x | 5x
EQUITY | MSTR-USD-PERP | 25x | 5x
EQUITY | MU-USD-PERP | 25x | 10x
EQUITY | NBIS-USD-PERP | 5x | 5x
EQUITY | NFLX-USD-PERP | 25x | 5x
EQUITY | NOK-PERP | 10x | 5x
EQUITY | NOW-USD-PERP | 25x | 5x
EQUITY | NVDA-USD-PERP | 25x | 25x
EQUITY | ONDS-USD-PERP | 5x | 5x
EQUITY | ORCL-USD-PERP | 25x | 5x
EQUITY | PENG-USD-PERP | 10x | 5x
EQUITY | PLTR-USD-PERP | 25x | 5x
EQUITY | QQQ-USD-PERP | 50x | 5x
EQUITY | RGTI-USD-PERP | 10x | 5x
EQUITY | RIVN-USD-PERP | 10x | 5x
EQUITY | RKLB-USD-PERP | 25x | 5x
EQUITY | SIL-USD-PERP | 25x | 5x
EQUITY | SKHY-USD-PERP | 10x | 5x
EQUITY | SLV-USD-PERP | 25x | 5x
EQUITY | SMH-USD-PERP | 25x | 5x
EQUITY | SNDK-USD-PERP | 10x | 10x
EQUITY | SPCX-USD-PERP | 10x | 10x
EQUITY | SPY-USD-PERP | 50x | 5x
EQUITY | TSEM-USD-PERP | 5x | 5x
EQUITY | TSLA-USD-PERP | 25x | 10x
EQUITY | TSM-USD-PERP | 25x | 5x
EQUITY | USAR-USD-PERP | 10x | 5x
FX | AUD-USD-PERP | 100x | 5x
FX | CAD-USD-PERP | 100x | 5x
FX | CHF-USD-PERP | 100x | 5x
FX | EUR-USD-PERP | 100x | 5x
FX | GBP-USD-PERP | 100x | 5x
FX | JPY-USD-PERP | 100x | 5x
FX | NOK-USD-PERP | 100x | 5x
FX | NZD-USD-PERP | 100x | 5x
FX | SEK-USD-PERP | 100x | 5x
INDEX | NQ-PERP | 50x | 50x
INDEX | RTY-PERP | 50x | 50x
INDEX | ES-PERP | 75x | 75x
METAL | GC-PERP | 25x | 5x
METAL | HG-PERP | 25x | 5x
METAL | PL-PERP | 25x | 5x
METAL | SI-PERP | 25x | 5x
BTC and ETH have a 15x maximum on Funded Accounts. ES has a 75x maximum on both Primary and Funded Accounts. NQ and RTY have a 50x maximum on both Primary and Funded Accounts. HYPE and XRP are unavailable to trade on Funded Accounts.
Changing your leverage
Leverage is set per market from the trading view.
1. Open the market you want to trade.
2. Click the leverage indicator near the top of the order form (shows your current multiplier, e.g. "5x").
3. Use the slider or preset buttons to choose a new leverage level, up to that market's maximum.
4. Confirm the change.
The order-form leverage setting controls sizing for new orders. Effective portfolio leverage is a separate measure: total notional exposure divided by current portfolio equity.
Adding to a position changes total exposure. Effective portfolio leverage also changes when account equity changes, including through unrealized PnL.
Margin Mode: Cross Margin
Vest uses cross margin across every market. There is no isolated margin option.
Cross margin means your full account collateral backs all open positions simultaneously, rather than each position drawing from its own separate margin pool. Gains on one position can offset losses on another, which improves capital efficiency but also means positions are not risk-isolated from each other.
Portfolio Value is calculated as:
Portfolio Value = Collateral + Total Realized PnL + Total Unrealized PnL
Portfolio Leverage is calculated as:
Leverage = Total Notional Value / Portfolio Value
When you open a new position, your specified size adjusts the leverage across your entire portfolio — leverage is a portfolio-level figure, not something tracked independently per position.
Isolated margin is not available on Vest. All positions use cross margin, on every market, at every leverage level.
Margin Requirements
To open a new position, your portfolio value must meet the total initial margin requirement:
Total Initial Margin Requirement = Σ (Position Size × Index Price × Initial Margin Ratio)
If your portfolio value falls below this threshold, the trade will not execute.
The maintenance margin requirement works the same way but uses the maintenance margin ratio instead of the initial margin ratio. If your portfolio value drops below the maintenance threshold due to unrealized losses, liquidation occurs.
Worked Example
A simplified example to make the formulas concrete.
Say your account has:
- Collateral: $10,000
- Total Realized PnL: $0
- Total Unrealized PnL: −$200 (one open position is currently down $200)
Portfolio Value = $10,000 + $0 + (−$200) = $9,800
Now say you're holding one position with a notional value of $50,000 (for example, 0.5 BTC at $100,000):
Leverage = $50,000 / $9,800 ≈ 5.102x
Your account is running approximately 5.102x portfolio leverage. Additional exposure increases the numerator; collateral, realized PnL and unrealized PnL can change the $9,800 portfolio value in the denominator.
How This Interacts With Funded Accounts
On a Funded Account, leverage choice directly affects how quickly adverse price moves can bring your account to a risk-rule floor. Whether that's the Max. Drawdown, or, on evaluation-path accounts that carry one, the Daily Loss Limit. Higher leverage means a given percentage move in the underlying market produces a larger swing in portfolio value, which cuts both ways: faster gains, but also a faster path toward either floor if the trade moves against you.
Neither risk rule scales with the leverage setting itself. Max. Drawdown is a fixed dollar floor set at account creation. The Daily Loss Limit uses your daily reset balance, including reserved collateral but excluding unrealized PnL, and adjusts for non-trading transfers. Current equity, including unrealized PnL, is checked against both applicable floors. Increasing position size increases the dollar impact of a price move; changing leverage alone does not change PnL on a fixed quantity.
See Loss Limits for the full mechanics of both.
SHA-256 53822de57253206b0ee6d68d4422653b5924f03a0d8963a6c8d332c510444684