{"slug":"perp-max-leverage-terms","title":"Perp DEX leverage terms: room to liquidation and what is left","subtitle":"Adverse price move that liquidates a position, read from each venue's own published parameters and checked against real liquidations. The selector sets the leverage: the default puts each venue at its own maximum, which is not a like for like reading, and the fixed settings put every venue on the same leverage. No row is ranked, because more room is not the same as better terms.","category":"Trading","metric":"Room to liquidation","unit":"pct","status":"live","higherIsBetter":true,"filters":null,"value":null,"leader":null,"leaders":[],"rankings":[],"sparkline":[1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25,1.25],"sampleSize":11492,"asOf":"2026-10-18T15:54:58.235Z","freshness":{"asOf":"2026-10-18T15:54:58.235Z","ageHours":0.1,"stale":false},"measured":4,"ranked":0,"headline":"Perp DEX leverage terms: room to liquidation and what is left. 4 venues measured; none is ranked on this benchmark.","quote":"Perp DEX leverage terms: room to liquidation and what is left. 4 venues measured; none is ranked on this benchmark. Source: OpenChainBench (https://openchainbench.com/benchmarks/perp-max-leverage-terms).","cite":{"plain":"OpenChainBench. \"Perp DEX leverage terms: room to liquidation and what is left\". Retrieved 2026-10-18. https://openchainbench.com/benchmarks/perp-max-leverage-terms","bibtex":"@misc{ocb_perp_max_leverage_terms,\n  author = {OpenChainBench},\n  title  = {Perp DEX leverage terms: room to liquidation and what is left},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/perp-max-leverage-terms},\n  note   = {Retrieved 2026-10-18}\n}","apa":"OpenChainBench. (2026). Perp DEX leverage terms: room to liquidation and what is left. Retrieved October 18, 2026, from https://openchainbench.com/benchmarks/perp-max-leverage-terms","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - Perp DEX leverage terms: room to liquidation and what is left\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/perp-max-leverage-terms\r\nY2  - 2026-10-18\r\nER  - \r\n"},"pageUrl":"https://openchainbench.com/benchmarks/perp-max-leverage-terms","ogImage":"https://openchainbench.com/api/og/perp-max-leverage-terms","source":"https://github.com/ChainBench/OpenChainBench/tree/main/harnesses/perp-cohort-stats","methodology":["Cadence: every 5 minutes, on the perp-cohort-stats sweep. These are governance parameters, so they are read fresh rather than averaged, and every series is cleared each tick so a venue that lowers its maximum stops publishing the settings it no longer offers.","Leverage selector: the default view puts each venue at its own maximum, which compares four different leverages and is not like for like. The fixed settings put every venue on the same leverage; a venue whose maximum is below the selected setting is absent from that view rather than shown at a leverage it does not offer.","Markets: BTC and ETH only. They are the only two markets all four venues list, and the comparison means nothing across different assets.","Room formula, every venue: (1/leverage - maintenance requirement - 2 x fee) x 100, every term a share of notional. Collateral lost is that room times the leverage, which is the same measurement in the unit venues quote among themselves.","Gains, parameters: pairMaxLeverage and getPairLiquidationParams on the Arbitrum diamond 0xFF162c694eAA571f685030649814282eA457f169, pairs 300 and 313, the x500 cohort rather than the standard pairs which cap at 200x. The fee comes from the pair's fee group, word 9 of pairs() then word 0 of fees() at 1e10, the same read the perp-fees harness runs in production.","Gains, checked against liquidations: percentProfit on the LimitExecuted log is the price move times leverage and nothing else, and our liquidation harness reproduces it on 120 of 120 real liquidations. Eleven liquidations on the two degen pairs give a median of 59.4 percent of collateral against the 60.0 percent this model predicts. The remaining gap is the borrowing fee, which accrues with holding time and is not a term at open.","Gains, collateral returned: zero at every leverage. amountSentToTrader is 0 on all 27 liquidations found across every pair from 7.5x to 500x. The threshold says when a position closes, not what comes back.","Papertrade: max leverage and the bust buffer from the instrument tuple on exchange.papertrade.xyz/state/trading. The buffer is a share of price and is an offset before the zero equity price, not the room itself: their documentation works the 1000x case and gives a move of about 0.052 percent, which is one tenth of a percent minus the buffer.","Papertrade, checked against closes: its contract is unverified, so the event fields were identified against external truth rather than an ABI. The price field matches the live Hyperliquid mid under the per instrument factor; the leverage field caps at exactly 1000, the documented maximum; and under the resulting reading the predicted bust distance is never crossed on 384 adverse closes, the closest reaching 92 percent of it.","Papertrade, collateral returned: zero. Their documentation calls crossing the bust price a hard bust that forfeits the full isolated margin even where a voluntary close immediately beforehand could return some equity. At 1000x that forgone equity is close to half the margin.","dYdX: initialMarginFraction and maintenanceMarginFraction from indexer.dydx.trade/v4/perpetualMarkets, both published per market, with the maximum leverage the reciprocal of the initial fraction. Neither venue's payload carries a fee we can read, so the dYdX and Hyperliquid rows carry no fee legs and their room is the parameter ceiling rather than a fee inclusive figure.","Hyperliquid: maxLeverage from the info meta endpoint. The maintenance requirement is not in the payload; its documentation fixes it at half the initial requirement at maximum leverage, so this row alone has a derived input and its share returned reads 50 percent at its maximum on every market by construction.","No row is ranked. More room before liquidation comes from holding back less maintenance margin, and the venue that holds back least is the one that keeps everything when it fires. A single ranking on this metric would reward that, whichever venue came out on top, so every row publishes without a rank.","Excluded: funding, borrowing, and the liquidation spread. All three move the real trigger closer than the figures here. A position held for days is liquidated by carry long before the price reaches these levels.","Cohort: perp venues in the harness that publish enough to compute the figures on BTC and ETH, 4 as of 2026-10-12. Venues that advertise high leverage but publish no maintenance parameter we can read are absent rather than estimated."],"license":"CC-BY-4.0"}