Leverage decides how much position size a given amount of margin supports. Margin mode decides whether your positions share collateral.
Setting leverage
The Leverage control sits with the order form. It starts at 1x, moves in 0.1x steps, and its maximum is set per market — the market header shows the current cap as a Max badge. Markets with more volatile or thinner liquidity have lower caps.
Leverage affects your required margin and therefore your liquidation price: doubling leverage roughly halves the price move needed to wipe out the margin behind a position. The trade summary shows Required Margin and the estimated Liquidation Price for the order you are about to place — check both before submitting rather than after.
Margin mode
Open Margin Mode to see the two options:
- Cross Margin — "Share margin across all positions. Unrealized PnL can offset losses." This is the mode N1 currently uses.
- Isolated Margin — visible but disabled: "This option is currently not available."
Because all positions share one pool of collateral under cross margin, a loss on one position reduces the margin supporting every other position. Size your total exposure, not just individual trades.
Practical guidance
- Higher leverage does not increase your profit per dollar of price movement — it only reduces the collateral you must post, and moves your liquidation price closer.
- Fees and funding are charged against the same equity that backs your margin, so a highly leveraged position can drift toward liquidation even in a flat market.
- If an order is rejected with "Not enough available margin," lower the size or the leverage, or deposit more USDC.
For what happens as margin runs out, see Understanding margin, account health and liquidation.