Position notional
The market value of the exposure. For linear contracts, it is entry price multiplied by asset quantity.
Position notional / Collateral / Exposure
Crypto Leverage & Margin Calculator
Calculate required margin, theoretical position value, or effective leverage for a crypto futures position, with editable fees and a clear 1% price-move check.
Three solve modes Quantity or notional Fee reserve Shareable setup
Leverage plan
Solve the missing number
01 / What do you need?
Start with a position value and leverage to estimate the collateral required.
02 / Contract reference
Reference max leverage125x
Preset limits and fees are starting points. Your account tier and current exchange rules can differ.
03 / Position and collateral
Position input
Position value$10,000.00
Derived quantity0.15384615 BTC
Extra margin lowers effective leverage without changing the position value.
04 / Fee reserve
Closing fee assumes the position closes at the same notional. Price changes, partial fills, rebates, and funding can change it.
Leverage connects position value to allocated margin
A futures position has a notional value, while margin is the collateral assigned to support it. Leverage describes the relationship between those two numbers; it does not change the PnL of a fixed-size position.
Initial margin
The theoretical collateral required to open the position before exchange-specific fees, buffers, and risk-tier adjustments.
Effective leverage
Position notional divided by the margin actually allocated. Adding isolated margin lowers effective leverage.
Solve the missing side of the leverage equation
These formulas describe a linear futures position. Calcoring keeps trading fees separate so the displayed margin and the cash required to open the trade are not confused.
01
Position notional = Entry price × Asset quantity02
Initial margin = Position notional ÷ Selected leverage03
Theoretical position value = Available margin × Selected leverage04
Effective leverage = Position notional ÷ Allocated margin05
ROE before costs = Position PnL ÷ Allocated margin × 100%Formula references: The margin relationship is cross-checked against official linear-futures documentation from Bybit, OKX & Hyperliquid.
Lower margin means less room for the same position
A higher leverage setting reduces initial margin for the same notional exposure, but the dollar PnL from a given price move stays the same. Because less collateral supports that PnL, return on margin and loss on margin both move faster.
- Fees are charged on order notional on most derivatives venues, not on the smaller margin amount.
- Cross margin can draw on shared account equity; isolated margin limits collateral to the position and any margin added to it.
- Maximum leverage can change by asset, position size, and exchange risk tier. Presets are reference values, not live trading limits.
- This calculator does not estimate liquidation. Use the liquidation calculator after choosing position size and margin mode.
A $10,000 position at 10× leverage
A $10,000 position at 10× requires $1,000 of theoretical initial margin. A 1% favorable price move produces $100 of gross PnL, or roughly 10% return on that margin before fees and funding. Adding another $1,000 of isolated margin reduces effective leverage to 5×; the same $100 PnL is then roughly 5% of allocated margin.
Position notional$10,000
Selected leverage10×
Initial margin$1,000
PnL from a 1% move$100
ROE before costs≈ 10%
Effective leverage after $1,000 extra margin5×
Leverage and margin questions
Does 10× leverage multiply my profit by ten?
Only if you use the same capital to open a position ten times larger. For a fixed $10,000 position, a 1% move produces the same $100 PnL whether initial leverage is 5× or 10×.
What is the difference between leverage and margin?
Margin is collateral measured in currency. Leverage is a ratio between position notional and the collateral allocated to it.
Why is effective leverage lower than my selected leverage?
Extra isolated margin or additional cross-margin equity can support the same position. Dividing the unchanged notional by more collateral produces lower effective leverage.
Are opening and closing fees part of initial margin?
The core margin formula excludes them. Calcoring shows opening cash and a round-trip fee reserve separately because exchange order cost can include additional amounts.
Can I use this result as my liquidation price?
No. Liquidation also depends on maintenance margin, risk tiers, deductions, fees, margin mode, and exchange rules. Use the dedicated liquidation calculator.
Why can the exchange require more margin?
Risk tiers, fee reserves, mark price, rounding, account configuration, and platform-specific rules can all change the amount shown in an order ticket.
Continue the risk check