Leverage, market by market
Leverage on a challenge or funded account is simulated and set per market: up to 25× on forex, 10× on BTC, ETH and SOL, 10× on indices, 8× on gold, silver and crude oil, 5× on other commodities, 4× on stocks and 2× on every other coin. You choose it on each order, up to its market’s ceiling.
What leverage changes, and what it doesn’t
Leverage decides how much margin a position reserves: its size divided by the leverage you choose, plus the fees to open and close it. It does not move your loss lines. Nothing is lent, there is no margin call on you, and you can never lose more than the fee you paid. A leveraged position simply reaches the daily loss line on a smaller move, so it ends accounts faster, not slower.
MarginSize ÷ Leverage
The move that costs the daily limit
With all of the account’s margin in one position at its market’s ceiling, this is how far the price has to move against you to cost the 3% daily limit:
| Markets | Up to | Move against you | Most per market |
|---|---|---|---|
| Forex | 25× | 0.12% | $100,000 |
| BTC, ETH and SOL | 10× | 0.30% | $2,000,000 |
| Indices | 10× | 0.30% | $1,000,000 |
| Gold, silver and crude oil | 8× | 0.38% | $500,000 |
| Other commodities | 5× | 0.60% | $50,000 |
| Stocks | 4× | 0.75% | $100,000 |
| Every other coin | 2× | 1.50% | $100,000 |
Half the leverage doubles the move. The ceilings follow how far each market moves in a day and how deep its order book is, which is why the calmest markets get the most. The last column is the most you may hold in one market across all your accounts, so no single trader can move the price their own account is marked at.
Questions about leverage
Is the leverage the same on a funded account?
Yes. Evaluation and funded accounts use the same table.
Can I be long and short the same market?
No. On one market you hold one position: a second order on the same side adds to it, and the opposite side is refused until the first is closed.
Where do the prices come from?
Every market is priced from Hyperliquid; the markets page lists each one with its live price, and fairness explains how a fill is built.