Standard Margin

$$IM=\frac{1}{L(N)}$$

$$MM=\frac{2}{3}·IM$$

Where L(N) is the available IM leverage for the given coin and position size, calculated as:

$$L(N)=C_1·{\left(\frac{C_1}{C_2}\right)}^{-\mathrm{M}\mathrm{a}\mathrm{x}{(0,\frac{\frac{N}{N_{Max}}-C_3}{1-C_3})}^{C_4}}$$

Where

C₁ = Start leverage

C₂ = End leverage

C₃ = Constant maximum leverage range

C₄ = Steepness factor

N = Position size in the account, measured in units of the underlying e.g. BTC

NMax = Maximum allowed position size, measured in units of the underlying e.g. BTC

The values for C₁, C₂, C₃, and C₄, are set according to which tier an instrument is in. The parameter values for each tier are shown in the following table.

And the instruments are assigned to the tiers as follows.

RWA perpetuals (equities, equity ETFs, commodities and pre-IPO contracts) are not tiered in the tables above. Their maximum leverage is set per contract type, as described in RWA Perpetual Contracts.

For the values of NMax for each coin, see the relevant contract specifications page for each instrument type.

Let’s say we are trading the linear BTC perpetual. BTC perpetuals are a tier 1 instrument, so from the above tables and the relevant contract specs, we know that:

C₁ = 50

C₂ = 4

C₃ = 5%

C₄ = 0.4

N_MAX = 2,000

If we assume a position size of 150 BTC (N = 150), we can calculate the maximum IM leverage with the following formula:

$$L(N)=C_1·{\left(\frac{C_1}{C_2}\right)}^{-\mathrm{M}\mathrm{a}\mathrm{x}{(0,\frac{\frac{N}{N_{Max}}-C_3}{1-C_3})}^{C_4}}$$

$$L(N)=50·{\left(\frac{50}{4}\right)}^{-\mathrm{M}\mathrm{a}\mathrm{x}{(0,\frac{\frac{150}{2000}-5\%}{1-5\%})}^{0.4}}$$

$$L(N)\approx 27.73$$

So with a position size of 150 BTC, we can open a position at roughly 27.73x leverage. 

IM = 1 / L(N)

IM = 1 / 27.73

IM ≈ 0.036 = 3.6%

The IM requirements would then be this 3.6% multiplied by the position size of 150 BTC, so around 5.4093 BTC.

MM = 2/3 * IM

MM = 2/3 * 5.4093 BTC

MM = 3.6062 BTC