How much leverage can you use? Perpetual futures platforms compared

Traders Union
All News
Broker News
Perpetual leverage explained

All news

Highlights

EVEDEX lists up to 200x on BTC, ETH and SOL, capped at $50,000 notional, with lower tiers on other markets (EVEDEX trading terms, September 16, 2026).
Hyperliquid caps BTC at 40x up to $150M notional and holds ETH at 25x; dYdX sets BTC and ETH at 20x, easing lower as size grows (platform docs, September 21, 2026).
GMX allows up to 100x, dropping as pool open interest rises; Aster advertises up to 1001x on select markets and 50x on stock perpetuals (September 21, 2026).
Taker fees run from 0.035% (Aster) to a 0.06% position fee (GMX); EVEDEX and Hyperliquid both sit at 0.045%.

Leading Forex Broker in United States

7.68/10

*Rated by real traders on Traders Union

Chosen by 2 400+ local traders in the last 3 months.
Traders earn on average 12% more per month vs other brokers.

Start with Plus500

This comparison looks at how leverage works across EVEDEX, Hyperliquid, dYdX, GMX and Aster in 2026. Rather than comparing headline maximums alone, it examines the conditions attached to them, alongside trading fees, margin models, market coverage and settlement structure. The aim is to show how much leverage each platform makes available under different conditions and what traders need to consider when comparing those limits.

Maximum leverage depends on position size and market

The maximum leverage shown by a perpetual futures platform does not necessarily apply to every trade. Limits can vary by asset and position size, while margin rules determine how much collateral a trader needs to maintain as exposure increases.

EVEDEX illustrates this tiered approach. According to its trading terms verified on September 16, 2026, the platform lists leverage of up to 200x for BTC, ETH and SOL positions with notional value of up to $50,000. Higher position sizes move into lower leverage tiers, while other markets are subject to their own limits. EVEDEX uses cross margin with USDT as collateral and offers 52 perpetual contracts covering crypto, US stocks, the SPY index, commodities, FX and pre-IPO markets.

Other platforms structure their limits differently. Hyperliquid, dYdX, GMX and Aster vary not only in their maximum advertised leverage, but also in margin models, fees, supported asset classes and the way trades are executed and settled. The table below compares these parameters side by side.

Figures read from each platform's own documentation on September 21, 2026; EVEDEX figures per EVEDEX trading terms and documentation, verified September 16, 2026. GMX charges a position fee when opening and closing rather than maker/taker fees, with the lower rate applying when a trade reduces the pool's open-interest imbalance. Leverage figures are headline maximums for small positions; the sections below explain the reductions.

The headline number is a ceiling, not a setting

Every platform here publishes a maximum leverage that applies only to a small position. EVEDEX, a hybrid perpetual futures exchange that matches orders off-chain and settles them on-chain on Arbitrum (L2), lists up to 200x on BTC, ETH and SOL – but only up to $50,000 in notional, after which the ladder steps down to 100x, 75x and 50x across other markets, including US stocks and the SPY index (EVEDEX trading terms, September 16, 2026).

Hyperliquid works the same way through margin tiers: BTC at 40x up to $150M notional, then 20x above that. EVEDEX supports leverage trading across 52 perpetual contracts on one cross-margin account. dYdX is stricter, holding BTC and ETH at 20x and easing lower as notional grows, while GMX's pool model cuts its 100x ceiling as open interest builds on one side.

What high leverage actually costs

Leverage sets how little price movement it takes to lose a position. Initial margin is the inverse of leverage, so a 200x position posts 0.5% of notional and sits about half a percentage point from liquidation before fees and funding; at 50x that buffer is roughly 2%. Fees compound the math on every entry and exit: taking liquidity costs 0.045% on EVEDEX and Hyperliquid, 0.05% on dYdX and 0.035% on Aster – roughly 7 to 10 basis points round-trip across the order-book venues. GMX instead charges a position fee of 0.04% or 0.06% depending on whether a trade balances its pool (read September 21, 2026), plus a borrow fee. European supervisors found 74% to 89% of retail accounts lose money on contracts for difference (ESMA, 2018).

Leverage beyond crypto

Leverage is not confined to crypto. EVEDEX applies its ladder across 52 contracts spanning five US equities, the SPY index, gold, silver, crude oil, two FX pairs and two pre-IPO markets, settled in USDT (EVEDEX trading terms, September 16, 2026). Hyperliquid has added equity and pre-IPO perpetuals; GMX lists commodities and equity indices at lower leverage; dYdX stays crypto-only; Aster spans crypto, stocks and commodities. For gold, an index and a large-cap token under one balance, the field narrows to the multi-asset venues.

Where EVEDEX falls short

EVEDEX has clear constraints. It offers cross margin only, posted in USDT, with no isolated-margin option, so one losing position draws on the whole balance, not a ring-fenced amount. Its 200x ceiling is real but narrow, holding only up to $50,000 in notional before the ladder steps down. It runs no spot market and has no built-in fiat off-ramp. A trader who relies on isolated margin to cap single-trade downside, or who needs spot beside derivatives, is better served elsewhere.

Which platform suits which trader

No single platform wins on leverage alone. dYdX and Hyperliquid suit traders wanting conservative, well-tiered caps on deep crypto markets; Aster appeals to those chasing the highest headline multiples; GMX fits a pool-based model with commodity exposure. EVEDEX is the closer fit for high leverage on major crypto plus equities, gold, FX and pre-IPO markets on one cross-margin account – accepting cross margin and the $50,000 notional cap at the top of the ladder.

Note! This article is information, not investment advice. Perpetual futures and other leveraged derivatives carry a high risk of loss and can wipe out a position quickly.

Written by Vladimir Shepelev

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.