Leverage and positions
Up to 1000x in the regular session on the most liquid stocks, 50x in pre-market and after-hours, 20x overnight, all within the house's risk limits.
Leverage tiers
Tiers are set weekly from 20-day average daily dollar volume on the real exchange. A position's leverage limit is the lower of its tier's limit and the current session's limit.
| Tier | 20-day ADV | Regular | Pre-market and after-hours | Overnight | Into a weekend | Max position size |
|---|---|---|---|---|---|---|
| A | $1B and up | 1000x | 50x | 20x | 10x | $10M |
| B | $250M to $1B | 250x | 50x | 20x | 10x | $2M |
| C | $50M to $250M | 50x | 50x | 20x | 10x | $500k |
| D | under $50M, or share price under $5 | 20x | 20x | 10x | 5x | $100k |
Position size means margin times leverage.
What 1000x means in practice: margin covers a 0.1% move. With the 5 bp bust buffer, a 1000x position is liquidated after an adverse move of about 0.05%. On a $20 stock that is one cent.
Risk limits
The house limits how far it leans one way, so that no single event can wipe it out. Limits apply to the house's net position (longs minus shorts), so trades that balance the book are always accepted; only opens on the crowded side can be refused.
- Per stock: the house's net position is capped so that a sudden jump (assumed 25% for Tier A, 50% for Tier B, 100% for Tiers C and D) would cost at most 5% of the budget base.
- Whole market: the house's net position across all stocks, weighted by how much each moves with the S&P 500, is capped so that a 20% index day would cost at most 30% of the budget base.
- Budget base: the larger of the pool's equity and a $2M launch floor. As the pool grows, every limit grows with it.
- Sessions: the limits are full size in the regular session, half size in pre-market and after-hours, and a quarter size overnight, because those books are thinner and overnight prices come from a single venue.
- Circuit breakers: if the pool loses more than 15% of the budget base in a session, opens on the winning side stop until the next session. If one stock pays out more than 2% of the budget base in an hour, that stock pauses for the rest of the hour.
At the $2M floor, in the regular session, the house can be net $400k in a Tier A stock, $200k in Tier B, $100k in Tiers C and D, and $3M across the market. Overnight those are a quarter of that. The app shows each stock's remaining room on each side.
Positions
Every position is its own isolated slug with fixed margin and leverage. You cannot add margin, remove margin, change leverage or partially close. To change anything, close it and open a new one. To scale in, open a second position.
Overnight
There is no longer a daily lock: positions can be held, closed and liquidated through pre-market, after-hours and overnight, within each session's leverage limit (see Session changes). The only locks are weekends, holidays and halts.
Positions on the crowded side pay funding in every session, and through a weekend at the rate locked at Friday 19:50.
Why leverage steps down outside the regular session: books are thinner and overnight prices come from a single venue, so prices jump more and are easier to push. A liquidated loser can only lose their margin while a winner keeps the whole move, so the bigger the jumps, the more high leverage costs the house.