Collateral is deposited and withdrawn as SPL-USDC. All perpetual markets are quoted against USDC and are linear perpetuals. Perpetuals on Drift are cross-margined against each other, meaning that for multiple positions in the same user account, profits and losses from a single position can be used to cover PnL of other positions in the same pool of positions.

The current max leverage is 5x. Default leverage is 1x.

leverage default = 1x, max = 5x
leverage default = 1x, max = 5x

Trading with leverage and/or shorting puts you at risk for liquidations.

(Fees & Liquidations)