The 47 stock and ETF perpetuals, by leverage tier
I pulled every symbol in the dataset that maps to a real-world stock or ETF ticker rather than a crypto asset, then grouped them by their max-leverage cap:
| Cap | Pairs | % of the 47 | Examples |
|---|---|---|---|
| 20x (floor) | 34 | 72.3% | Netflix, Coinbase, Robinhood, Palantir, IBM, Cisco, SPY, QQQ |
| 25x | 7 | 14.9% | Meta, Intel, Broadcom, ASML, TSMC, Eli Lilly, Samsung |
| 50x (best tier) | 6 | 12.8% | Apple, Amazon, Google, Microsoft, Nvidia, Tesla |
Nearly three-quarters of tokenized stock perpetuals — 34 of 47 — sit at 20x, which is the lowest leverage tier that exists anywhere in the 612-pair dataset. Not one stock or ETF reaches higher than 50x. Compare that to Bitcoin, Ethereum, Solana and XRP, which all cap at 100x — double the best tier any stock gets, and 5x what most of them get.
Why the underlying being liquid doesn't help
The instinct is that Apple and Netflix shares are some of the most liquid instruments on earth, so the leverage cap should reflect that. It doesn't, because the cap isn't set by Nasdaq's order book — it's set by the depth and continuity of the perpetual contract's own book on the exchange you're trading it on, which is a different and much thinner market. A tokenized NFLX perp can gap or thin out in ways spot NFLX shares don't, especially around the US market open and close, when the perpetual keeps trading 24/7 but its underlying reference price effectively stops updating for 16 hours a day.
That gap risk is exactly what a lower leverage cap is protecting against. A 20x position tolerates roughly a 5% adverse move before liquidation; on a pair that can jump on a earnings-hours gap, giving traders 100x — a ~1% liquidation buffer — would blow up positions on ordinary overnight news, not just tail risk. The exchange caps the tool at the same level it can actually risk-manage the contract, not at the level the underlying's fame would suggest.
What this means for position sizing
If you're trading a tokenized stock perp expecting BTC-like leverage headroom, the math is stricter than you'd guess from the ticker. At the 20x floor that covers most of these — Netflix, Coinbase, Robinhood, the S&P and Nasdaq ETFs — your liquidation distance is roughly the same as a crypto pair capped at 20x, not the 100x pairs you might be used to sizing against. Run the actual number on the liquidation calculator before assuming a stock perp gives you the same room as a major-crypto position, and check safe leverage for the position size that keeps you inside that lower cap without over-committing margin.
The six that reach 50x — Apple, Amazon, Google, Microsoft, Nvidia, Tesla — are still worth flagging separately if you specifically want stock exposure with leverage: they're the only tokenized equities in the dataset that clear even half of what a major crypto pair allows.
The short version
- 47 of 612 tracked pairs are tokenized stocks or ETFs, and every one of them caps lower than Bitcoin, Ethereum, Solana or XRP (all 100x).
- 34 of the 47 (72.3%) sit at 20x — the exchange's absolute leverage floor — including Netflix, Coinbase, Robinhood, Palantir and both the SPY and QQQ ETFs.
- Only 6 reach the top stock tier of 50x: Apple, Amazon, Google, Microsoft, Nvidia, Tesla — still half of what the major crypto pairs allow.
- The cap tracks the perpetual's own market depth, not the underlying stock's liquidity on Wall Street — which is why famous, liquid names like Netflix still land at the floor.
→ Liquidation calculator · → Safe leverage calculator · → Leverage comparison · → The full 612-pair leverage ceiling
FAQ
Can you trade stocks with leverage on crypto perpetual exchanges?
Yes. Several exchanges now list tokenized perpetual contracts on individual stocks (Apple, Nvidia, Tesla, Netflix) and ETFs (SPY, QQQ, IWM), settled and margined in USDT the same way a BTC or ETH perpetual is. Of the 612 pairs in our tracked dataset, 47 are stock or ETF perpetuals.
What leverage can I get on Nvidia or Tesla perpetuals?
In our dataset, Nvidia (NVDAUSDT) and Tesla (TSLAUSDT) both cap at 50x, alongside Apple, Amazon, Google and Microsoft — the highest leverage tier available for any tokenized stock we tracked. That is still half of the 100x ceiling on Bitcoin, Ethereum, Solana and XRP.
Why do stock perpetuals have lower leverage caps than Bitcoin or Ethereum?
Exchanges set leverage caps based on how much a position can move before the venue's margin engine can safely liquidate it, which depends on the depth and continuity of that specific perpetual's own order book — not the liquidity of the underlying asset on Wall Street. A tokenized Netflix perp trades on much thinner on-chain or exchange-native liquidity than spot Netflix shares do on the Nasdaq, and gaps at the US market open and close add risk a 24/7 crypto pair doesn't have. Lower leverage caps are how the exchange limits its own liquidation risk on a thinner, gappier book.
Which tokenized stock perpetuals have the lowest leverage cap?
In our dataset, 34 of the 47 tracked stock and ETF perpetuals — including Netflix, Coinbase, Robinhood, Palantir, IBM, Cisco, the S&P 500 ETF (SPY) and the Nasdaq-100 ETF (QQQ) — sit at the exchange's absolute leverage floor of 20x, the lowest cap tier that exists on the platform.