Question 1

What is effective leverage?

Accepted Answer

Effective leverage = total position size ÷ your account equity. It is the leverage that actually matters — you can post low nominal leverage but still be over-leveraged if the position is large versus your whole account.

Question 2

Why is it more honest than the exchange number?

Accepted Answer

The exchange shows leverage per position; effective leverage counts your whole equity. Three 5x positions can add up to dangerous total exposure even though each looks tame.

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