Solana Perps: Cross Margin, Leverage & Liquidation
Start with the exposure you can manage. Available collateral is not a recommendation to use all of it.
Updated 18 October 2026 · Educational information
Notional exposure and initial margin
Notional is base quantity multiplied by price. At an illustrative $100 price, 5 base units creates $500 exposure. If the initial margin ratio is 10%, the simple initial-margin estimate is $50. Actual requirements also depend on the protocol, position size, open orders and the rest of the account.
Cross margin shares collateral
Positions within a cross-margin subaccount share collateral. A loss in one market can reduce the buffer for another. The terminal reports account leverage; it does not pretend a ticket setting creates an isolated margin position.
Why liquidation is not one fixed percentage
Maintenance requirements, other positions, collateral prices, funding and fees can all change account health. A shortcut such as entry price minus 1/leverage is not a reliable liquidation price for a cross-margin portfolio. Bitpont does not display that shortcut as an exact liquidation level.
Plan size around a loss scenario
For a linear contract, a simplified quantity is planned cash risk divided by the absolute difference between entry and stop. This excludes funding, fees and slippage; a trigger can execute beyond the intended stop. Leave an additional collateral buffer and check that the order meets the contract minimum and step.
Withdrawal and settlement
Unrealized PnL is not necessarily withdrawable cash. Settling PnL depends on protocol conditions and pool liquidity. The withdrawal builder prevents creation of a collateral borrow, but the protocol still decides whether the remaining margin is sufficient.
Orders, funding and collateral depend on the current protocol state. Confirmation does not prove a fill. Check the selected wallet and subaccount.
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