> For the complete documentation index, see [llms.txt](https://docs.dimes.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.dimes.fi/risk-engine/maximum-leverage.md). # Maximum Leverage Exposure calibrated to depth, slippage, and concentration. Multiply sets maximum leverage by measuring how much directional exposure the underlying market can safely absorb. The ceiling is determined by three factors: * Available liquidity on the venue * Expected slippage when executing the hedge, and * Dimes' allowable weight in that individual market. These inputs define the effective capacity of the market and produce a leverage limit that reflects real depth rather than arbitrary risk rules. As markets vary in depth and shape, so do their leverage limits. * Deep markets with stable liquidity gradients typically support **8× to 10×** leverage. These are markets where the top of book provides at least **2 to 3% of notional depth**, and where simulated hedge execution stays under **30 to 50 bps** of expected slippage for the size Multiply must hedge. * Mid-depth markets, where aggregated depth at the active probability bucket is closer to **1 to 2% of notional** and slippage stays below **75 bps**, generally support **4× to 6×** leverage. * Thinner or more volatile markets with less than **1% depth** at the active bucket, or with slippage simulations exceeding **1%**, receive **2× to 3×** leverage to maintain smooth hedge execution and avoid excessive price impact. Multiply adjusts these limits dynamically as venue liquidity changes. Every venue update recalculates depth, slippage, and concentration metrics, ensuring that leverage stays aligned with real market capacity and that the hedging facility can execute efficiently under all conditions.