# Leverage Summary of popular derivative exchanges

###### tags: `DeFi` `BadgerDAO` `eBTC`

## DYDX
- **Oracle**: use [median](https://docs.dydx.exchange/#oracle-prices) from ChainLink nodes
- **Leverage**: up to [`20X`](https://help.dydx.exchange/en/articles/4797403-maximum-leverage-for-perpetuals) for BTC & ETH, `10X` for others
- **Loss Protection**: use [insurance fund](https://docs.dydx.exchange/#contract-loss-mechanisms)(take on profits & losses from liquidations) first then [`auto-deleveraging`](https://help.dydx.exchange/en/articles/4797358-contract-loss-mechanisms) positions with the most profit and leverage
- **Liquidation**: Position will [get liquidated](https://help.dydx.exchange/en/articles/4797401-perpetual-contract-liquidations) if `Total Account Value` falls below `Maintenance Margin Requirement` and there is a [liquidation fee](https://help.dydx.exchange/en/articles/4800191-are-there-fees-to-using-dydx) charged at `1%`

## Perpetual Protocol
- **Oracle**: use [home-grown 15-minute TWAP](https://support.perp.com/hc/en-us/articles/7160957388953-Source-Code) calculated from ChainLink & Band
- **Leverage**: up to [`10X`](https://support.perp.com/hc/en-us/articles/5257393633945-Leverage-Margin-Ratio)
- **Loss Protection**: use [insurance fund](https://support.perp.com/hc/en-us/articles/8019923856665)(take on penalties & losses from liquidations and hare trading fee revenue) first then [`mint`](https://blog.perp.fi/perpetual-protocol-announces-1-8m-strategic-investment-83cff55b6dfe) PERP token to salvage
- **Liquidation**: Position will [get liquidated](https://blog.perp.fi/perp-v2-liquidation-mechanism-update-7cb960524f96) if $marginRatio=\frac{totalCollateralValue}{totalPositionsNotionalValue}$ falls below `Maintenance Margin`(fixed at `6.25%`) and there is a [liquidation penalty](https://support.perp.com/hc/en-us/articles/5331299807513#) charged around `2.5%`

## Kwenta(Synthetix)
- **Oracle**: use [ChainLink](https://docs.kwenta.io/resources/oracles#synthetix-oracle-contracts) directly
- **Leverage**: up to [`25X`](https://docs.kwenta.io/onboard/how-to-start-using-kwenta#things-you-can-do-on-kwenta)
- **Loss Protection**: use [SNX debt pool](https://docs.kwenta.io/products/futures/basic-of-crypto-futures-trading#skew-funding-rate) as the global counterparty
- **Liquidation**: Position will [get liquidated](https://docs.kwenta.io/products/futures/basic-of-crypto-futures-trading/liquidations) if $remainingMargin=initialMargin+profit+funding$ falls below `Liquidation Margin` and there is a [liquidation penalty](https://sips.synthetix.io/sips/sip-80/#liquidations-and-keepers) charged starting at `35 basis points` of position size.