How do I work out leverage on a futures position?

Notional value = price × point value (tick value ÷ tick size) × contracts. Leverage = notional ÷ the margin you post.

Why do I have to enter the margin myself?

Margins are set by exchanges and changed by brokers frequently — publishing a stale number would be worse than asking for yours.

What is notional value?

The full economic exposure of the position — what the contracts control, not what they cost to hold.

Leverage Calculator

Price × multiplier = notional; notional ÷ margin = leverage.

Contract

Current price

Contracts

Margin posted per contract ($)

Worked example — Gold at 2,400.0: notional = 2,400 × 100 (100 troy oz) = $240,000.00 per contract. Posting $11,000 margin ≈ 21.8× leverage.

How the math works

Point value = tick value ÷ tick size. Notional = price × point value × contracts. Leverage = notional ÷ (margin × contracts). Margin is your input — check your broker's current requirement.

FAQ

How do I work out leverage on a futures position?: Notional value = price × point value (tick value ÷ tick size) × contracts. Leverage = notional ÷ the margin you post.
Why do I have to enter the margin myself?: Margins are set by exchanges and changed by brokers frequently — publishing a stale number would be worse than asking for yours.
What is notional value?: The full economic exposure of the position — what the contracts control, not what they cost to hold.

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Calculators are arithmetic on contract specifications, not advice. Futures trading involves substantial risk of loss. Specs from exchange sources, verified 2026-07-25 — methodology.