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Start at 2×. Scale only when the market earns it.

Axient’s reference product policy has an absolute ceiling of 5× leverage. That ceiling is not a public entitlement or a default setting. The available tier is a risk output that must satisfy account, market, liquidity, time, event-class, capital, and jurisdiction controls together.

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Rollout policy

No account, market, or manual exception can exceed 5× under the reference policy. A control override may reduce a tier; it may not raise it.

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What a tier means

For collateral C and gross leverage L:

• gross acquisition budget is N = L × C;
• financed principal before fees is D₀ = (L − 1) × C.

At 5×, the user supplies 20% of gross exposure and the financing layer supplies 80%. That higher financed share leaves less room for adverse prices, fees, settlement delay, and loss of executable depth. *Before fees, debt growth, buffers, and executable-price impact. This table is intuition, not a quote or an admission rule.

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The exact tier certificate

Axient does not approve a tier from a midpoint or a static recovery percentage. For every candidate tier, the controller evaluates finite executable books and a conservative operating set. In simplified notation: Ψ(L) = K₀(L) + BΠ(q₀(L)) − H(L) − m(L) Where:

• K₀(L) is residual entry cash;
• BΠ(q₀(L)) is a lower envelope of settlement-confirmed exit proceeds for the acquired quantity;
• H(L) is an upper bound for principal, interest, and payable execution and settlement costs through hard-flat; and
• m(L) is an explicit risk buffer.

A tier is admissible only when Ψ(L) ≥ 0 and every aggregate and operational control passes. Production evaluation requires exact decimals, base-unit token quantities, venue lot rules, finite books, and settlement semantics; an illustrative UI formula is not an executable certificate.

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Independent gates

The effective user tier is the minimum of the independent caps: L_eff = min(5, L_user, L_market, L_liquidity, L_time, L_class, L_concentration, L_capital, L_jurisdiction)

• Account: experience, settled history, risk acknowledgement, incident record, and product eligibility.
• Market and liquidity: market policy, finite-book certificate, and aggregate shared-book capacity.
• Time: a compression cap as the actual close approaches.
• Event class: integrity and manipulation-risk policy.
• Concentration and capital: position, side, account, event-bucket, reserve, and open-interest limits.
• Jurisdiction: applicable legal and product availability limits.

The public UI uses LIVE, ELIGIBLE, LOCKED_ACCOUNT, LOCKED_MARKET, LOCKED_TIME, SHADOW_ONLY, and UNAVAILABLE states to communicate a tier’s policy state. In private beta, 3× and 5× are SHADOW_ONLY: they may update an illustration, but they do not represent granted capacity.

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Time-to-close compression

Leverage is not intended to persist into event finality. A reference schedule reduces the permitted tier as the hard-flat buffer ΔHF approaches: Actual market status overrides this schedule. If risk-reducing execution becomes unavailable earlier, the position enters an explicit exception path rather than being treated as ordinarily converted to debt-free finality.

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Indicative liquidation geometry

For intuition only, a linear position entered at price p₀, with maintenance rate μ, has a held-token liquidation ratio: p_liq / p₀ = (L − 1) / (L × (1 − μ)) At μ = 5%, a 5× position has a ratio of about 84.2% of entry before additional Axient buffers. For a YES token entered at 0.40, the illustrative long liquidation level is approximately 0.337. A short YES position uses the complementary NO-token geometry. These values do not include finite-book depth, fees, settlement costs, or registered buffers, so they must never be interpreted as executable thresholds.

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