Cross-margin is used by default. That is, a trader's collateral is shared across all open positions, and gains from one position can offset losses from another.

A trader's portfolio value is calculated as collateral + total realized and unrealized pnl from trades. Leverage for the entire portfolio is calculated as total notional value / portfolio value. This means that by specifiying a size for the new trade, a new leverage for the portfolio is determined, and vice versa.

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