Leverage is based on margin, 10%, which is equivalent to 100% of the de-leveraged crude oil value using 10% of the contract value, and the leverage ratio is 10 times; If the margin is 20%, it is equivalent to using 20% of the contract value to deleverage 100% of the crude oil value, and the leverage ratio is 5 times; If the margin is 5%, it is equivalent to deleveraging 100% crude oil with 5% contract value, and the leverage is 20 times.

Leverage is related to the margin ratio. The larger the margin, the lower the leverage. The smaller the margin, the greater the leverage.