# Leverage Ratio In general, leverage is described under two frames. The first one is inherent, which based exclusively on $$C$$and $$F$$. The current version(R3) is defined under the condition that $$C\leq 2F$$, resulting in that the leverage is moderate and the price of both tokens will remain in the the interval $$\[0,C-F]$$. The rate of change of token prices will be medium as price of ETH changes. Future versions will include $$4F \geq C \geq 2F$$(R4) and $$C\geq 4F$$(R5). In these cases, the price of call token will exceed $$C-F$$, meaning that when price spikes, one can make more money if he holds a call token. If the price of ETH dips, the call token price will drop in the same fashion. In the extreme case, there might be negative prices, which can be seen either as an anomaly or a perfect change to generate a token. The dynamic leverage is related to the extend that the price differs from the strike price. If $$c$$is close to $$F$$, the call token has very high leverage. If $$c$$is close to $$C$$, the put token has very high leverage. There are two expressions(for call and put respectively) $$e\cdot\frac{E\_x}{z\_x},e\cdot\frac{E\_y}{z\_y}$$ measuring how much the option value changes corresponding to underlying value changes. Putting two frames together, supposing that $$F=1000,C=5000,c=1100$$, call token is highly leveraged. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.antimatter.finance/antimatter-perpetual-options/core-concept/leverage.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.