In general, leverage is described under two frames.
The first one is inherent, which based exclusively on and . The current version(R3) is defined under the condition that , resulting in that the leverage is moderate and the price of both tokens will remain in the the interval . The rate of change of token prices will be medium as price of ETH changes. Future versions will include (R4) and (R5). In these cases, the price of call token will exceed , 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 is close to , the call token has very high leverage. If is close to , the put token has very high leverage. There are two expressions measuring how much the option value changes corresponding to underlying value changes.
Putting two frames together, supposing that , call token is highly leveraged.