What leverage applies to perpetual CFDs in Australia?
Verdict
- Pepperstone, our pick for perpetual CFDs, does not publish a perpetual-specific leverage figure on its Australian pages, so the honest answer is: ask before you trade.
- For ordinary CFDs on the same underlyings, its ASIC retail limits are 1:20 for major indices and gold, 1:10 for energy and 1:5 for shares.
- Pro (wholesale) limits on those ordinary CFDs reach 1:400 on major indices, 1:500 on gold, 1:20 on energy and 1:20 on shares.
- Other Pepperstone companies publish margin tables that list perpetuals, which shows they are margined contract by contract, but those tables don't apply to Australian accounts.
Leverage is the number that most changes the risk of a perpetual, and it is the one Pepperstone's Australian site leaves out. Here is what is published, what is not, and how to size a position sensibly in the meantime.
What Pepperstone Australia publishes, and what it doesn't
The Australian site lists and prices 17 perpetuals, with 0.015% commission per side on most and 0.03% on GOLD and MSTR. It does not give their margin rates, and it does not say whether retail clients may trade them. We still rate Pepperstone, through Pepperstone Group Limited (AFSL 414530), as the place to trade perpetuals, because no other broker in our data offers them at all; just get the margin figure from support before you size a trade.
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Reference points from Pepperstone's ASIC table
These caps belong to the ordinary contracts on the same markets. Do not assume they carry over to the perpetuals.
| Perpetual underlying | Ordinary CFD class | Retail max | Pro max |
|---|---|---|---|
| NAS100, US500 | Major index | 1:20 | 1:400 |
| GOLD | Gold | 1:20 | 1:500 |
| WTOIL, BRENTOIL | Energy | 1:10 | 1:20 |
| 12 single stocks (NVDA, TSLA, SPCX and others) | Shares | 1:5 | 1:20 |
What those ratios mean in margin
- 1:20 means 5% margin: a $20,000 NAS100 position would tie up $1,000.
- 1:10 means 10%: a $10,000 oil position would tie up $1,000.
- 1:5 means 20%: a $5,000 TSLA position would tie up $1,000.
- The same $1,000 of margin therefore supports very different position sizes depending on the market.
Margin tables elsewhere in the group
Pepperstone's Bahamas retail margin table and its UAE retail table both list GOLD-PERP, NAS100-PERP, US500-PERP, WTOIL-PERP and BRENTOIL-PERP, and the UK's FCA tiered-margin table, which applies to professional clients, lists the same five. They show that each perpetual has its own margin schedule, but they cover other Pepperstone companies' clients, not Australian accounts.
Sizing a perpetual until you have the figure
- Decide the cash you are prepared to lose on the trade before choosing a size.
- Size as if the ordinary-CFD retail cap applied, then check the actual margin in the platform's contract details.
- Allow for weekend gaps: with no guaranteed stop-loss, a stop can fill well beyond its level.
- Keep spare equity in the account so a move against you does not trigger a margin close-out.
Sources
As published by Pepperstone.
Is leverage on perpetuals higher than on ordinary CFDs?
We cannot confirm it either way for Australia; Pepperstone's Australian pages give no perpetual leverage figure.
Does negative balance protection cover perpetual positions?
Pepperstone's retail protection works at account level: if a retail account goes negative, it is restored to zero. Pepperstone does not single out perpetuals.
Can a Pro client get 1:500 on GOLD PERP?
The 1:500 Pro figure is published for ordinary gold CFDs; Pepperstone's Australian pages give no figure for the gold perpetual.
CFDs, including perpetual CFDs, are complex and leveraged, and you can lose money rapidly. Only trade with money you can afford to lose and only once you understand the product. This is not investment advice; read Pepperstone's Product Disclosure Statement and Target Market Determination first.