Why is My Leverage in Futures Copy Trading different from My Displayed Leverage?

Here is another enquiry where the displayed leverage in [Positions] tab is different when a follower tries to compare it with the copied leverage in Futures copy trading.

A scenario before follower J starts to copy trade:

At the beginning, follower J notices that the leverage of BTC/USDT in Futures page is set as 20x by default.

Later, follower J starts to amend some copy trade settings before following elite trader K. He changes from basic mode to advanced mode and make sure the leverage is set as [Copy Leverage] in BTC/USDT Futures. Given the details as below:

Futures	Selected BTC/USDT
Mode	Advanced mode
Margin mode	Copy margin (by default, please ignore this because margin type is always USDT in USDT-M Futures)
Leverage	Copy leverage
Set copy trade limit	Multiplier
Copy mode	1 x
Stop-loss ratio	Not set (by default)
Take-profit ratio	Not set (by default)
Maximum copy	100000 ( by default)

Sometimes later, elite trader K starts one trade in BTC/USDT Futures contract. Thus, follower J manages to copy this trade from elite trader K, with the same position size, leverage and margin amount.

Futures contract	BTC/USDT (USDT-M Futures)
Leverage	50x
Direction (Long/Short)	Long
Position size	0.1
Open Price (USDT)	30000
Margin	60 USDT
Take-profit	Not set
Stop-loss	Not set

*Assuming no trading fees involved and the same margin amount in this example. Copier/follower may not completely copy the same amount from elite traders in most practical cases.

At the same time, the displayed leverage of the ongoing BTC/USDT position is still remained as 20x in [Positions] tab, having a different margin amount of 150 USDT instead of 60 USDT.

Explanation: 

Copy trade is a complex trading mechanism. The leverage display for a combined position might be different from the actual trade you have copied due to the complexity of the computation. However, if you calculate using the formula below, you will get the same margin shown in the [Positions] tab.
 
Calculate margin based on display leverage: Actual Margin ÷ (Display leverage ÷ Actual leverage copied)
60 ÷ (20 ÷ 50) = 150

Existing position (in view)	Copied position in [Positions] tab	Copied position in [Copy Trades] tab
Futures contract	BTC/USDT (USDT-M Futures)
Direction	Long
Leverage	20x (by default)	50x (copy leverage)
Margin	150	60
Position size	0.1 BTC

Case study: Here's an example which include two different contracts, where follower M had two copied long position in ETH/USDT & BTC/USDT.

For ETH/USDT, the copied leverage was 50x and the displayed leverage was 15x.

For BTC/USDT, the copied leverage was 50x and the displayed leverage was 20x.

You will notice that both actual margin and the calculated margin are different.

1) Total merged position size from ETH/USDT copied trades: 0.79 + 0.79

= 1.58 ETH

Actual margin from copied trades (ETH/USDT): 19.045952 + 19.048006

= 38.093958 USDT

Calculate margin based on display leverage: Actual Margin ÷ (Display leverage ÷ Actual leverage copied)
38.093958 ÷ (15 ÷ 50) = 126.97986

2) Total merged position size from BTC/USDT copied trades: 0.057 + 0.057

= 0.114 BTC

Actual margin from copied trades (BTC/USDT): 19.12179 + 19.12293

= 38.24472 USDT

Calculate margin based on display leverage: Actual Margin ÷ (Display leverage ÷ Actual leverage copied)
38.24472 ÷ (20 ÷ 50) = 95.6118

Futures contract	ETH/USDT (USDT-M Futures)	BTC/USDT (USDT-M Futures)
Direction	Long
Displayed leverage	15x	20x
Copy leverage	50x	50x
Actual margin (USDT)	38.093958	38.24472
Calculated margin (USDT)	126.97986	95.6118
Position size	1.58 ETH	0.114 BTC