“I have chosen a Leverage of 20x and bought a position but my account leverage is not showing 20x?”

Gemini allows customers to choose the maximum leverage that the account can use to trade new positions. However, when a position is taken, you will be shown the effective leverage that you are using. 

Leverage is defined as Notional Position Value / Margin Assets Value.

Leverage = Notional Position Value / Margin Assets Value

For example, even if you have set the Max Leverage at 20x, but have Margin Assets Value of $2,000 and a notional position size of $10,000 your leverage will only show 5x. The 20x limit will restrict you from adding any additional risk positions once your notional size has reached $40,000. Note that the underlying product itself has maximum position sizes based on leverage that may prevent you reaching your maximum leverage for that account.