Markets · TSLA up to 100x
Leveraged Tesla Bets Grow by $5.4 Million in Four Days, Valued at the Latest Price
Across all reported venues, TSLA contracts that trade around the clock account for $165.0 million in open positions. Matched markets with data throughout the period hold $30.8 million.
What's happening
Open bets on TeslaTSLA+1.92% through the TSLA perp rose 21.2% over four days, counting only markets with data on each day. The added contracts are worth $5.4 million at the latest price. That figure measures the size of the bets and leaves out how much traders deposited. These market totals do not reveal traders' entry prices, profits or net direction. Any leverage-cap comparison below is modeled, not an account-specific liquidation threshold.
In the desk's isolated-margin model, a long at the leverage cap on trade.xyz has a 2.6% liquidation distance before fees and funding. That 2.6% is more than the TSLA perp's median daily move in the available history, 1.0%, and less than its median seven-day move, 3.5%. Actual liquidation depends on collateral and maintenance margin.
Open positions on the venues that reported every day, counted once a day through 3:20 p.m. ET, November 12, 2026 and valued at today's price. The last bar is the high of these days.
| November 8 | $25.4M |
|---|---|
| November 9 | $27.4M |
| November 10 | $29.4M |
| November 11 | $28.5M |
| November 12 | $30.8M |
TSLA perps trade around the clock, with no expiry date. On trade.xyz, traders pick their leverage on the TSLA perp, from one up to 20 times. At 20 times, every dollar of deposit controls $20 of TSLA. The contract gives no ownership of the underlying asset.
Most of it came in across the first two intervals. Valuing every reading at the latest price, open contracts on the TSLA perp grew from $25.4 million to $30.8 million and ended the window at their highest. US traders can trade TSLA perps on Kalshi, while trade.xyz offers more leverage but is closed to US residents.
- Median move in a week, past year
- 3.5% Either way, close to close
- Positions added in four days
- $5.4 million Extra units at latest price. Matched venues
- Open positions now
- $30.8 million All days valued at the latest price
- Annualized rate shorts pay
- 1.0% Weighted by open interest
The backdrop
Tesla, Inc. (NASDAQ: TSLA) is the company behind the shares the perp tracks. The TSLA perp trades at $395.57, up 1.4% from $390.27 24 hours earlier (weighted by open interest across venues).
The largest increases in open contracts were on trade.xyz and Aster. trade.xyz added units worth $4.9 million at the latest price and holds $25.9 million of open exposure. Aster added units worth $441,000 at the latest price and holds $834,000 of open exposure. TSLA is the 48th largest perp market of the 1,658 we track by open interest.
On Veranta, 48% of open positions are long: $2,000 long and $2,000 short.
Shorts pay longs at an annualized 1.0%, weighted by open interest. This is a current rate, not a record of past payments. A price move or funding payment does not identify the market as net long or short.
The two sides
The table models a long and a short at the trade.xyz leverage cap. Actual liquidation depends on account equity and maintenance margin, not the venue cap alone.
$5.4 million extra at today's price over four days, most of it came in across the first two intervals, mostly on trade.xyz and Aster.
| Hypothetical long | Hypothetical short | |
|---|---|---|
| The bet | TSLA keeps rising and the new positions stay on. | TSLA falls back and the new positions are closed. |
| Liquidation move and price | A 2.6% fall, near $386.70, at trade.xyz's 20x cap | A 2.4% rise, near $406.56, at trade.xyz's 20x cap |
| Who is positioned this way | Longs, paid 1.0% a year by shorts | Shorts, paying 1.0% a year to hold |
| Entry reference price | $396.88, the perp's latest price | $396.88, the perp's latest price |
Why this could be wrong
Open interest shows how much is open at a given moment. It does not show that the traders who added it are the ones holding it now, and four days of daily figures is a short window.
The yearly rate is today's pace, not a locked-in cost, and no cause for the build is known from this data. The usual move is a median of what came before, not a forecast, and the thresholds behind it are ours.
What happens next
If open contracts on the same markets, valued at today's fixed price, exceed $30.8 million by 3 p.m. Eastern Time on Friday, the contract buildup has continued.
If that same fixed-price total falls below $25.4 million, the increase in open units has reversed. Using a new price instead could mistake a price decline for contracts closing.