Leverage does not change whether you are right. It changes how far price can move against you before someone else closes the trade for you. Enter your numbers and read the two that matter.
−1 ÷ leverage. Nothing left.r is E × (1 + L·r), so equity hits zero at r = −1/L.
The margin call fires earlier, at r = (m·L − 1) ÷ (L · (1 − m)), where m is the maintenance
requirement. At 4× with a 15% floor the call lands near −11.8% — less than half the distance to
ruin. That gap is the whole story of July 2026: the fund was liquidated long before its thesis was disproved.