Let's check... For example, here are the contract specs for soybeans at the CME: Soybean Futures Contract Specs - CME Group It's measured in US cents per bushel, and the contract size is 5000 bushels. At the current price of 1,249 cents per bushel, it would cost $62,450 to buy an actual load of one contract. And here are margin/maintenance rates at TradeStation: Futures Margin Rates | TradeStation $2,640 margin for both day, and overnight. 62450 / 2640 = 23.65 Or round it down to 23:1 leverage to open a trade. Using that much leverage, any given trade has about 9% of breathing room before the trade is closed, if a margin call is not met within a specified time limit. 9% of 2640 = 240 2640 - 240 = 2400 = "Maintenance" , the absolute minimum account balance you can go to control a contract of soybeans at TradeStation. I haven't done this math for every contract, so maybe this is typical? Of course, the Turtles would be allocating their own custom level of leverage by maintaining something between $2,640 and less than $62,450 per contract controlled. If they were going to risk 1% of account per attempt, that would decide how much capital would need to back any given soybean trade. We could get some idea by looking at a "channel" in soybeans during 2019 and 2020 as 957 - 794 = 163 cents wide. 163 x 5000 = $8,150 risk. That represents 1% of $815,000. Almost a $million. I don't know if they were multitasking or not with a portfolio of trades under management. But lets say they were managing one soybean trade. Then their leverage would be significantly less than 1:1, which would have been $47,850 if trading at the top of that channel in 2020. To get to 1:4 "leverage", with a million dollars, they could manage 5 similar positions, in four different commodities. But that would still not be actual leverage. That is their own custom level of "leverage". They would need 4 such positions, each with 20 contracts, to be actually leveraged 4:1. We might be able to estimate how many different positions they were managing at one time, but we could not know how many contracts they were using unless they actually told us. In other words, hard to say.