Does high leverage make perpetuals expensive even if fees are low?

[inkateries 12]

I've always thought the main cost of a perpetual was the trading fee and funding. But does leverage itself affect the actual cost, or is it mainly just increasing the potential profit/loss?

[JustinDavidson 10]

Leverage isn't technically a fee, but it changes the risk dramatically. The higher the leverage, the smaller the price movement needed to put your margin under serious pressure.  That's why I think looking only at the exchange's fee schedule is misleading. You also need to know your liquidation price and how much collateral you're actually putting behind the position.  The relationship between leverage and liquidation is explained pretty clearly here: https://www.coingabbar.com/en/crypto-blogs-details/four-things-that-decide-what-a-perpetual-position-costs.