Spot Margin VS Futures

What are the differences between spot margin and futures?

Feature	Spot Margin	Futures
Instrument	You hold the underlying asset (borrowed or owned)	You trade a derivative contract that tracks an index price
Leverage	Typically lower ranges (e.g., ~2×–5×), varies by asset and collateral	Typically higher ranges (e.g., ~10×–50×), varies by market
Carry / Ongoing costs	Trading fees + borrow interest	Trading fees ± funding payments (you may pay or receive)
Settlement	Spot settlement; inventory changes in your wallet	Perpetual contract; PnL settles continuously via funding
Use case	Directional exposure to the asset, shorting via borrow, inventory hedging	Directional exposure without holding the asset, hedging, basis/funding strategies