diff --git a/lib/common/static/options_panel.js b/lib/common/static/options_panel.js
index ef6fae8..919b470 100644
--- a/lib/common/static/options_panel.js
+++ b/lib/common/static/options_panel.js
@@ -946,6 +946,11 @@
     return Number(v).toFixed(2);
   }
 
+  function isCoinMarginMode() {
+    const ch = state.chain || {};
+    return ch.margin_mode === "coin" || ch.options_margin_mode === "coin";
+  }
+
   function calcContractLeverage(indexPx, ethAmount, totalPremium) {
     if (indexPx == null || ethAmount == null || totalPremium == null) return null;
     const idx = Number(indexPx);
@@ -954,6 +959,10 @@
     if (!Number.isFinite(idx) || !Number.isFinite(amt) || !Number.isFinite(prem) || amt <= 0 || prem <= 0) {
       return null;
     }
+    // USDC: 名义(U)/权利金(U)=指数×币数/权利金; 币本位权利金为币: 名义(U)/(权利金币×指数)=币数/权利金币
+    if (isCoinMarginMode()) {
+      return Math.round((amt / prem) * 10) / 10;
+    }
     return Math.round((idx * amt) / prem * 10) / 10;
   }
 
@@ -962,12 +971,15 @@
     return "约 " + Number(v).toFixed(1) + "×";
   }
 
-  /** 链上展示:指数 ÷ 卖一(每1币). */
+  /** 链上展示:USDC=指数÷卖一(美元);币本位卖一为币报价 → 1÷卖一. */
   function calcAskLeverage(indexPx, askPx) {
     if (indexPx == null || askPx == null) return null;
     const idx = Number(indexPx);
     const ask = Number(askPx);
     if (!Number.isFinite(idx) || !Number.isFinite(ask) || ask <= 0) return null;
+    if (isCoinMarginMode()) {
+      return Math.round((1 / ask) * 10) / 10;
+    }
     return Math.round((idx / ask) * 10) / 10;
   }
 
diff --git a/lib/options/options_pricing_lib.py b/lib/options/options_pricing_lib.py
index d049e2a..82551fe 100644
--- a/lib/options/options_pricing_lib.py
+++ b/lib/options/options_pricing_lib.py
@@ -512,12 +512,25 @@ def equivalent_contract_leverage(
     index_px: float | None,
     eth_amount: float | None,
     total_premium: float | None,
+    margin_mode: str | None = None,
 ) -> float | None:
-    """名义价值 / 权利金,近似相当于永续合约杠杆倍数(测算用)."""
+    """名义价值 / 权利金,近似相当于永续合约杠杆倍数(测算用).
+
+    USDC: 权利金为美元 → index×eth/premium.
+    币本位: 权利金为币 → eth/premium(=1/ask 当 premium=ask×eth).
+    """
     if index_px is None or eth_amount is None or total_premium is None:
         return None
     if eth_amount <= 0 or total_premium <= 0:
         return None
+    try:
+        from lib.options.options_margin_mode_lib import normalize_options_margin_mode
+
+        mode = normalize_options_margin_mode(margin_mode)
+    except Exception:
+        mode = (str(margin_mode or "usdc").strip().lower() or "usdc")
+    if mode == "coin":
+        return round(float(eth_amount) / float(total_premium), 1)
     return round(float(index_px) * float(eth_amount) / float(total_premium), 1)
 
 
diff --git a/lib/options/templates/options_panel.html b/lib/options/templates/options_panel.html
index 38b6304..b09883c 100644
--- a/lib/options/templates/options_panel.html
+++ b/lib/options/templates/options_panel.html
@@ -64,7 +64,7 @@
                             <th>类型</th>
                             <th>合约</th>
                             <th>卖一/张</th>
-                            <th title="指数÷卖一(每1币)">杠杆</th>
+                            <th title="USDC:指数÷卖一;币本位:1÷卖一(卖一为币报价)">杠杆</th>
                             <th>买一/张</th>
                             <th>到期平衡</th>
                             <th>距平衡</th>