diff --git a/backend/openapi.snapshot.json b/backend/openapi.snapshot.json
index b6a7b5c8..d2b9b153 100644
--- a/backend/openapi.snapshot.json
+++ b/backend/openapi.snapshot.json
@@ -5194,6 +5194,13 @@
             ],
             "description": "Downpayment amount (LS_cltr_amnt_stable: asset_micro_units × price)"
           },
+          "loan_amount_stable": {
+            "type": [
+              "string",
+              "null"
+            ],
+            "description": "Loan principal in stable USD at lease open (LS_loan_amnt_stable, 6\ndecimals). Used to compute frozen initial leverage that doesn't drift\nwith accruing interest or manual repayments."
+          },
           "collateral_symbol": {
             "type": [
               "string",
diff --git a/backend/src/external/etl.rs b/backend/src/external/etl.rs
index 1ead2f05..79bcc0ca 100644
--- a/backend/src/external/etl.rs
+++ b/backend/src/external/etl.rs
@@ -387,6 +387,11 @@ pub struct EtlLeaseInfo {
     pub downpayment_amount: Option<String>,
     #[serde(rename = "LS_loan_amnt_asset")]
     pub loan_amount: Option<String>,
+    /// LS_loan_amnt_stable — the loan principal in stable USD at lease open
+    /// (6 decimals). Used to compute the frozen initial leverage, which
+    /// doesn't drift with interest accrual or partial repayments.
+    #[serde(rename = "LS_loan_amnt_stable")]
+    pub loan_amount_stable: Option<String>,
     /// LS_asset_symbol is the leveraged asset (e.g., ALL_BTC)
     #[serde(rename = "LS_asset_symbol")]
     pub lease_position_ticker: Option<String>,
diff --git a/backend/src/handlers/leases.rs b/backend/src/handlers/leases.rs
index 50b8f4f3..c141bc8a 100644
--- a/backend/src/handlers/leases.rs
+++ b/backend/src/handlers/leases.rs
@@ -163,6 +163,10 @@ pub struct LeaseOpeningStateInfo {
 pub struct LeaseEtlData {
     /// Downpayment amount (LS_cltr_amnt_stable: asset_micro_units × price)
     pub downpayment_amount: Option<String>,
+    /// Loan principal in stable USD at lease open (LS_loan_amnt_stable, 6
+    /// decimals). Used to compute frozen initial leverage that doesn't drift
+    /// with accruing interest or manual repayments.
+    pub loan_amount_stable: Option<String>,
     /// Collateral symbol (e.g., "USDC_NOBLE" or "ALL_BTC") — determines downpayment decimals
     pub collateral_symbol: Option<String>,
     /// Opening price per asset
@@ -861,6 +865,7 @@ async fn fetch_lease_info(
     // Note: Some fields are at the top level of EtlLeaseOpening, not inside lease
     let etl_info = etl_data.as_ref().map(|d| LeaseEtlData {
         downpayment_amount: d.lease.downpayment_amount.clone(),
+        loan_amount_stable: d.lease.loan_amount_stable.clone(),
         collateral_symbol: d.lease.collateral_symbol.clone(),
         // Opening price is inside lease.opening_price (was LS_opening_price)
         price: d.lease.opening_price.clone(),
@@ -1800,6 +1805,7 @@ mod tests {
                 timestamp: None,
                 downpayment_amount: Some(downpayment.to_string()),
                 loan_amount: None,
+                loan_amount_stable: None,
                 lease_position_ticker: None,
                 collateral_symbol: collateral_symbol.map(|s| s.to_string()),
                 opening_price: None,
diff --git a/src/common/api/types/leases.ts b/src/common/api/types/leases.ts
index 57fa12f3..1acbe986 100644
--- a/src/common/api/types/leases.ts
+++ b/src/common/api/types/leases.ts
@@ -86,6 +86,9 @@ export interface LeaseOpeningStateInfo {
 export interface LeaseEtlData {
   /** Downpayment amount (LS_cltr_amnt_stable: asset_micro_units × price) */
   downpayment_amount?: string;
+  /** Loan principal in stable USD at lease open (LS_loan_amnt_stable, 6 decimals).
+   * Used to compute frozen initial leverage. */
+  loan_amount_stable?: string;
   /** Collateral symbol (e.g., "USDC_NOBLE" or "ALL_BTC") — determines downpayment decimals */
   collateral_symbol?: string;
   /** Opening price per asset */
diff --git a/src/common/utils/LeaseCalculator.ts b/src/common/utils/LeaseCalculator.ts
index fe9fd07f..e1db516d 100644
--- a/src/common/utils/LeaseCalculator.ts
+++ b/src/common/utils/LeaseCalculator.ts
@@ -57,6 +57,10 @@ export interface LeaseDisplayData {
   openingPrice: Dec;
   fee: Dec;
   repaymentValue: Dec;
+  /** Frozen initial leverage from the lease-open snapshot
+   * `(downPayment + loanAtOpen) / downPayment`. null when ETL didn't expose
+   * `loan_amount_stable` (older leases ingested before that field shipped). */
+  leverageAtOpen: Dec | null;
   // In progress status
   inProgressType: "opening" | "repayment" | "close" | "liquidation" | "slippage_protection" | null;
   // Asset amounts
@@ -132,6 +136,18 @@ export class LeaseCalculator {
       currency?.decimal_digits ?? 8
     );
 
+    // Frozen initial leverage from the lease-open snapshot. LS_loan_amnt_stable
+    // is scaled by the LPN's native decimals (1e6 for OSMO, 1e8 for ALL_BTC,
+    // etc.), not by stable decimals — using a fixed 6 here inflated the loan
+    // 100x on BTC shorts and produced ~76x leverage on a real 1.75x position.
+    // Falls back to null if ETL hasn't exposed the field for this lease — the
+    // share-pnl card then uses the live (drifting) formula as a degraded
+    // fallback.
+    const leverageAtOpen =
+      lease.etl_data?.loan_amount_stable && downPayment.isPositive()
+        ? downPayment.add(new Dec(lease.etl_data.loan_amount_stable, lpnDecimals)).quo(downPayment)
+        : null;
+
     // Calculate PnL
     const { pnlAmount, pnlPercent, pnlPositive } = this.calculatePnl(
       assetValueUsd,
@@ -174,6 +190,7 @@ export class LeaseCalculator {
       openingPrice,
       fee,
       repaymentValue,
+      leverageAtOpen,
       inProgressType,
       unitAsset,
       stableAsset
diff --git a/src/modules/leases/components/single-lease/SharePnLDialog.vue b/src/modules/leases/components/single-lease/SharePnLDialog.vue
index 325155d7..eda9b7e8 100644
--- a/src/modules/leases/components/single-lease/SharePnLDialog.vue
+++ b/src/modules/leases/components/single-lease/SharePnLDialog.vue
@@ -201,16 +201,22 @@ const positionSizeUsd = () => {
 
 const pnlNumber = () => Number(leaseDisplayData?.pnlPercent.toString(2) ?? "0");
 
-// Effective leverage at open: (downPayment + debt) / downPayment. For a
-// freshly opened lease the debt equals the borrowed principal, so this is the
-// classic "I went 2.5x on this trade" number. As interest accrues totalDebt
-// drifts up, which would creep this slightly over its initial value — small
-// effect over the lifetime of a lease and acceptable for a share card.
+// Prefer the frozen initial leverage from the lease-open snapshot — it
+// matches what the user actually opened at (e.g. exactly 2.5x at protocol
+// max) and doesn't drift with interest accrual or manual repayments. Falls
+// back to a live computation when ETL hasn't exposed loan_amount_stable for
+// the lease (older rows pre-dating that field). The previous live formula
+// added downPayment (USD) to totalDebt (LPN units) which produced a wildly
+// inflated leverage on shorts; the fallback uses totalDebtUsd to keep the
+// magnitude sane even when frozen data is unavailable.
 const leverageMultiple = (): string | null => {
   if (!leaseDisplayData) return null;
+  if (leaseDisplayData.leverageAtOpen && leaseDisplayData.leverageAtOpen.isPositive()) {
+    return `x${Number(leaseDisplayData.leverageAtOpen.toString()).toFixed(1)}`;
+  }
   const dp = leaseDisplayData.downPayment;
   if (!dp.isPositive()) return null;
-  const lev = dp.add(leaseDisplayData.totalDebt).quo(dp);
+  const lev = dp.add(leaseDisplayData.totalDebtUsd).quo(dp);
   return `x${Number(lev.toString()).toFixed(1)}`;
 };