Step 4 and 5

If Alice uses 100 USDC as the margin to open a 2x leveraged long position, which means that the amount of USDC in our vAMMs will become 10,200 (10,000+1002), the amount of AVAX/USDC will become 98.04 (10010,000/10,200), which is calculated by the constant-product curve, and the position Alices opens is 1.96 ETH (100-98.04).