https://help.ftx.com/hc/en-us/articles/360032509552-Leveraged-Token-Walkthrough
Je vous met les infos les plus pertinentes :
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What Are Leveraged Tokens?
Leveraged tokens are ERC20 tokens that have leveraged exposure to crypto. You can find the list of leveraged tokens here.
For example, take ETHBULL, a 3x long ETH token. For every 1% ETH goes up in a day, ETHBULL goes up 3%; for every 1% ETH goes down, ETHBULL goes down 3%.
There are currently three leveraged tokens for every future on FTX: BULL (+3x), BEAR (-3x), and HEDGE (-1x). If ETH goes up 1% during a day, then ETHBULL goes up 3%, ETHBEAR goes down 3% and ETHHEDGE goes down 1%. If ETH goes down 1% during a day, then ETHBULL goes down 3%, ETHBEAR goes up 3% and ETHHEDGE goes up 1%.
Leveraged tokens are ERC20 tokens that have leveraged exposure to crypto. You can find the list of leveraged tokens here.
For example, take ETHBULL, a 3x long ETH token. For every 1% ETH goes up in a day, ETHBULL goes up 3%; for every 1% ETH goes down, ETHBULL goes down 3%.
There are currently three leveraged tokens for every future on FTX: BULL (+3x), BEAR (-3x), and HEDGE (-1x). If ETH goes up 1% during a day, then ETHBULL goes up 3%, ETHBEAR goes down 3% and ETHHEDGE goes down 1%. If ETH goes down 1% during a day, then ETHBULL goes down 3%, ETHBEAR goes up 3% and ETHHEDGE goes up 1%.
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Managing Risk
Leveraged tokens will automatically reinvest profits into the underlying asset; so if your leveraged token position makes money, the tokens will automatically put on 3x leveraged positions with that.
Conversely, leveraged tokens will automatically reduce risk if they lose money. If you put on a 3x long ETH position and over the course of a month ETH falls 33%, your position will be liquidated and you will have nothing left. But if you instead buy ETHBULL, the leveraged token will automatically sell off some of its ETH as markets go down--likely avoiding liquidation so that it still has assets left even after a 33% down move.
Leveraged tokens will automatically reinvest profits into the underlying asset; so if your leveraged token position makes money, the tokens will automatically put on 3x leveraged positions with that.
Conversely, leveraged tokens will automatically reduce risk if they lose money. If you put on a 3x long ETH position and over the course of a month ETH falls 33%, your position will be liquidated and you will have nothing left. But if you instead buy ETHBULL, the leveraged token will automatically sell off some of its ETH as markets go down--likely avoiding liquidation so that it still has assets left even after a 33% down move.
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When Do Leveraged Tokens Do Well?
Obviously the BULL tokens do well when prices go up, and the BEAR tokens do well when prices go down. But how do they compare to normal margin positions? When does BULL do better than a +3x leveraged position, and when does it do worse?
Reinvesting Profits
Leveraged tokens reinvest their profits. That means that, if they have positive PnL, they'll increase their position size. So, comparing ETHBULL to a +3x ETH position: if ETH goes up one day and then up again the next, ETHBULL will do better than +3x ETH, because it reinvested the profits from the first day back into ETH. However, if ETH goes up and then falls back down, ETHBULL will do worse, because it increased its exposure.
Reducing Risk
Leveraged tokens reduce their risk if they have negative PnL to avoid liquidations. So, if they have negative PnL, they'll reduce their position size. Comparing ETHBULL to a +3x ETH position again: if ETH goes down one day and then down again the next, ETHBULL will do better than +3x ETH: after the first loss ETHBULL sold off some of its ETH to return to 3x leverage, while the +3x position effective became even more leveraged. However, if ETH goes down and then back up, ETHBULL will do worse: it reduced some of its ETH exposure after the first loss, and so took less advantage of the recovery.
Summary
In both cases, leveraged tokens do well--or at least better than a margin position that starts out the same size--when markets have momentum. However they do worse than a margin position when markets mean-revert.
A common misconception is that leveraged tokens have exposure to volatility, or gamma. Leveraged tokens do well if markets move up a lot and then up a lot more, and poorly if markets move up a lot and then back down a lot, both of which are high volatility. The real exposure that they have is primarily to price direction, and secondarily to momentum.
Obviously the BULL tokens do well when prices go up, and the BEAR tokens do well when prices go down. But how do they compare to normal margin positions? When does BULL do better than a +3x leveraged position, and when does it do worse?
Reinvesting Profits
Leveraged tokens reinvest their profits. That means that, if they have positive PnL, they'll increase their position size. So, comparing ETHBULL to a +3x ETH position: if ETH goes up one day and then up again the next, ETHBULL will do better than +3x ETH, because it reinvested the profits from the first day back into ETH. However, if ETH goes up and then falls back down, ETHBULL will do worse, because it increased its exposure.
Reducing Risk
Leveraged tokens reduce their risk if they have negative PnL to avoid liquidations. So, if they have negative PnL, they'll reduce their position size. Comparing ETHBULL to a +3x ETH position again: if ETH goes down one day and then down again the next, ETHBULL will do better than +3x ETH: after the first loss ETHBULL sold off some of its ETH to return to 3x leverage, while the +3x position effective became even more leveraged. However, if ETH goes down and then back up, ETHBULL will do worse: it reduced some of its ETH exposure after the first loss, and so took less advantage of the recovery.
Summary
In both cases, leveraged tokens do well--or at least better than a margin position that starts out the same size--when markets have momentum. However they do worse than a margin position when markets mean-revert.
A common misconception is that leveraged tokens have exposure to volatility, or gamma. Leveraged tokens do well if markets move up a lot and then up a lot more, and poorly if markets move up a lot and then back down a lot, both of which are high volatility. The real exposure that they have is primarily to price direction, and secondarily to momentum.
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What Are The Fees?
There are two types of fees on leveraged tokens. There is a 0.10% creation and redemption fee; note you only pay this if you create/redeem, not if you buy in a spot market or convert. There is also a 0.03%/day management fee on leveraged tokens. This is just taken out of the net asset value of the leveraged tokens; you won't see an actual token balance decrease or USD charge in your account.
There are two types of fees on leveraged tokens. There is a 0.10% creation and redemption fee; note you only pay this if you create/redeem, not if you buy in a spot market or convert. There is also a 0.03%/day management fee on leveraged tokens. This is just taken out of the net asset value of the leveraged tokens; you won't see an actual token balance decrease or USD charge in your account.
Sur une autre note.
FTx. com ( pas de ref)
Pourrait tirer son epingle du jeux d;in point de vue exchange.
Deja leur CEO (twitter SMF Alameda) est top 1 du Bitmex leaderboard avec plus de 300 millions de trade en 2020
Ensuite ils creent leur propre derivatives.
Par exemple les coins sur election 2020 presidentiel US.
C'est presque comme parier en ligne.
ils ont creer des derivative (token) qui on une valeur definie par le mnarche en directe mais surtout une duree du vie.
Le lendemain de l'election, le token gagnant vaudra 1$ et les autres vaudrons 0$.
A ce jour, Elizabeth Warren vaut 0.018$
Si elle gagne le token vaudra $1 le lendemain de election.
Ca permet de donner un sentiment / pronostique de l'election.
Trump par exemple coute $0.63 et est donc favoris.
Si il gagne tu te fais un petit +50% pour chaque dollars investit aujourd'hui.
