https://ftx.com/tokens/BULL
https://ftx.com/tokens/BEAR
They are basically structured like ProShares UltraPro ETFs. A ~1% move in the underlying BTCUSD market = ~3% move in the leveraged token.
It's pretty cool because you can get 3x leveraged exposure while spot trading an ERC-20 token. All underlying costs are baked into the price. No margin account required, meaning you can trade them on Binance with an unverified account.
There is technically a small liquidation risk if the market moves > 33% in a short period of time (same as trading at 3x with an individual margin account) but it's unlikely because it re-balances to 3x daily and after any 10% market move.
So that made for a 46% move in 9 days here, not bad:
Pretty cool idea. I'm curious to see if these markets gain significant volume.