Simulator
What would holding it have looked like?
Pick a token, a start date and how long you would have held. The simulator replays the daily history with a modelled keeper and shows the token against the stock, then rolls the same hold across every start date so the path risk is visible, not just one outcome.
Backtest, not the live tokenDaily history, keeper acting about every 15 minutes, fees per D8, funding assumed 0. Read the risks and why leveraged tokens decay.
SpaceX rose 3.5%. The 2x short token fell 14.5%. 2× the move would have been 6.9%, but the path was choppy: every rebalance bought after a rise and sold after a fall.
2026-08-12 → 2026-09-11 · 22 trading days · dSPCX at 2x (the live product’s leverage)
SpaceX return
+3.5%
dSPCX 2x return
−14.5%
2× stock, for reference
−6.9%
what a naive multiplier would give
Max drawdown
−32.1%
from the token’s own peak
Peak gain during hold
+21.1%
best point to have sold
Rebalances
15
0 emergency · 0 liquidations
Fees and slippage paid
0.49%
≈ 4.93 USDC per 1,000 held
dSPCX at 2x (simulated)SpaceXRebalanceEmergency deleverLiquidationboth rebased to 100 at the start
Roll the dice
The same token and hold length from every start date in the data, ten trading days apart. This is the distribution a buyer actually faces.
Running every 30-day window since the data starts, ten trading days apart…
What this simulates, and what it does not
- Backtest on daily open/high/low/close history with a modelled keeper acting about every 15 minutes (16 intraday sub-steps), not the live token.
- Fees per D8: 3.5 bps taker per trade plus modelled slippage, 100 bps/yr management; issuance and redemption fees are not included.
- Funding assumed 0. Live funding is shown per token and can be the larger cost at a days-to-weeks horizon.
- Margin per D21 and D27: venue equity target from the tier’s policy (17.5% of notional at 3x, 25% at 2x, about half of NAV either way); Phoenix maintenance margin from the registry.
- Weekend and holiday gaps land as one unattended jump, which is harsher than Phoenix’s impact-pricing bound.
- The live token’s numbers are on its page and the transparency page; this replay is here to make the behaviour of constant leverage visceral before you hold one. See the docs and the risk sheet.