Demo on a mainnet fork: the real Upside program, the real Voltr and Phoenix programs, live Phoenix prices; only the USDC is test money. Nothing here is real money. What that means
upside

dAAPL

Live

Apple 2x Short · targets 2x the daily return of Apple, invertedRisk grade2x

Simulate a holdTransparency page
Apple · Phoenix AAPL mark
external index
$329.45
−1.33% 24h+4.23% 7d
Apple mark, last 7 days7 days
marked 8 s ago · index $329.45
dAAPL · Token price
2x short
$0.9979
— 24h
cranked 8 s ago · priced from the $329.45 mark
Effective leverage
in band
1.95x
target 2x · band 1.8–2.3x · hard delever 2.6x
nothing to do; leverage drifts with the price

Demo on a mainnet fork: the real Upside program, the real Voltr and Phoenix programs, live Phoenix prices; only the USDC is test money. Balances above are read from the fork. What that means

Recommended: Backpack or Solflare with the wallet's custom RPC set to https://rpc.upside.cx, so your wallet shows fork balances and simulates correctly. Phantom works for signing but displays mainnet balances and warns that the transaction may fail; approve anyway.

Minting dAAPL now is a 2x short position on Apple at the current mark of $329.45, at the token price (0.9979 USDC per token). The keeper keeps the leverage inside its band; you never post margin and are never liquidated. How it works

Before you hold this

Leverage tokens aim to track 2x the price move in the short term. Over longer holds, volatility decay can reduce your returns. These instruments suit short-term trades better than long-term holds.

Over the last year, a 30-day hold of 2x Apple short did on average −0.61% vs 2× the stock; the worst tenth of holds trailed by 3.8%; no holder lost more than half.

Over 24h: −0.01% on average, worst tenth −0.16% · over 7 days: −0.04%, worst tenth −0.76%.

Decay is a cost of choppy markets: it disappears in a steady trend and bites when prices swing past the rebalance band.

See what holding dAAPL for 30 days would have looked like →

Measured as (token return − 2× the Apple move) per window, averaged over every start date from 2025-09-11 to 2026-09-11 (45 30-day windows); "worst tenth" is the 10th percentile. Backtest with a modelled keeper, fees per D8, funding 0; not the live token.