dAAPL

Token price vs Apple

dAAPL NAVApple markboth rebased to 100 at range start

Keeper snapshots, 10m buckets.

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 can't connect to this demo network.

Minting dAAPL now is a 2x short position on Apple at the current mark of $329.75, at the token price (0.9966 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.

Cost of holding

Simulate any window

Over the last year, a hold of 2x Apple short did this against 2× the stock, on average and in the worst tenth of start dates.

Hold	On average	Worst tenth	Lost more than half
24 hours	−0.01%	−0.16%	none
7 days	−0.04%	−0.76%	none
30 days	−0.61%	−3.8%	none

Decay is a cost of choppy markets: it disappears in a steady trend and bites when prices swing past the rebalance band. Backtest with a modelled keeper, fees per D8, funding 0; not the live token.

Replay any hold

Pick a start date and a length; the simulator replays Apple's daily history under this keeper and fees, then rolls the same hold across every start date so the range of outcomes is visible.

Simulate a 30-day hold

Since launch

Launches at 1.00 USDC per token. The token price is now 0.9966 USDC. There are no reverse splits: the price drifts away from 1.00 in both directions over time. Why leveraged tokens decay

$0.9966per dAAPL

— 24h

cranked 8 s ago· priced from Phoenix AAPL mark $329.74 (index $329.75)

Phoenix mark

$329.74

index $329.75

24h

—

Realised leverage

1.95x

target 2x

TVL

$4,982.9

cap left $245.0K

Pool vs NAV

—

no pool yet

Equity / notional

25.5%

floor 17.9%

Funding

—

no reading

Vault	On-chain now	Keeper snapshot · 8 s ago
Total assets	—	4,982.90
LP supply	—	5,000.0000
Token price	—	0.9966
Idle USDC	—	2,500.00
Cap remaining	—	245,017.10

On-chain read pending or unavailable from the site's RPC; the keeper snapshot is shown.

Leverage 1.95xband 1.8–2.3x · hard delever 2.6x

1.95x

1.80x2.00x2.30x2.60x

Margin 25.5% of notionalfloor 17.9% · target 25% · ceiling 32.1%

25.5%

17.9%25%32.1%17.9%

Position

slot 447290092 · snapshot 8 s ago

Collateral at Phoenix

2,496.60 USDC

Unrealised PnL

−14.56 USDC

Notional

9,718 USDC

Idle in vault

2,500.00 USDC

from the snapshot

Equity / notional

25.5%

Realised leverage

1.950x

Mark

$329.74

Position

-29,471 lots

Stop price

—

Phoenix trader account5kjQcA…KNbeuS ↗

Voltr vaultHgXr7d…95DjFz ↗

Strategy (adaptor)5pheia…t8upzz ↗

Strategy authorityGzyLgp…Nuwwq2 ↗

LP mintFxnAdF…Yib7MA ↗

Secondary poolnot created

Recent activity

Full log

15 Sep 16:06 UTCCrank1.95x → —
15 Sep 16:06 UTCCrank1.95x → —
15 Sep 16:06 UTCHarvest fee1.95x → —
15 Sep 16:05 UTCCrank1.95x → —
15 Sep 16:05 UTCCrank
15 Sep 16:05 UTCCrank1.95x → —
15 Sep 16:04 UTCCrank1.95x → —
15 Sep 16:04 UTCCrank
15 Sep 16:04 UTCCrank1.95x → —
15 Sep 16:04 UTCCrank1.95x → —

Keepers

keeper-stagingv0.1.0 · surfpool#0 · heartbeat 0 s ago
stream ✓dAAPL:band ✓dAAPL:stop ✓dAAPL:tick ✓dGOLD:band ✓dGOLD:stop ✓dGOLD:tick ✓dMSTR:band ✓dMSTR:stop ✓dMSTR:tick ✓dNVDA:band ✓dNVDA:stop ✓dNVDA:tick ✓dSPCX:band ✓dSPCX:stop ✓dSPCX:tick ✓uAAPL:band ✓uAAPL:stop ✓uAAPL:tick ✓uGOLD:band ✓uGOLD:stop ✓uGOLD:tick ✓uMSTR:band ✓uMSTR:stop ✓uMSTR:tick ✓uNVDA:band ✓uNVDA:stop ✓uNVDA:tick ✓uSPCX:band ✓uSPCX:stop ✓uSPCX:tick ✓dAAPL:crank ✓dAAPL:guard ✓dGOLD:crank ✓dGOLD:guard ✓dMSTR:crank ✓dMSTR:guard ✓dNVDA:crank ✓dNVDA:guard ✓dSPCX:crank ✓dSPCX:guard ✓dUS100:band ✓dUS100:stop ✓dUS100:tick ✓dUS500:band ✓dUS500:stop ✓dUS500:tick ✓uAAPL:crank ✓uAAPL:guard ✓uGOLD:crank ✓uGOLD:guard ✓uMSTR:crank ✓uMSTR:guard ✓uNVDA:crank ✓uNVDA:guard ✓uSPCX:crank ✓uSPCX:guard ✓uUS100:band ✓uUS100:stop ✓uUS100:tick ✓uUS500:band ✓uUS500:stop ✓uUS500:tick ✓dAAPL:inflow ✓dAAPL:margin ✓dAAPL:redeem ✓dGOLD:inflow ✓dGOLD:margin ✓dGOLD:redeem ✓dMSTR:inflow ✓dMSTR:margin ✓dMSTR:redeem ✓dNVDA:inflow ✓dNVDA:margin ✓dNVDA:redeem ✓dSPCX:inflow ✓dSPCX:margin ✓dSPCX:redeem ✓dUS100:crank ✓dUS100:guard ✓dUS500:crank ✓dUS500:guard ✓dWTIOIL:band ✓dWTIOIL:stop ✓dWTIOIL:tick ✓uAAPL:inflow ✓uAAPL:margin ✓uAAPL:redeem ✓uGOLD:inflow ✓uGOLD:margin ✓uGOLD:redeem ✓uMSTR:inflow ✓uMSTR:margin ✗ 3uMSTR:redeem ✓uNVDA:inflow ✓uNVDA:margin ✓uNVDA:redeem ✓uSPCX:inflow ✓uSPCX:margin ✓uSPCX:redeem ✓uUS100:crank ✓uUS100:guard ✓uUS500:crank ✓uUS500:guard ✓uWTIOIL:band ✓uWTIOIL:stop ✓uWTIOIL:tick ✓dAAPL:harvest ✗ 2dGOLD:harvest ✗ 2dMSTR:harvest ✗ 1dNVDA:harvest ✗ 1dSPCX:harvest ✗ 1dUS100:inflow ✓dUS100:margin ✓dUS100:redeem ✓dUS500:inflow ✓dUS500:margin ✓dUS500:redeem ✓dWTIOIL:crank ✓dWTIOIL:guard ✓uAAPL:harvest ✗ 2uGOLD:harvest ✗ 1uMSTR:harvest ✗ 2uNVDA:harvest ✓uSPCX:harvest ✗ 2uUS100:inflow ✓uUS100:margin ✓uUS100:redeem ✓uUS500:inflow ✓uUS500:margin ✓uUS500:redeem ✓uWTIOIL:crank ✓uWTIOIL:guard ✓dUS100:harvest ✗ 2dUS500:harvest ✗ 1dWTIOIL:inflow ✓dWTIOIL:margin ✓dWTIOIL:redeem ✓uUS100:harvest ✗ 1uUS500:harvest ✓uWTIOIL:inflow ✓uWTIOIL:margin ✓uWTIOIL:redeem ✓dWTIOIL:harvest ✗ 1uWTIOIL:harvest ✗ 2

Open alerts

No open alerts.

The full transparency page has the action ladder (at what underlying move each keeper action fires), leverage and margin over the last 7 days with every action marked, and the complete event log.

Open the action ladder and charts

What this token is

Name: Apple 2x Short
Underlying: Apple (equity)
Venue market: Phoenix AAPL
Direction: 2x short (inverse daily return)
Rebalance band: 1.8x–2.3x, hard delever 2.6x
Venue equity: 25.0% of notional (17.9–32.1%)
Vault cap: $250.0K USDC
Inception: not launched · 1.00 at launch
Status: Live
Cluster: surfpool

Risk grade 2x: Too volatile for 2.5x; it swings 28% a year against the S&P's 19%. The listing leverage is 2x per D26. How we choose leverage

Addresses

Voltr vault: HgXr7d…95DjFz ↗
Strategy (adaptor): 5pheia…t8upzz ↗
Strategy authority: GzyLgp…Nuwwq2 ↗
Phoenix trader account: 5kjQcA…KNbeuS ↗
LP mint: FxnAdF…Yib7MA ↗
Secondary pool: not created

Fees

Issuance: 0.05%
Redemption: 0.05%
Management: 1.00% / yr
Performance: 0%

Issuance and redemption fees cover the position change your mint or redeem forces on the venue. Funding and rebalancing costs are inside the token price, not charged separately.

Token price vs Apple

Cost of holding

Replay any hold

Since launch

Position

Recent activity

Keepers

Open alerts

What this token is

Addresses

Fees

Read more