dMSTR
LiveStrategy 2x Short · targets 2x the daily return of Strategy, invertedRisk gradenot listed
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 dMSTR now is a 2x short position on Strategy at the current mark of $130.23, at the token price (1.0060 USDC per token). The keeper keeps the leverage inside its band; you never post margin and are never liquidated. How it works
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 Strategy short did on average −2.7% vs 2× the stock; the worst tenth of holds trailed by 31%; 1 in 6 holders lost more than half.
Over 24h: −0.10% on average, worst tenth −1.2% · over 7 days: −1.3%, worst tenth −7.0%.
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 dMSTR for 30 days would have looked like →
Measured as (token return − 2× the Strategy 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 windowOver the last year, a hold of 2x Strategy 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 | −0.10% | −1.2% | none |
| 7 days | −1.3% | −7.0% | none |
| 30 days | −2.7% | −31% | 1 in 6 holders |
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 Strategy'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 holdSince launch
Launches at 1.00 USDC per token. The token price is now 1.0060 USDC. There are no reverse splits: the price drifts away from 1.00 in both directions over time. Why leveraged tokens decay
| Vault | On-chain now | Keeper snapshot · 1 s ago |
|---|---|---|
| Total assets | — | 5,030.15 |
| LP supply | — | 5,000.0000 |
| Token price | — | 1.0060 |
| Idle USDC | — | 2,500.00 |
| Cap remaining | — | 244,969.85 |
On-chain read pending or unavailable from the site's RPC; the keeper snapshot is shown.
Position
slot 447279300 · snapshot 1 s agoRecent activity
Full log- 15 Sep 15:03 UTCCrank
- 15 Sep 15:02 UTCCrank
- 15 Sep 15:01 UTCCrank
- 15 Sep 15:00 UTCCrank
- 15 Sep 14:59 UTCCrank1.92x → —
- 15 Sep 14:59 UTCCrank1.92x → —
- 15 Sep 14:59 UTCHarvest fee1.92x → —
- 15 Sep 14:59 UTCCrank1.92x → —
- 15 Sep 14:59 UTCCrank
- 15 Sep 14:38 UTCCrank1.93x → —
Keepers
- keeper-stagingv0.1.0 · surfpool#0 · heartbeat 1 s agostream ✓dGOLD:band ✓dGOLD:stop ✓dGOLD:tick ✗ 1dMSTR:band ✓dMSTR:stop ✓dMSTR:tick ✓uGOLD:band ✓uGOLD:stop ✓uGOLD:tick ✗ 1uMSTR:band ✓uMSTR:stop ✓uMSTR:tick ✓dGOLD:crank ✓dGOLD:guard ✓dMSTR:crank ✗ 3dMSTR:guard ✓dUS100:band ✓dUS100:stop ✓dUS100:tick ✓dUS500:band ✓dUS500:stop ✓dUS500:tick ✓uGOLD:crank ✓uGOLD:guard ✓uMSTR:crank ✗ 3uMSTR:guard ✓uUS100:band ✓uUS100:stop ✓uUS100:tick ✓uUS500:band ✓uUS500:stop ✓uUS500:tick ✓dGOLD:inflow ✓dGOLD:margin ✓dGOLD:redeem ✓dMSTR:inflow ✓dMSTR:margin ✓dMSTR:redeem ✓dUS100:crank ✗ 3dUS100:guard ✓dUS500:crank ✗ 3dUS500:guard ✓dWTIOIL:band ✓dWTIOIL:stop ✓dWTIOIL:tick ✓uGOLD:inflow ✓uGOLD:margin ✓uGOLD:redeem ✓uMSTR:inflow ✓uMSTR:margin ✓uMSTR:redeem ✓uUS100:crank ✗ 3uUS100:guard ✓uUS500:crank ✗ 3uUS500:guard ✓uWTIOIL:band ✓uWTIOIL:stop ✓uWTIOIL:tick ✓dGOLD:harvest ✓dMSTR:harvest ✗ 1dUS100:inflow ✓dUS100:margin ✓dUS100:redeem ✓dUS500:inflow ✓dUS500:margin ✓dUS500:redeem ✓dWTIOIL:crank ✗ 3dWTIOIL:guard ✓uGOLD:harvest ✓uMSTR:harvest ✗ 1uUS100:inflow ✓uUS100:margin ✓uUS100:redeem ✓uUS500:inflow ✓uUS500:margin ✓uUS500:redeem ✓uWTIOIL:crank ✗ 3uWTIOIL:guard ✓dUS100:harvest ✗ 1dUS500:harvest ✗ 1dWTIOIL:inflow ✓dWTIOIL:margin ✓dWTIOIL:redeem ✓uUS100:harvest ✗ 1uUS500:harvest ✗ 1uWTIOIL:inflow ✓uWTIOIL:margin ✓uWTIOIL:redeem ✓dWTIOIL:harvest ✗ 1uWTIOIL:harvest ✗ 1
Open alerts
- warningCRANK_STALE · dMSTR15 Sep 14:59 UTCdMSTR: last crank never during an external session
- warningTICK_FAILED · dMSTR15 Sep 14:42 UTCdMSTR: tick failed: fetch failed
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 chartsWhat this token is
- Name
- Strategy 2x Short
- Underlying
- Strategy (equity)
- Venue market
- Phoenix MSTR
- 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 not listed: Far too volatile to lever at all: it swings 91% a year. The listing leverage is 2x per D26. How we choose leverage
Addresses
- Voltr vault
- 4enGWw…y3FSmd ↗
- Strategy (adaptor)
- G86UMm…wnhVDJ ↗
- Strategy authority
- HBCaes…G27ACq ↗
- Phoenix trader account
- 6J3U3P…rpUSnL ↗
- LP mint
- yTDhU6…CoGBAu ↗
- 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.
Read more
Not for US persons. Names such as US500 describe the underlying market and imply no affiliation with any index provider or issuer.