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

dSPCX

Live

SpaceX 2x Short · targets 2x the daily return of SpaceX, invertedRisk gradenot listed

Simulate a holdTransparency page
SpaceX · Phoenix SPCX mark
external index
$143.81
−5.33% 24h−5.78% 7d
SpaceX mark, last 7 days7 days
marked 17 s ago · index $143.81
dSPCX · Token price
2x short
$1.0168
— 24h
cranked 17 s ago · priced from the $143.82 mark
Effective leverage
in band
1.89x
target 2x · band 1.8–2.3x · hard delever 2.6x
nothing to do; leverage drifts with the price

Token price vs SpaceX

1D1W1MALL
dSPCX NAVSpaceX markboth rebased to 100 at range start

Keeper snapshots, 1h 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 dSPCX now is a 2x short position on SpaceX at the current mark of $143.81, at the token price (1.0168 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 SpaceX short did on average −12% vs 2× the stock; the worst tenth of holds trailed by 36%; 1 in 4 holders lost more than half.

Over 24h: −0.24% on average, worst tenth −1.3% · over 7 days: −0.39%, worst tenth −4.5%.

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 dSPCX for 30 days would have looked like →

Measured as (token return − 2× the SpaceX move) per window, averaged over every start date from 2026-06-15 to 2026-09-11 (7 30-day windows); "worst tenth" is the 10th percentile. Backtest with a modelled keeper, fees per D8, funding 0; not the live token.