How Leverage Works
Exposure creates leveraged exposure through a capital stack structure. No borrowing, no liquidations. Just smart allocation of shared collateral.
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How It All Connects
1
Deposit ETH
All deposits go into a shared collateral pool backed by staked ETH (stETH).
2
Choose Your Exposure
Mint USDEX for stable value, or leverage tokens (5X, 10X, 20X) for amplified exposure.
3
Automatic Rebalancing
As ETH price moves, the residual pool expands or contracts, amplifying leverage token returns.
USDEX: Fixed USD liability (senior)
Residual: Shared by leverage tokens
Amplified gains/losses