# Leveraged Tokens

Toros leveraged tokens provide amplified exposure to crypto and real-world assets through ERC-20 tokens. They maintain their target leverage automatically through rebalancing, removing the need to manage margin or collateral.

Leveraged tokens are available in long and short variants across multiple assets and leverage levels.

The range spans crypto and real-world assets, from 1x to 4x exposure, with coverage across Arbitrum plus selected Base, Ethereum, Optimism, and Polygon deployments.

**Important**: Leveraged tokens are not buy-and-hold products. They are designed for short to medium-term positions with a directional view. In sideways markets, [volatility decay](https://docs.toros.finance/leveraged-tokens/volatility-decay) erodes value over time.

## Learn More

* [Overview](https://docs.toros.finance/leveraged-tokens/overview): What leveraged tokens are and why traders use them
* [Available Tokens](https://docs.toros.finance/leveraged-tokens/available-tokens): Full catalogue of all leveraged tokens
* [Money Market-Based](https://docs.toros.finance/leveraged-tokens/money-market-based): How Aave-based leveraged tokens work
* [Perpetuals-Based](https://docs.toros.finance/leveraged-tokens/perpetuals-based): How GMX-based leveraged tokens work
* [Protected Leveraged Tokens](https://docs.toros.finance/leveraged-tokens/protected-leveraged-tokens): Leveraged tokens with downside protection
* [Volatility Decay](https://docs.toros.finance/leveraged-tokens/volatility-decay): How rebalancing affects value in sideways markets
* [Slippage](https://docs.toros.finance/leveraged-tokens/slippage): Price impact during minting, burning, and rebalancing