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Degen mode is a high-leverage mode inside V1. When you turn it on, DYXY switches BTC and ETH trading from the Aster engine to a dedicated engine built on Hyperliquid (HyperEVM), with leverage of up to 1000x.
At 1000x leverage, a price move of just 0.1% against you is enough to wipe out your whole margin. Degen mode is built for very short-term trades with small amounts. Only use money you are fully prepared to lose.

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Turn on Degen mode

1

Open V1

Go to Trade → Perps and select V1.
2

Switch the Degen toggle on

The market list narrows to BTC and ETH, and the leverage slider extends to 1000x.
3

Fund the Degen balance

Degen mode uses its own Degen balance on the Hyperliquid engine, separate from your perps balance. Click Deposit and move funds from your wallet into it the first time you use it.
4

Trade as in V1

Choose Long or Short, set margin and leverage, add TP/SL if you like, and confirm.

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How Degen mode differs from standard perps

See Deposits and balances for how the balances work.

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How far price can move before liquidation

The table shows roughly how much the price can move against you before your margin runs out, ignoring fees and maintenance margin. In practice, liquidation happens a little earlier.

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Good practice

  • Keep margin small. Size every Degen position so that losing it entirely is acceptable.
  • Always set a stop loss. At this leverage, a few seconds of volatility decide the outcome.
  • Mind the fees. The trading fee is charged on the full position size. At 1000x, the fee for opening and closing is large relative to your margin, so the price has to move further in your favor just to break even.
  • Avoid news events. Prices can jump through your stop during major announcements.
To return to standard trading, switch the Degen toggle off. Your Degen positions stay open on their engine until you close them.