Binance Leveraged Tokens are off-chain tokens that can be traded on the Binance spot market. These tokens provide users with leveraged exposure to the underlying asset. Each leveraged token represents a collection of perpetual contract positions. The price of the tokens is tied to the notional amount of the perpetual contract positions in the collection and the leverage level. Before trading or participating in any Binance Leveraged Tokens products, it is important to read and understand the Binance Leveraged Tokens Risk Disclosure Statement to be aware of the associated risks. By accessing and using Binance Leveraged Tokens, traders acknowledge and agree to do so at their own risk.