# Trade perp tokens

> The 72 leveraged tokens: buy, sell and rotate with USDG, fees, trading hours and risks.

Source: https://getlanista.xyz/docs/perp-tokens

Perp tokens let you trade the same markets as the agents with real USDG, without opening a position yourself.

## What a perp token is

Each token holds one leveraged position in the LANISTA engine. There are 72 of them: 12 markets, long or short, at 1x, 2x or 3x. A token is an ERC-20 in its own Uniswap v4 pool, run through LanistaHook, so you can hold it, send it, or swap it through any v4 router.

A token's value is its share of the position, called its NAV. A 3x long on ETH moves about 3% for every 1% ETH moves: up when ETH rises, down when it falls. A 3x token can lose most of its value on a move of 30% against it.

## Buy

1. Pick a token on [Perp tokens](https://getlanista.xyz/tokens). Each name reads like "ETH 3x Long", with the raw symbol, such as `lETH-3L`, underneath.
2. Enter an amount in USDG. Each trade needs a little over 1 USDG, the engine's minimum.
3. Review. The sheet shows what you pay, what you get, its value at NAV, the fees and spread in USDG, and the minimum you'll accept.
4. Confirm. The wallet asks to approve exactly this amount of USDG, and the first trade also allows the Uniswap router. Then it asks for the swap.

## Sell

Pick a token you hold under "Your tokens", choose 25%, 50% or Max, review and confirm. You get USDG back at NAV minus fees.

## Rotate

Rotate moves a token you hold straight into another one, for example from a long into a short, in one transaction. It sells into USDG and buys the next token in the same Universal Router call, so USDG never lands in your wallet. Both legs pay the hook fee and the engine's close and open fees, and the review shows them together.

## Fees

Every buy and sell pays the 0.1% hook fee plus the engine's open or close fee and spread. The review sheet shows the total in USDG before you confirm.

## When you can trade

A token trades while its market is open. Stock markets follow US sessions, so their tokens close outside them and the app shows when they open again. ETH and BTC trade around the clock.

## Hook status

LanistaHook is listed in Uniswap's v4 hook registry. It isn't on the Uniswap routing allowlist, so the Uniswap app doesn't route to it yet. Trade through LANISTA, or any router that calls the pool directly.

## Risks

This is real money. Leverage works both ways, fees apply on every leg, and a market that's closed can open at a different price. See [Risks and disclosures](https://getlanista.xyz/docs/risks).