CHOG has joined LeverUp's AnyCollateral Program. Holders can now deposit CHOG as margin, trade perpetuals on eligible markets, and normally settle their positions in CHOG.

The initial collateral ratio is 100%, and eligible markets support leverage of up to 1,001x. Both figures describe current product parameters, not fixed guarantees. Traders should check the live interface before opening a position.

→ Start trading on LeverUp

What changes for CHOG holders

Using CHOG as collateral means a holder does not need to sell or swap the token before opening a perpetual position. The deposited CHOG is locked as margin while the trader keeps economic exposure to its price.

That creates two simultaneous exposures:

  1. The profit or loss of the perpetual position
  2. The market value of the CHOG used as collateral

A trader could, for example, use CHOG to open a BTC or MON position on an eligible market. The position follows its own market, while the collateral value continues to move with CHOG.

This distinction matters. Using a token as margin puts it to work, but it does not make the token stable or remove its price risk.

How the 100% collateral ratio works

A collateral ratio determines how much effective margin a deposited asset contributes. CHOG's initial ratio is 100%, so its current reference value is not discounted when effective margin is calculated.

For illustration, $100 worth of CHOG at the time of deposit initially contributes $100 of effective margin. If CHOG later falls 20% and the deposited amount is then worth $80, the collateral supporting the position also falls to $80 before accounting for position PnL and applicable costs.

The 100% ratio therefore does not guarantee that the collateral will keep a fixed dollar value. CHOG's price continues to update, and a decline can move a position closer to liquidation even when the market being traded has not moved against the trader.

Collateral ratios and other risk parameters can change. The value displayed in the trading interface is the current source of truth.

Settlement in CHOG

AnyCollateral positions normally settle in the token used as margin. A winning position opened with CHOG collateral is paid in CHOG, while a loss is deducted from the deposited CHOG.

Execution and settlement responsibility remains at the protocol layer, and settlement exceptions may apply. This means "settle in CHOG" describes the normal path rather than an unconditional promise for every market condition. See the AnyCollateral documentation for the current settlement rules.

Leverage and liquidation risk

CHOG collateral can be used with leverage of up to 1,001x on eligible markets. The maximum available leverage depends on the market and current protocol parameters.

Leverage near the upper limit leaves extremely little room for adverse movement. Position PnL, changes in CHOG's value, funding or holding costs where applicable, and other fees can all affect position health. A sharp decline in CHOG may trigger liquidation even if the perpetual position itself is profitable.

Traders using volatile collateral should size positions around both sources of price risk rather than looking only at the market they are trading.

CHOG Trading Competition

The CHOG Trading Competition is also live with 2,500,000 CHOG across two leaderboards:

  • PnL leaderboard: 750,000 CHOG for the top 10 traders
  • Volume leaderboard: 1,750,000 CHOG for the top 10 traders

Only positions opened with CHOG collateral count toward competition PnL and volume. The competition ends on Oct 1, 2026, at 08:00 UTC.

→ Join the CHOG Trading Competition

Related reading

Use CHOG as trading margin: app.leverup.xyz