3X Long Bitcoin token also referred to as BULL, is a leveraged token that provides return that corresponds to three times the daily return of Bitcoin. A leveraged token is a type of derivative that provides exposure to the underlying asset. BULL has been developed as an ERC-20 token on the Ethereum blockchain network. 3X Long Bitcoin token is an FTX- leveraged token that has leveraged exposure firstly to price direction and secondarily to momentum.

Suppose the ERC-20 token goes up by 1 percent in a day, the BULL token goes up by 3 percent. Similarly, if the ERC-20 token goes down, the BULL token also goes down. Leveraged tokens are a new type of ERC 20 tokens that seek to give leveraged exposure to the users in the cryptocurrency markets. FTX leveraged the BULL token to manage the risks associated with the crypto market.

As per the whitepaper, the BULL token manages the risk that is attached to the Ethereum platform. Hence, if the ERC-20 token earns profit, the BULL token automatically puts on 3X of the leveraged position. But if the user purchases BULL, the leveraged token can automatically trade off some of the tokens as the market goes down. Hence, the liquidation is likely avoided as some assets remain even after a 33 percent down move.

Users can purchase the BULL token like any other standard ERC-20 tokens on a spot market. Moreover, users don't need to manage the liquidation prices, margin, or collaterals. 

Users can also trade on BULL tokens as the tokens are ERC-20 tokens. The tokens can be used to exchange in any wallet or platform. And if any other platform has registered the leveraged token as BULL, the users can send it there too. The easiest way to trade on BULL is on the spot market. Also, the BULL tokens can be converted to other cryptocurrencies. The users create, convert, as well as redeem the BULL tokens.