1000PEPE perps on Swapmos with up to 20x

There are no cash flows behind Pepe, an Ethereum memecoin, so the price is driven by attention, exchange flows and how much risk the market wants to carry that week. The contract is quoted per 1,000 tokens to keep the tick sensible. Margin is USDC, there is no expiry, funding passes between longs and shorts, and 20x turns small moves into large ones.

Taking you to the live market

Leverage works in both directions. At 100x, a 1% move against a position takes out all of the margin behind it.