Are BTCDown, BTCUP, ETHDown tokens etc in spot trading are halal or haram?. If you are not aware about Perpetual/Leveraged Tokens you can read about them here.

Perpetual/Leveraged tokens fall in the haram category as their price is being rebalanced with the ongoing futures trading while we are already certain that future trading is haram.

Leveraged Tokens hold perpetual futures on exchanges. That means that they will get their exposure to the underlying assets through the perpetual futures. That also means that they will be subject to the price movements, premiums, funding rates, etc. of the perpetual futures. This is valid even if an exchange is not charging you any interest for the holding duration.