How Does the Liquidation Mechanism Differ between a Leveraged Token and a Leveraged Perpetual Future?

Leveraged tokens (e.g. 3x Long) manage leverage internally by rebalancing their portfolio.

They liquidate themselves by automatically selling assets to maintain the target leverage, often daily, preventing the user's account from going negative. Perpetual futures liquidate the user's position and collateral when the margin falls below the maintenance level, leading to a margin call.