Binance Leveraged Tokens are tradable assets in the Binance spot market that give you leveraged exposure to the underlying asset. Each leveraged token represents a basket of perpetual contract positions. The price of the tokens tracks the change in notional amount of the perpetual contract positions in the basket and changes in the multiples of leverage level.
Unlike leveraged trading, you could get into a leveraged position without the need of having any collaterals, maintaining margin maintenance and worrying about the liquidation risk.