Are we talking a 1:100 leverage? Yeah, how to trade it? What's the typical length of a trade, it's more of a scalping type of trading isn't it?
I think with the current volatility it is only a matter of time for brokerage houses to offer 1:1000 leverage for the major equity index futures, at least on long positions
How to trade it is up to you (I don't scalp). Leverage depends on which one you trade. ES, YM, ER2, NQ. I believe some brokerage requires only $500 intraday and around $4000 (depending on the contract) to trade about $70k worth of ES. Each contract has a multiplier. Go to CME or CBOT's websites and you can look at the contracts and its margin requirement and multiplier.
So, just wait til 10:30-11 Chicago time for the dip in the YM then buy and hold til 1:30-2:00 and sell the ES during the same time frame??