<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P/A</submissionType>
    <isConfidential>false</isConfidential>
    <accessionNumber>0001145549-22-064066</accessionNumber>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001040587</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000011964</seriesId>
        <classId>C000032654</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
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    <genInfo>
      <regName>Direxion Funds</regName>
      <regFileNumber>811-08243</regFileNumber>
      <regCik>0001040587</regCik>
      <regLei>TPDM9FF5QV7ZRKBZK142</regLei>
      <regStreet1>1301 Avenue of the Americas (6th Avenue)</regStreet1>
      <regStreet2>28th Floor</regStreet2>
      <regCity>New York</regCity>
      <regStateConditional regCountry="US" regState="US-NY"/>
      <regZipOrPostalCode>10019</regZipOrPostalCode>
      <regPhone>646-572-3390</regPhone>
      <seriesName>Direxion Monthly S&amp;P 500 Bear 1.75X Fund</seriesName>
      <seriesId>S000011964</seriesId>
      <seriesLei>VGJBZ8HE9OTQHJUCCP85</seriesLei>
      <repPdEnd>2022-08-31</repPdEnd>
      <repPdDate>2022-08-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>12661043.750000000000</totAssets>
      <totLiabs>406483.740000000000</totLiabs>
      <netAssets>12254560.010000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>9883750.690000000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000032654" rtn1="16.65" rtn2="-18.22" rtn3="7.62"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <equityContracts>
            <mon1 netRealizedGain="813287.420000000000" netUnrealizedAppr="332118.87"/>
            <mon2 netRealizedGain="-1172414.580000000000" netUnrealizedAppr="-541936.4"/>
            <mon3 netRealizedGain="-385138.020000000000" netUnrealizedAppr="1196416.690000000000"/>
            <swapCategory>
              <instrMon1 netRealizedGain="813287.420000000000" netUnrealizedAppr="332118.87"/>
              <instrMon2 netRealizedGain="-1172414.580000000000" netUnrealizedAppr="-541936.4"/>
              <instrMon3 netRealizedGain="-385138.020000000000" netUnrealizedAppr="1196416.690000000000"/>
            </swapCategory>
          </equityContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
        <othMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
        <othMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
      </returnInfo>
      <mon1Flow redemption="-2806831.530000000000" reinvestment="0.000000000000" sales="5627331.610000000000"/>
      <mon2Flow redemption="-5671549.950000000000" reinvestment="0.000000000000" sales="4962827.470000000000"/>
      <mon3Flow redemption="-2915268.730000000000" reinvestment=".000000000000" sales="6006040.250000000000"/>


      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>S&amp;P 500 Total Return Index</nameDesignatedIndex>
          <indexIdentifier>SP500_TRI</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>197051SPXCS12092022</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="197051SPXCS12092022"/>
        </identifiers>
        <balance>1.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>527248.9200</valUSD>
        <pctVal>4.3024712398</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Other - Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Credit Suisse International</counterpartyName>
              <counterpartyLei>E58DKGMJYYYJLN8C3868</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Total Return Swap Contract of S&amp;P 500 Index</indexName>
                <indexIdentifier>N/A</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="1 month SOFR + spread" floatingRtSpread="2.620000000000" pmntAmt="2.620000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Total Return Swap Contract of S &amp; P 500 Index" floatingRtSpread="0.000000000000" pmntAmt="0.000000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2022-12-09</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.000000000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-19189660.000000000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>527248.9200</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fidelity Colcheste</name>
        <lei>549300SHPEJB1OPRCV46</lei>
        <title>Fidelity Colcheste GOVT PT INSTL</title>
        <cusip>31607A703</cusip>
        <identifiers>
          <isin value="US31607A7037"/>
          <ticker value="FRGXX"/>
        </identifiers>
        <balance>2070000.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2070000.000000000000</valUSD>
        <pctVal>16.8916713314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-12-09</ncom:dateSigned>
      <ncom:nameOfApplicant>Direxion Funds</ncom:nameOfApplicant>
      <ncom:signature>Patrick Rudnick</ncom:signature>
      <ncom:signerName>Patrick Rudnick</ncom:signerName>
      <ncom:title>Principal Executive Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
