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DEX Profile

Felix Exchange

USDH lending ecosystem extends into perpetual trading

24h Volume
$891.4K
Venue
Total OI
$7.5M
Open
Assets
16
Listed
Exclusive
4
Assets
Growth
11
Markets
Collateral
USDH
Margin
01 /

Live Markets

All active markets listed by Felix Exchange. Click column headers to sort by volume, open interest, or funding.

AssetCategoryPriceMax LevCrossTrade
GOLD
GOLD
Commodities$4,507.000$207.6K$397.5K+0.0332%25xYesTrade↗
USA100
USA100
IndicesExclusive
$30,763.0$157.7K$1.3M+0.0019%30xYesTrade↗
USA500
USA500
Indices$7,580.80$150.1K$873.9K-0.0042%30xYesTrade↗
OIL
OIL
CommoditiesExclusive
$87.777$119.5K$2.1M+0.0120%15xIsolated onlyTrade↗
COIN
COIN
Stocks$189.5900$48.1K$57.6K+0.0117%10xIsolated onlyTrade↗
CRCL
CRCL
Stocks$112.8600$42.0K$233.4K-0.0017%5xIsolated onlyTrade↗
XMR
XMR
Crypto$374.9400$40.6K$75.7K+0.0173%10xYesTrade↗
PLATINUM
PLATINUM
Commodities$1,929.700$31.0K$390.0K+0.0137%25xIsolated onlyTrade↗
NVDA
NVDA
Stocks$215.000$26.4K$429.7K+0.0298%10xYesTrade↗
GAS
GAS
CommoditiesExclusive
$3.3032$20.5K$126.0K-0.113%5xIsolated onlyTrade↗
SILVER
SILVER
Commodities$75.3610$16.4K$390.2K-0.0001%25xYesTrade↗
USDE
USDE
CryptoExclusive
$0.99851$16.3K$189.3K+0.0000%20xYesTrade↗
TSLA
TSLA
Stocks$436.5100$14.0K$372.1K+0.0026%10xYesTrade↗
COPPER
COPPER
Commodities$6.4115$930.82$339.0K+0.0013%20xIsolated onlyTrade↗
PALLADIUM
PALLADIUM
Commodities$1,360.100$43.66$181.9K+0.0123%25xIsolated onlyTrade↗
BTC
BTC
Crypto$90,609.1$0.00$0.000.0000%1xIsolated onlyTrade↗
02 /

About Felix Exchange

A structured walkthrough of asset coverage, architecture, pricing, risk, and fees.

01

Protocol Overview & Architecture

USDH-native perpetuals integrated into the Felix ecosystem.

Felix-deployed Perps operates as a decentralized perpetual futures exchange built on the Hyperliquid L1 blockchain utilizing the HIP-3 framework. This allows Felix to offer globally accessible, 24/7 orderbook-based markets for a variety of real-world and crypto assets.

A defining feature of Felix is its use of USDH as its exclusive margin and settlement asset. By trading USDH-margined pairs, users automatically benefit from deeply aligned ecosystem economics, including significantly reduced trading costs and the fact that 50% of USDH revenue goes toward HYPE token buybacks.

02

Markets & Asset Directory

A diversified Isolated Margin venue across equities, commodities, indices, and crypto.

  • Single-Ticker Equities — Major tech and crypto-adjacent stocks such as TSLA, NVDA, COIN, and CRCL, typically with max leverage in the 5x-10x range.
  • Commodities — Precious metals such as GOLD, SILVER, PLATINUM, and PALLADIUM, plus industrial and energy assets like COPPER and CRUDE OIL (WTI), typically with max leverage in the 12x-20x range.
  • Indices — Broad market exposure via USA500 and USA100.
  • Crypto — Privacy-focused assets such as XMR.
  • Roll Schedules & Corporate Actions — For dated commodity futures such as oil, copper, and natural gas, Felix employs a multi-day blended rolling schedule to transition the oracle from the expiring contract to the next and prevent artificial price gaps. For equities, the protocol formally handles corporate actions such as forward and reverse stock splits, mergers, and dividends, with any dividend of 0.5% or more triggering automatic position settlement before the ex-date.
03

Pricing & Oracle Mechanics

Redstone-powered pricing with explicit on-hours and off-hours behavior.

Felix relies on Redstone for its pricing infrastructure.

  • External Pricing (On-Hours) — During regular trading hours, the oracle aggregates prices from multiple spot, CFD, and exchange venues like NYSE and NASDAQ, taking the median across feeds to mitigate any single corrupted data source.
  • Internal Pricing (Off-Hours / Weekends) — To enable 24/7 trading when traditional markets close, the oracle shifts to an exponential moving average (EMA) of the orderbook's impact price, for example a 1-hour or 8-hour EMA depending on the asset and session.
  • Mark Price Formula — To protect against manipulation, the mark price is the median of three values: (1) the Oracle Price, (2) the Oracle Price plus a 150s EMA of the basis, the difference between oracle and mid-price, and (3) the Hyperliquid orderbook median of best bid, best ask, and last trade.
04

Risk Controls & Protections

  • ExternalPerpPx Price Bands — To prevent scam wicks and severe mark-price manipulation, Felix limits a market's mark-price movement to a strict band of ± min(1/max_leverage, 20%) from the `externalPerpPx` value.
  • Liquidations — If account equity drops below the maintenance margin, ranging from 1.25% to 16.7% depending on the asset's max leverage, positions are liquidated via market orders. To prevent outsized market impact, large positions above 100k USDC are liquidated partially in 20% increments with a 30-second cooldown.
  • No Liquidator Vault & ADL — Unlike validator-deployed crypto perps on Hyperliquid, Felix-deployed perps do not use a backstop liquidator vault. If the orderbook cannot absorb a liquidation, the system directly utilizes Auto-Deleveraging (ADL), closing the positions of highly leveraged and profitable opposing traders to keep the platform solvent with zero bad debt.
05

Fees & Funding Rates

  • Base Fees & USDH Discounts — The base fee starts at 0.090% taker and 0.030% maker. Because Felix uses USDH, traders automatically receive a 20% discount on taker fees, a 50% boost to maker rebates, and a 20% extra volume contribution toward fee tiers.
  • Staking & VIP Tiers — Traders can further reduce costs by staking HYPE tokens, up to a 40% discount for the Diamond tier, or by participating in the Maker / VIP Taker Incentive Programs.
  • Off-Hours Funding Rate Cap — Self-referential internal oracles can occasionally cause wide premiums and extreme funding rates. To protect swing traders holding positions over the weekend or overnight, Felix caps funding rates at ±4% annualized during off-hours for all equity and commodity perpetuals.
◆

Asset Coverage

Category distribution across Felix Exchange's listed perpetual markets.

Commodities7
Stocks4
Crypto3
Indices2
✦
Cross Margin Note

How cross-margin is scoped on Felix Exchange.

Cross margin scope depends on your account mode. Standard Account: cross margin stays within the same HIP-3 DEX only. Unified Account / Portfolio Margin: DEXes sharing the same collateral (e.g. USDC or USDH) can cross-margin together. DEX Abstraction is not compatible with cross margin. Deployers enable cross margin per market — not every listing supports it.

Under Unified Account, USDH margin is shared with Kinetiq Markets, Ventuals. Under Standard Account, cross margin stays within this DEX only. Enablement is per market, so not every listing on Felix Exchange will necessarily support cross margin at launch.

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