Kinetiq Markets

USDHShared USDH margin pool (Unified Account)Growth Mode · 18

Community-funded perpetual exchange via crowdsourced staking

24h Volume

$21.2M

Total OI

$17.8M

Assets

Exclusive

Growth Mode Assets

Protocol Deep Dive

About Kinetiq Markets

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

Protocol Overview & Architecture

A USDH-quoted HIP-3 venue for 24/7 traditional-asset perps.

Markets by Kinetiq is a HIP-3 DEX on Hyperliquid focused on 24/7 trading of traditional-asset perps.

Current official docs position it as a venue for equity, index, currency, and commodity markets, and the live trading site shows USDH as the quote / margin asset. Kinetiq also emphasizes more transparent orderbook tooling, including deeper orderbook visibility and attribution features.

Markets & Asset Directory

Use the live UI as the source of truth for the exact market list.

The lineup is still expanding, so the live UI should be treated as authoritative for the exact market list.

Coverage — Official docs describe coverage across equities, indices, currencies / FX, and commodities.
Leverage — Public materials say leverage reaches up to 50x on select markets.
What changed — Older hard-coded examples such as specific Hong Kong equity listings were removed because current official materials do not publish that exact list consistently.

Pricing & Oracle Mechanics

External vs internal pricing — Kinetiq's current public docs describe a standard external-oracle / internal-pricing split.
Off-hours pricing — When external sessions are unavailable, the venue moves to an internal pricing mechanism based on a 1-hour EMA of orderbook impact-price difference.
Mark price — Mark price follows the standard three-input Hyperliquid-style construction: oracle, oracle plus 150-second basis EMA, and orderbook median of bid / ask / last.

Risk Controls & Liquidations

Mark-price bounds — Current docs publish fixed mark-price bounds based on +- (1 / max leverage), with a soft-bounding design: traders can still transact beyond the bound, but mark and oracle stay fixed at the limit for liquidation protection.
Liquidations and ADL — Liquidations are executed using mark price, large positions are liquidated incrementally, and Kinetiq docs explicitly say these markets go directly from market liquidation to ADL without an intermediate liquidator vault.

Fees & Funding Rates

USDH-quoted markets — Kinetiq markets are USDH-quoted, so they benefit from the aligned-quote-asset framework on Hyperliquid.
Frontend and staking — Public materials also describe a separate frontend builder fee and the usual Hyperliquid-style discount stack such as HYPE staking.
What changed — The previous exact KNTQ discount percentage was removed because the current public docs reviewed here do not publish that number directly.

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Asset Coverage

Category distribution across Kinetiq Markets's listed perpetual markets.

Stocks11

Indices7

Commodities4

FX1

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Cross Margin Note

How cross-margin is scoped on Kinetiq Markets.

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

Markets

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

Asset	Category	Price				Max Lev	Cross	Trade
USOIL USOIL	CommoditiesExclusive	$124.290	$6.3M	$7.1M	+0.0053%	10x	Isolated only	Trade↗
US500 US500	IndicesExclusive	$696.730	$5.8M	$5.2M	+0.0006%	25x	Yes	Trade↗
SMALL2000 SMALL2000	IndicesExclusive	$268.57	$3.4M	$391.0K	+0.0006%	20x	Yes	Trade↗
SILVER SILVER	Commodities	$79.950	$1.8M	$1.7M	+0.0043%	20x	Isolated only	Trade↗
GOLD GOLD	Commodities	$4,815.2	$1.5M	$937.1K	+0.0047%	25x	Isolated only	Trade↗
USTECH USTECH	IndicesExclusive	$632.750	$1.2M	$425.5K	+0.0006%	25x	Yes	Trade↗
TSLA TSLA	Stocks	$381.77	$394.8K	$189.6K	+0.0006%	12x	Isolated only	Trade↗
MU MU	Stocks	$450.07	$148.3K	$178.8K	+0.0006%	10x	Isolated only	Trade↗
BMNR BMNR	StocksExclusive	$21.900	$142.3K	$135.4K	+0.0029%	10x	Isolated only	Trade↗
NVDA NVDA	Stocks	$199.690	$118.2K	$153.3K	+0.0006%	12x	Isolated only	Trade↗
USBOND USBOND	IndicesExclusive	$86.910	$109.6K	$4.7K	+0.0006%	10x	Isolated only	Trade↗
BABA BABA	Stocks	$132.44	$94.6K	$145.9K	+0.0008%	10x	Isolated only	Trade↗
GOOGL GOOGL	Stocks	$333.72	$88.7K	$250.2K	+0.0006%	15x	Isolated only	Trade↗
XIAOMI XIAOMI	StocksExclusive	$31.120	$69.4K	$7.0K	+0.0288%	10x	Isolated only	Trade↗
RTX RTX	StocksExclusive	$199.5	$45.1K	$5.4K	+0.0006%	10x	Isolated only	Trade↗
PLTR PLTR	Stocks	$139.110	$32.1K	$531.4K	+0.0006%	12x	Isolated only	Trade↗
AAPL AAPL	Stocks	$263.60	$20.4K	$108.2K	+0.0006%	15x	Isolated only	Trade↗
USENERGY USENERGY	IndicesExclusive	$55.783	$8.9K	$224.2K	+0.0006%	15x	Isolated only	Trade↗
TENCENT TENCENT	StocksExclusive	$502.53	$2.0K	$5.7K	+0.0432%	10x	Isolated only	Trade↗
SEMI SEMI	IndicesExclusive	$399.58	$1.1K	$2.4K	+0.0006%	15x	Isolated only	Trade↗
GLDMINE GLDMINE	CommoditiesExclusive	$98.890	$1.0K	$53.6K	+0.0006%	10x	Isolated only	Trade↗
EUR EUR	FX	$1.17	$0.00	$0.00	0.0000%	50x	Isolated only	Trade↗
JPN225 JPN225	IndicesExclusive	$56,942.00	$0.00	$0.00	0.0000%	25x	Isolated only	Trade↗