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23 live markets
DEX Profile

Kinetiq Markets

Community-funded perpetual exchange via crowdsourced staking

24h Volume
$5.4M
Venue
Total OI
$16.9M
Open
Assets
23
Listed
Exclusive
13
Assets
Growth
19
Markets
Collateral
USDH
Margin
01 /

Live Markets

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

AssetCategoryPriceMax LevCrossTrade
US500
US500
IndicesExclusive
$757.270$2.3M$2.5M+0.0006%25xYesTrade↗
USOIL
USOIL
CommoditiesExclusive
$129.750$1.1M$1.9M+0.0008%10xIsolated onlyTrade↗
USBOND
USBOND
IndicesExclusive
$85.130$629.6K$5.8M+0.0006%10xIsolated onlyTrade↗
NVDA
NVDA
Stocks$215.440$417.3K$1.4M-0.0081%12xIsolated onlyTrade↗
MU
MU
Stocks$979.070$243.0K$204.3K+0.0094%10xIsolated onlyTrade↗
USTECH
USTECH
IndicesExclusive
$740.670$234.8K$222.3K+0.0006%25xYesTrade↗
SMALL2000
SMALL2000
IndicesExclusive
$289.94$84.2K$222.4K+0.0006%20xYesTrade↗
BABA
BABA
Stocks$125.250$82.9K$101.7K-0.0012%10xIsolated onlyTrade↗
USENERGY
USENERGY
IndicesExclusive
$55.908$50.0K$592.7K-0.0054%15xIsolated onlyTrade↗
PLTR
PLTR
Stocks$158.510$46.6K$68.1K+0.0053%12xIsolated onlyTrade↗
TSLA
TSLA
Stocks$435.78$43.2K$153.7K+0.0084%12xIsolated onlyTrade↗
GOOGL
GOOGL
Stocks$382.530$30.3K$464.8K+0.0110%15xIsolated onlyTrade↗
EUR
EUR
FX$1.16590$30.2K$818.1K-0.0040%50xIsolated onlyTrade↗
AAPL
AAPL
Stocks$312.170$27.7K$93.2K+0.0006%15xIsolated onlyTrade↗
SILVER
SILVER
Commodities$75.221$26.2K$266.6K+0.0006%20xIsolated onlyTrade↗
GOLD
GOLD
Commodities$4,532.90$24.9K$858.2K-0.0059%25xIsolated onlyTrade↗
TENCENT
TENCENT
StocksExclusive
$426.430$21.8K$165.8K+0.0407%10xIsolated onlyTrade↗
XIAOMI
XIAOMI
StocksExclusive
$27.940$18.5K$159.9K+0.0703%10xIsolated onlyTrade↗
BMNR
BMNR
StocksExclusive
$19.389$10.4K$763.5K+0.0048%10xIsolated onlyTrade↗
GLDMINE
GLDMINE
CommoditiesExclusive
$89.285$2.6K$43.5K-0.0033%10xIsolated onlyTrade↗
SEMI
SEMI
IndicesExclusive
$572.430$0.00$27.7K+0.0308%15xIsolated onlyTrade↗
JPN225
JPN225
IndicesExclusive
$56,942.00$0.00$0.000.0000%25xIsolated onlyTrade↗
RTX
RTX
StocksExclusive
$179.73$0.00$25.5K-0.0001%10xIsolated onlyTrade↗
02 /

About Kinetiq Markets

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

01

Protocol Overview & Architecture

Institutional-style USDH-margined markets with an L4 transparent orderbook.

Markets by Kinetiq is a decentralized perpetual exchange operating on Hyperliquid's HIP-3 framework. It aims to provide a professional, institutional-grade trading experience with a standout feature: an evolving L4 Orderbook that gives traders full transparency into individual orders, queue priority, and liquidity-provider attribution.

Unlike many other HIP-3 DEXs, all contracts on Markets by Kinetiq are fully margined and cash-settled in USDH. USDH is Hyperliquid's native stablecoin built by Native Markets and fully backed by cash and US Treasuries, providing a secure and aligned quote asset for the ecosystem.

02

Markets & Asset Directory

24/7/365 trading across equities, sectors, commodities, and rates.

  • Equities (Single Names) — Major US tech stocks such as AAPL, TSLA, NVDA, BABA, and PLTR, plus Hong Kong equities such as TENCENT and XIAOMI.
  • Equities (Broad & Sector Exposure) — Broad market indices such as US500, USTECH, and SMALL2000, alongside thematic sector indices like USENERGY, GLDMINE, and SEMI.
  • Commodities — Precious metals such as GOLD and SILVER, plus front-month WTI crude oil exposure via USOIL.
  • Rates — Long-duration U.S. Treasury bond exposure via USBOND.
03

Pricing & Oracle Mechanics

  • Oracle Provider — Markets uses Kaiko, an institutional-grade data provider, as the primary external reference oracle.
  • Trading Sessions — During regular US trading hours, the oracle uses direct exchange prices. During extended and overnight sessions, it utilizes Alternative Trading System (ATS) liquidity.
  • Internal Pricing (Off-Hours) — When external feeds close, such as weekends, the oracle switches to an internal pricing mechanism utilizing a 1-hour EMA of the impact-price difference on the orderbook. It also features an Illiquid Markets Protocol, which bounds the internally calculated offline price within the external market's bid and ask levels if the spread widens past 0.5%.
  • Mark Price Formula — To protect against manipulation, the mark price is calculated as the median of three components: (1) the Oracle Price, (2) the Oracle Price plus a 150-second EMA of the basis, and (3) the orderbook median of best bid, best ask, and last trade.
04

Risk Controls & Protections

  • Mark Price Bounds — To prevent liquidation cascades during temporary market distortions, the mark price is constrained by fixed bounds relative to the oracle price. The bound formula is ±(1 / max leverage), such as ±10% for a 10x leverage asset. Kinetiq employs a soft bounding approach: trading is allowed beyond the limit, but the mark and oracle are fixed at the bound to protect traders from unfair liquidations.
  • Liquidations & ADL — Liquidations are triggered based on the mark price and are executed as market orders into the orderbook. Unlike native Hyperliquid perps, Kinetiq markets bypass the intermediate liquidator vault step; if market liquidations cannot fill, the system proceeds directly to Auto-Deleveraging (ADL) to rebalance risk and prevent bad debt.
05

Fees & Funding Rates

  • Growth Mode & Builder Fees — Markets by Kinetiq operates with Growth Mode enabled, reducing standard base Hyperliquid fees by 90%. The Markets frontend charges an additional volume-tiered builder fee, starting at 0.0350% for Tier 0 users.
  • USDH Quote Asset Benefits — Because all markets are paired with USDH, traders automatically receive a 20% discount on taker fees, a 50% increase in maker rebates, and a 20% boost to volume-tier contribution.
  • Staking Discounts — Traders can further reduce their trading fees multiplicatively by staking both HYPE tokens, up to 40% discount, and KNTQ tokens, up to 30% discount.
  • Funding Rates — Funding is exchanged hourly between longs and shorts depending on whether the perpetual contract is trading at a premium or discount to the spot oracle price.
◆

Asset Coverage

Category distribution across Kinetiq Markets's listed perpetual markets.

Stocks11
Indices7
Commodities4
FX1
✦
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.

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