Markets by Kinetiq

The home of 24/7 trading

24h Volume

$3.9M

Venue

Total OI

$6.0M

Open

Assets

Listed

Exclusive

Assets

Growth

Markets

Collateral

USDC

Margin

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Live Markets

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

Asset	Category	Price				Max Lev	Cross	Trade
USTECH USTECH	IndicesExclusive	$724.700	$2.3M	$4.5M	-0.0004%	25x	Yes	Trade↗
US500 US500	IndicesExclusive	$773.230	$1.6M	$1.6M	+0.0003%	25x	Yes	Trade↗

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About Markets by Kinetiq

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

Protocol Overview & Architecture

Institutional-style USDC-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.

Markets originally deployed under the `km` DEX id with USDH collateral. Following the ecosystem-wide wind-down of USDH, Kinetiq redeployed under the `mkts` id with USDC as the margin and settlement asset. The `km` markets were wound down from June 2026 — least active first, with open positions settled at mark price — and all 23 of its assets are now delisted on-chain. `mkts` is the live deployment.

Markets & Asset Directory

Broad index exposure first, with the wider equity and commodity directory staged to follow.

Live Today — Broad US market index exposure via US500 and USTECH, both with up to 25x leverage and Growth Mode enabled.
Registered, Not Yet Trading — The deployment mirrors the original asset directory — single-name equities such as AAPL, TSLA, NVDA, BABA, PLTR, TENCENT, and XIAOMI; sector indices including USENERGY, GLDMINE, and SEMI; commodities such as GOLD, SILVER, and USOIL; rates via USBOND; and FX via EUR. These are registered on-chain but remain delisted pending relisting.

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.

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 ±4% for a 25x 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.

Fees & Funding Rates

Growth Mode & Builder Fees — Both live markets run with Growth Mode enabled, reducing standard base Hyperliquid fees by 90%. The Markets frontend charges an additional volume-tiered builder fee.
Collateral — Markets are margined and cash-settled in USDC. The USDH-specific fee discounts and maker-rebate boosts that applied to the original deployment no longer apply.
Staking Discounts — Traders can reduce 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.

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Asset Coverage

Category distribution across Markets by Kinetiq's listed perpetual markets.

Indices2

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Cross Margin Note

How cross-margin is scoped on Markets by Kinetiq.

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 Standard Account, USDC margin crosses within Markets by Kinetiq only. Under Unified Account, it can be shared with other USDC DEXes (Trade XYZ, Paragon). Enablement is per market, so not every listing on Markets by Kinetiq will necessarily support cross margin at launch.