Markets by Kinetiq

The home of 24/7 trading

24시간 거래량

$12.4M

마켓

총 OI

$3.8M

미결제

자산

상장

독점

자산

Growth

시장

담보

USDC

증거금

01 /

실시간 시장

Markets by Kinetiq에 상장된 모든 활성 시장입니다. 열 제목을 클릭해 거래량, 미결제약정 또는 펀딩 비율로 정렬할 수 있습니다.

자산	카테고리	가격				Max Lev	교차	거래
US500 US500	지수독점	$769.570	$8.0M	$1.3M	+0.0006%	25x	지원	거래↗
USTECH USTECH	지수독점	$718.930	$4.4M	$2.5M	+0.0006%	25x	지원	거래↗
SMALL2000 SMALL2000	지수독점	$299.01	$796.68	$108.84	+0.0006%	20x	지원	거래↗
USBOND USBOND	지수독점	$83.183	$281.42	$91.67	+0.0006%	10x	격리 마진만	거래↗

02 /

Markets by Kinetiq 소개

자산 범위, 아키텍처, 가격, 위험 및 수수료를 체계적으로 살펴봅니다.

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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자산 범위

Markets by Kinetiq에 상장된 무기한 선물 시장의 카테고리 분포입니다.

지수4

✦

교차 증거금 안내

Markets by Kinetiq의 교차 증거금 적용 범위입니다.

교차 증거금 범위는 계정 모드에 따라 달라집니다. Standard Account에서는 동일한 HIP-3 DEX 내로 제한됩니다. Unified Account／Portfolio Margin에서는 같은 담보 자산을 사용하는 DEX끼리 공유할 수 있습니다. DEX Abstraction은 교차 증거금과 호환되지 않습니다. 배포자가 시장별로 활성화하므로 모든 상장 종목이 지원되는 것은 아닙니다.

Standard Account에서는 USDC 증거금이 Markets by Kinetiq 내로 제한됩니다. Unified Account에서는 다른 USDC DEX(Trade XYZ, Paragon)와 공유할 수 있습니다. 시장별로 활성화되므로 Markets by Kinetiq의 모든 상장 종목이 출시 시 교차 증거금을 지원하는 것은 아닙니다.