Markets by Kinetiq

The home of 24/7 trading

24小时成交量

$14.3M

市场

总 OI

$4.1M

未平仓

资产

已上线

独家

资产

Growth

市场

抵押品

USDC

保证金

01 /

实时市场

Markets by Kinetiq 上线的全部活跃市场。点击列标题可按成交量、未平仓量或资金费率排序。

资产	类别	价格				Max Lev	全仓	交易
US500 US500	指数独家	$767.790	$8.5M	$1.5M	-0.0067%	25x	支持	交易↗
USTECH USTECH	指数独家	$715.320	$5.9M	$2.6M	-0.0034%	25x	支持	交易↗
SMALL2000 SMALL2000	指数独家	$299.25	$796.68	$108.93	+0.0006%	20x	支持	交易↗
USBOND USBOND	指数独家	$83.357	$216.55	$91.86	+0.0006%	10x	仅逐仓	交易↗

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关于 Markets by Kinetiq

系统了解资产覆盖、架构、定价、风险和费用。

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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资产覆盖

Markets by Kinetiq 上线永续合约市场的类别分布。

指数4

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全仓保证金说明

Markets by Kinetiq 的全仓保证金范围。

全仓保证金范围取决于账户模式。标准账户：全仓保证金仅限同一 HIP-3 DEX。统一账户／投资组合保证金：使用相同抵押品的 DEX 可共享全仓保证金。DEX Abstraction 与全仓保证金不兼容。部署者按市场启用全仓保证金，并非所有市场都支持。

在标准账户下，USDC 保证金仅在 Markets by Kinetiq 内共享；在统一账户下，可与其他 USDC DEX（Trade XYZ, Paragon）共享。全仓保证金按市场启用，因此 Markets by Kinetiq 并非每个上线市场在发布时都一定支持。