Felix Exchange

USDHShared USDH margin pool (Unified Account)Growth Mode · 11

USDH lending ecosystem extends into perpetual trading

24h Volume

$9.7M

Total OI

$12.7M

Assets

Exclusive

Growth Mode Assets

Protocol Deep Dive

About Felix Exchange

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

Protocol Overview & Architecture

Felix perps sit inside the wider Felix lending and trading ecosystem.

Felix-deployed Perps are builder-deployed perpetual futures on Hyperliquid and sit inside the broader Felix ecosystem of lending and trading products.

Felix perps use USDH as the quote / margin asset, so the perp venue is tightly linked to the rest of Felix's dollar liquidity stack.

Markets & Asset Directory

Felix spans equities, indices, commodities, and crypto.

Felix's perp docs currently cover single-ticker equities, indices, commodities, and crypto.

Published examples — TSLA-USDH, NVDA-USDH, COIN-USDH, CRCL-USDH, USA500-USDH, USA100-USDH, XMR-USDH, plus GOLD, SILVER, COPPER, CRUDE OIL (WTI), PLATINUM, PALLADIUM, Natural Gas, Corn, and Soybean.
Margin mode — Current docs say all markets are in isolated margin mode.

Pricing & Oracle Mechanics

Felix publishes market-specific pricing and session logic.

Pricing provider — Felix market specs consistently state that pricing infrastructure is handled by RedStone.
Per-market logic — The exact oracle logic is market-specific: regular-hours sessions use external venue data or dated-futures references where appropriate, and off-hours sessions use smoothed internal pricing.
Published details — Market pages also publish explicit session windows, roll logic for futures-referenced commodities, and corporate-action handling for equities.

Risk Controls & Liquidations

Price bands — Felix uses externalPerpPx bands to limit mark-price movement within +- min(1 / max leverage, 20%) of the external reference.
Liquidation flow — Liquidations are executed into the orderbook using market orders, with large positions liquidated partially first.
ADL — Felix docs say there is no intermediate liquidator vault for these markets, so ADL is the final solvency mechanism if the orderbook cannot absorb the liquidation.

Fees & Funding Rates

Fees — Felix perps follow Hyperliquid / HIP-3 fee tiering, while still allowing normal HYPE staking and VIP-style fee reductions.
USDH alignment — Because Felix markets are quoted in USDH, they are positioned to benefit from Hyperliquid's aligned-quote-asset framework rather than relying on separate Felix-only fee mechanics.

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Asset Coverage

Category distribution across Felix Exchange's listed perpetual markets.

Commodities7

Stocks4

Crypto3

Indices2

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Cross Margin Note

How cross-margin is scoped on Felix Exchange.

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

Markets

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

Asset	Category	Price				Max Lev	Cross	Trade
OIL OIL	CommoditiesExclusive	$89.620	$5.3M	$4.8M	+0.0008%	15x	Isolated only	Trade↗
SILVER SILVER	Commodities	$78.7960	$1.4M	$861.4K	+0.0008%	25x	Yes	Trade↗
TSLA TSLA	Stocks	$366.9100	$841.6K	$325.6K	0.0000%	10x	Yes	Trade↗
NVDA NVDA	Stocks	$195.7900	$664.8K	$335.3K	0.0000%	10x	Yes	Trade↗
GOLD GOLD	Commodities	$4,805.500	$338.7K	$399.2K	+0.0008%	25x	Yes	Trade↗
COIN COIN	Stocks	$185.3900	$327.7K	$77.4K	0.0000%	10x	Isolated only	Trade↗
CRCL CRCL	Stocks	$105.9700	$317.1K	$331.2K	0.0000%	5x	Isolated only	Trade↗
USA500 USA500	Indices	$6,972.80	$146.4K	$1.9M	-0.0002%	30x	Yes	Trade↗
GAS GAS	CommoditiesExclusive	$2.7565	$139.3K	$659.1K	+0.0008%	5x	Isolated only	Trade↗
PLATINUM PLATINUM	Commodities	$2,113.6	$99.9K	$127.9K	+0.0031%	25x	Isolated only	Trade↗
COPPER COPPER	Commodities	$6.083	$93.9K	$1.0M	+0.0275%	20x	Isolated only	Trade↗
PALLADIUM PALLADIUM	Commodities	$1,593.200	$13.8K	$57.1K	+0.0008%	25x	Isolated only	Trade↗
XMR XMR	Crypto	$341.1800	$1.3K	$60.3K	-0.0012%	10x	Yes	Trade↗
USDE USDE	CryptoExclusive	$0.99989	$1.2K	$1.7M	+0.0013%	20x	Yes	Trade↗
USA100 USA100	IndicesExclusive	$25,832	$43.39	$6.3K	-0.0041%	30x	Yes	Trade↗
BTC BTC	Crypto	$90,609.6	$0.00	$0.00	0.0000%	1x	Isolated only	Trade↗