Felix

Officially over $1 billion in deposits across Felix Vanilla and Felix CDP Onward

Felix spot equities update There are now 61 new spot equity assets available on Felix private mainnet, many of which were requested by beta users. This addition brings the total available spot equities to 264. More information on alpha launch will be shared soon. Newly available equities are listed here for current beta users: >Space, Defense & Aerospace ASTS — AST SpaceMobile LUNR — Intuitive Machines NOC — Northrop Grumman RDW — Redwire RKLB — Rocket Lab >Clean Energy & Power ENPH — Enphase Energy GEV — GE Vernova SEDG — SolarEdge Technologies >Mining, Materials & Commodities ALB — Albemarle FCX — Freeport-McMoRan NEM — Newmont SCCO — Southern Copper UEC — Uranium Energy >International Equity ETFs ECH — iShares MSCI Chile ETF EWJ — iShares MSCI Japan ETF EWY — iShares MSCI South Korea ETF EWZ — iShares MSCI Brazil ETF FXI — iShares China Large-Cap ETF INDA — iShares MSCI India ETF KWEB — KraneShares CSI China Internet ETF >Crypto Spot ETFs ETHA — iShares Ethereum Trust ETF FSOL — Fidelity Solana Fund IBIT — iShares Bitcoin Trust ETF >Crypto-Linked Equities ENLV — Enlivex Therapeutics EXOD — Exodus Movement GLXY — Galaxy Digital >Commodity ETFs BNO — US Brent Oil Fund GLTR — abrdn Physical Precious Metals Basket OIH — VanEck Oil Services ETF PPLT — abrdn Physical Platinum Shares ETF UNG — US Natural Gas Fund URA — Global X Uranium ETF >Fixed Income ETFs HYS — PIMCO 0–5 Year High Yield Corporate Bond ETF IEF — iShares 7–10 Year Treasury Bond ETF SHY — iShares 1–3 Year Treasury Bond ETF >US Sector & Thematic Equity ETFs CIBR — First Trust NASDAQ Cybersecurity ETF ITA — iShares US Aerospace & Defense ETF PAVE — Global X US Infrastructure Development ETF SOXX — iShares Semiconductor ETF VNQ — Vanguard Real Estate ETF >Compute, Storage & AI Infrastructure APLD — Applied Digital COHR — Coherent CRWV — CoreWeave IONQ — IonQ NBIS — Nebius Group QUBT — Quantum Computing SNDK — SanDisk STX — Seagate WDC — Western Digital >Biotech & Pharma CAPR — Capricor Therapeutics REGN — Regeneron Pharmaceuticals VRTX — Vertex Pharmaceuticals >Industrials, Infrastructure & Transportation ETN — Eaton UNP — Union Pacific VFS — VinFast Auto WM — Waste Management

When we designed Felix HIP-3 markets, we made the decision to cap funding rates for all RWA markets on weekends. Why? Funding rates exist to keep perp contract prices aligned with the underlying spot asset. Deviations trigger rate spikes that encourage arbers to balance the flow and keep price in line. For RWA perps, this system works well on weekdays, when off-hour periods are brief and off-chain hedging is reliable, but it breaks down on weekends, especially during major news events, like we've seen with oil over the past couple weeks This recent oil volatility triggered circuit breakers (capping mark price) on HIP-3 oil markets, and few traders wanted to take the opposite short positions at the capped mark price because many expected an oil jump on Monday open, which would then likely wipe out their short. With tradfi venues closed, there was no way to conveniently hedge this risk, creating a high risk + low reward scenario for shorts So even though funding rates stayed high on other oil perp venues, these rates weren't able to pull the contract price towards the speculated prices and ended up just bleeding money for longs. On Felix, the OIL-USDH funding rate stayed at ~0% over the weekend, which protected longs from unfair weekend losses, esp those users who entered expecting a gap-up Hopefully helps provide some clarity on why we made the design choice we did for weekend fundings

USA500-USDH perp is now live to trade on Felix The starting parameters of the market are the following: >Starting max leverage is 15x >Starting OI cap is set at $2.5M >On-hours and Off-hours pricing follows the specification in the docs below Trade here: trade.usefelix.xyz/flx:USA500 Docs can be viewed here: usefelix.gitbook.io/docs/felix-per…

Felix OIL-USDH Weekend ADL Analysis Over the weekend, crude oil prices spiked ~35%--the largest gain for oil futures since 1983. With this spike came a wiping out of 913 OIL-USDH shorts; ~$3.7m of shorts were liquidated over March 7 and March 8. This involved a triggering of $2.13m ADLs of longs in profit. For those not fully familiar, why is ADL necessary? ADL (auto-deleveraging) closes positions in profit when positions in the red do not have enough margin to cover their loss after attempted liquidation. Without a way to process these liquidations, we’d see insolvency in the system, so positions in profit are closed to also close out the positions in a full loss. The first positions to be ADLed are determined by a combination of size, profit, and leverage. The specific sorting index to determine the affected users in profit is (mark_price / entry_price) * (notional_position / account_value). Those traders' positions are closed at the previous mark price against the now underwater user, ensuring that the platform has no bad debt. Through validator-deployed perps, HLP would be the first line of defense to take on liquidated positions. After this would come ADL, like we saw on October 10. However, because HLP does not support HIP-3-deployed perp markets, we go straight to ADL. This is why when $3.7m of shorts were liquidated over the weekend, there were $2.13m of ADLs on Felix’s OIL-USDH. There were $31.02m of liquidations and $4.08m of ADLs on TradeXYZ's CL-USDC over the same time frame as a reference. More updates will be shared on OIL-USDH over the coming days given current market volatility. We are still early in the lifecycle of 24/7 markets on traditional assets; as HIP-3 markets mature, these mass ADL events will hopefully become less and less of an impact on the market at large. Safe trading to all

Felix exchange has crossed $2bn in HIP-3 volume This growth has been driven in large part by SILVER-USDH, which has processed nearly $1bn volume since launch in December and more recent growth on OIL-USDH (over $11m 24hr volume today and $8m OI) Through Felix exchange, we're focused on bringing TradFi markets and TradFi traders on-chain to take advantage of 24/7 markets--a reality that continues to be actualized on-chain Trade Felix markets here: trade.usefelix.xyz/flx:SILVER

Cross margin is now enabled for Felix SILVER-USDH and GOLD-USDH perps Happy trading: trade.usefelix.xyz/flx:SILVER

USDE-USDH perp is now live to trade on Felix The starting parameters of the market are the following: >Starting max leverage is 20x >Starting OI cap is set at $7.5M >Pricing follows the specification in the docs below Trade here: trade.usefelix.xyz/flx:USDE Docs can be viewed here: usefelix.gitbook.io/docs/felix-per…

USDH incentives are back on Felix USDH incentives are first allocated to USDH borrowers against the following collateral assets: kHYPE with 77% max LTV, HYPE with 77% max LTV, and UBTC with 77% max LTV. These incentives will help drive down borrow cost for traders looking to borrow USDH against their spot holdings to trade USDH-denominated HIP-3 markets. More updates on Felix USDH incentives will be shared here and in the Felix Discord. Borrow USDH now at usefelix.xyz/vanilla/borrow

Growth Mode is now enabled across Felix HIP-3 perp markets including: • SILVER-USDH • COPPER-USDH • PALLADIUM-USDH • PLATINUM-USDH • OIL-USDH • TSLA-USDH • COIN-USDH • CRCL-USDH GOLD-USDH and XMR-USDH are ineligible for Growth Mode, so they keep the same fee structure. Growth Mode for NVDA-USDH will be enabled shortly. Additionally, we maintain the VIP program for large traders on Felix markets - reach out to us for more information on VIP if trading Felix markets at scale.

PALLADIUM-USDH perp is now live to trade on Felix The starting parameters of the market are the following: >Starting max leverage is 20x >Starting OI cap is set at $2.5M >On-hours and Off-hours pricing follows the specification in the docs below Trade here: trade.usefelix.xyz/flx:PALLADIUM Docs can be viewed here: usefelix.gitbook.io/docs/felix-per…

PLATINUM-USDH perp is now live to trade on Felix The starting parameters of the market are the following: >Starting max leverage is 20x >Starting OI cap is set at $2.5M >On-hours and Off-hours pricing follows the specification in Felix docs below Trade here: trade.usefelix.xyz/flx:PLATINUM Docs can be viewed here: usefelix.gitbook.io/perps

NVDA-USDH perp is now live to trade on Hyperliquid The NVDA-USDH perp market is deployed and managed by the Felix team (via HIP-3). The starting parameters of the market are the following: >Starting max leverage is 10x >Starting OI cap is set at 2.5M USD >On-hours and Off-hours pricing follows the specification in Felix docs below Trade here: trade.usefelix.xyz/flx:NVDA Docs can be viewed here: usefelix.gitbook.io/perps

COPPER-USDH perp is now live to trade on Hyperliquid The COPPER-USDH perp market is deployed and managed by the Felix team (via HIP-3). The starting parameters of the market are the following: >Starting max leverage is 10x >Starting OI cap is set at 2.5M USD >On-hours and Off-hours pricing follows the specification in Felix docs below Trade here: trade.usefelix.xyz/flx:COPPER Docs can be viewed here: usefelix.gitbook.io/perps

Felix x Ondo Felix will soon deliver spot equities to users in collaboration with @OndoFinance. Through Felix’s integration with Ondo Global Markets, Felix users will be able to: >Access 100+ US equity markets directly through trade.usefelix.xyz at launch (expanding to 1,000+ equities over the coming months) >Trade spot equities onchain with tradfi-level liquidity 24/5 >Borrow against spot equities on Felix (coming soon) Felix spot equities will not be hindered by AMM liquidity like previous onchain equity products due to our implementation with Ondo. Buyers/sellers will be able to get tradfi-level execution on multi-million dollar equity orders Day 1. Ondo Global Markets holdings are publicly and regularly audited to demonstrate overcollateralization. Ondo provides daily public attestations, a bankruptcy-remote legal structure, an insurance fund, and multiple smart contract audits. This approach to security and transparency is in large part why Felix is working with Ondo. More details on rollout will be shared soon.

interesting things happening. feels commodity twitter and crypto twitter have been siloed spheres for long enough. hoping to merge these worlds with more commodity perp launches via @felixprotocol incoming perps: >copper >natgas >uranium >soybean meal >corn >palladium and more what else are commodity perp traders seeking?

Crude Oil (WTI) perp is now live to trade on Hyperliquid The crude oil (WTI) perp market is deployed and managed by the Felix team (via HIP-3). The starting parameters of the market are the following: >Starting max leverage is 5x >Starting OI cap is set at 2.5M USD >On-hours and Off-hours pricing follows the specification in Felix docs below Trade here: trade.usefelix.xyz/flx:OIL Docs can be viewed here: usefelix.gitbook.io/perps

The first FLX Trading Competition is now complete. Congratulations to the three traders below that traded >$500k volume on SILVER-USDH this week and have the three highest unrealized PnL amounts: 1. 0x7050a9abd4f06372247d19c39e5d718636f35fff Unrealized PnL: $14,310.58 Volume: $645,923.55 2. 0xefd3ab65915e35105caa462442c9ecc1346728df Unrealized PnL: $4,036.62 Volume: $599,110.33 3. 0xdbe452f1a0d0190e161b5fae8ee3a530f099d9a3 Unrealized PnL: $1,169.32 Volume: $606,585.38 If you are the FLX trader behind one of these three addresses, please DM us (or reach out in some other way if already in touch with a Felix team member elsewhere) in order to share the address where you'd like to receive your $5,000 USDH prize. Congratulations again!