Felix

Tokenized stocks and ETFs are now live on Felix On-chain traders no longer have to off-ramp funds to gain exposure to US capital markets. Additionally, Felix users now have the ability to trade tokenized stocks/ETFs in large order sizes without the steep execution costs that have plagued on-chain adoption up until now (Example: Buy $1M in GOOGL on Felix with a net execution cost less than 10bps today). Trade over 250 different assets now: trade.usefelix.xyz/equities Not available in the U.S. and other prohibited jurisdictions.

Fully on-chain SPCX DCA is now live Trade spot equities with DCA orders via Felix here: trade.usefelix.xyz/equities/SPCX

Felix continues to offer the largest vaults on HyperEVM with over $95m in deposits across vaults and ~$35m in available borrow capacity currently Current vaults live: >HYPE Flagship >USDC Flagship >USDC Frontier >USDT0 Flagship >USDT0 Frontier >USDe Flagship As a reminder, Felix vaults are deployed on @Morpho and support both 1) HYPE borrowers for looping kHYPE, wstHYPE, and kHYPE PTs as well as 2) stablecoin borrows for traders looking to borrow against HYPE, kHYPE, wstHYPE, and UBTC to trade more on Hyperliquid Will be interesting to watch where HyperEVM goes from here and in what ways HL Labs determines to further integrate the EVM or leave it as more segmented from Core. For now, EVM still serves as the primary mode of collateral servicing for HL traders looking to borrow against HYPE, kHYPE, and other HL-native assets to trade via Felix and HyperLend. TBD how much native Portfolio Margin will affect this in the future (not that much so far) or if there are other primitives that can be net-new on the EVM and gain scale. So far only lending and liquid staking have seen any viability, and both still face platform risk. Only path is to create durable value that is net-new and can't be swept away More on the way

24/7 tokenized stocks are now live on-chain via Felix The stock market is open 6.5 hours a day, 5 days a week—27% of the week (excluding holidays). Starting this week, Felix runs the other 73% too. Market movements that shift prices happen when markets are closed. (Earnings after hours, macro news on weekends, Asian news overnight, etc.) Now traders don't wait to trade. Access spot equity markets on-chain any time. The first six spot equity markets now accessible 24/7 on Felix are listed below with more on the way: >SPY >QQQ >CRCL >NVDA >TSLA >GOOGL Trade here: usefelix.xyz/trade/spot-equ… gFelix

24/7

Centralized intermediaries and regulatory perimeters don’t usually mix for long. Felix is permissionless by design.

> Equity ETFs — Thematic / Sector BAI — iShares A.I. Innovation and Tech Active ETF QTUM — Defiance Quantum ETF SOXQ — Invesco PHLX Semiconductor ETF SOXL — Direxion Daily Semi Bull 3X ETF SOXS — Direxion Daily Semi Bear 3X ETF IGV — iShares Expanded Tech-Software ETF IYW — iShares US Technology ETF DRAM — Roundhill Memory ETF SHLD — Global X Defense Tech ETF BOTZ — Global X Robotics & AI ETF LIT — Global X Lithium & Battery Tech ETF DTCR — Global X Data Center & Digital Infrastructure ETF ORBX — Global X Space Tech ETF IDEF — iShares Defense Industrials Active ETF SIL — Global X Silver Miners ETF AIQ — Global X AI & Technology ETF BKCH — Global X Blockchain ETF > International Equity ETFs CORO — iShares International Country Rotation Active ETF ARGT — Global X MSCI Argentina ETF > Bond ETFs BRLN — iShares Floating Rate Loan Active ETF IGEB — iShares Investment Grade Systematic Bond ETF QLTA — iShares Aaa-A Rated Corporate Bond ETF BRHY — iShares High Yield Active ETF BRTR — iShares Total Return Active ETF EUHY — iShares Euro High Yield Corporate Bond USD Hedged ETF LEMB — iShares J.P. Morgan EM Local Currency Bond ETF GGOV — iShares Global Government Bond USD Hedged Active ETF BIL — SPDR Bloomberg 1-3 Month T-Bill ETF IEI — iShares 3-7 Year Treasury Bond ETF YEAR — AB Ultra Short Income ETF >Commodity ETFs CPER — US Copper Index Fund BWET — Breakwave Tanker Shipping ETF > Energy ETFs VDE — Vanguard Energy ETF URNM — Sprott Uranium Miners ETF > Closed-End Fund VCX — Fundrise Innovation Fund

Felix spot equities listing update There are now 173 new spot equity assets available on Felix, many of which were requested by current users. This brings the total available spot equities and ETFs on Felix to 430. Newly added equities are listed here: > Semiconductors AXTI — AXT FORM — FormFactor MKSI — MKS Inc. AEHR — Aehr Test Systems CAMT — Camtek WOLF — Wolfspeed POWI — Power Integrations HIMX — Himax Technologies (ADR) MXL — MaxLinear ONTO — Onto Innovation OUST — Ouster TER — Teradyne ENTG — Entegris AOSL — Alpha and Omega Semiconductor STM — STMicroelectronics (ADR) CBRS — Cerebras Systems ALAB — Astera Labs MTSI — MACOM Technology Solutions PENG — Penguin Solutions VPG — Vishay Precision Group GFS — GlobalFoundries NVTS — Navitas Semiconductor SWKS — Skyworks Solutions UMC — United Microelectronics (ADR) UCTT — Ultra Clean Holdings ACLS — Axcelis Technologies COHU — Cohu VSH — Vishay Intertechnology RMBS — Rambus AIP — Arteris LSCC — Lattice Semiconductor CEVA — CEVA Inc ACMR — ACM Research NVMI — Nova Ltd AMKR — Amkor Technology > Technology Hardware GLW — Corning LITE — Lumentum Holdings AAOI — Applied Optoelectronics NOK — Nokia (ADR) HPE — Hewlett Packard Enterprise DELL — Dell Technologies CIEN — Ciena FN — Fabrinet CRDO — Credo Technology Group LPTH — LightPath Technologies CLS — Celestica KOPN — Kopin Corporation VICR — Vicor JBL — Jabil FLEX — Flex Ltd EXTR — Extreme Networks TTMI — TTM Technologies HLIT — Harmonic > Software NET — Cloudflare PL — Planet Labs SAP — SAP SE (ADR) ARQQ — Arqit Quantum WYFI — WhiteFiber

Spot PURR (@HypeStrat) is now live Access Nasdaq liquidity onchain via Felix: trade.usefelix.xyz/equities/PURR

This is the final scheduled notice of FLX HIP-3 sunset mechanics. If you still have active positions on FLX, please note the updated settlement mechanics in our docs below for commodities and equities markets given the US bank holiday on Friday, June 19. For commodities markets, the mark price and oracle price will be locked to the Friday market close (1 PM ET). For equities markets, the mark price and oracle price will be locked to the Thursday regular market close (4 PM ET). usefelix.gitbook.io/docs/felix-per…

Spot SpaceX is live on Felix Access $SPCX now at: trade.usefelix.xyz/equities/SPCX

SpaceX spot will be available on-chain on Felix Access Nasdaq liquidity via Felix for low-cost execution on-chain after the SpaceX IPO More live spot assets here: usefelix.xyz/trade/spot-equ…

PT-kHYPE-September 2026 collateral is now live on Felix Vanilla As with the March 2026 kHYPE PTs, a linear discount oracle is used to price kHYPE PT collateral on Felix, where PT-kHYPE is priced at a discount to kHYPE and approaches 1:1 with kHYPE as it reaches maturity on the expiration date. This linear discount approach allows borrowers to loop more reliably without concerns of short-term depegs. kHYPE PTs provide a fixed yield source for looping as well as collateral use for traders. Available here: usefelix.xyz/vanilla-borrow

Some notes on sunsetting FLX HIP-3: First, will share that sunsetting HIP-3 changes nothing for Felix borrow/lend or Felix spot equities. Both will continue to see more upgrades in the weeks to come as our team narrows focus Our team began work on our HIP-3 offering in June of 2025 as the clear use case for Felix borrow/lend was borrow to trade; we viewed adding our own markets as a way to customize more of that user flow and capture more upside. We also saw HIP-3 as a way to launch perps for assets that had never had perp market before and set out for a novel way to do this Things obviously didn't play out in our favor over the months post-FLX launch, even though we were first to market with a few key markets, namely OIL, GOLD, and SILVER. These markets drove us solid fees during December and January and about 3bn in volume, but were eventually surpassed by TradeXYZ once they launched the same markets denominated in USDC A few takeaways I've pondered for why things didn't work out in our favor and what could have gone differently--curious to hear if others think otherwise too: 1. TradeXYZ went with USDC over USDH, which seems obvious to be the correct choice in hindsight. When we launched, we did not know growth mode was on the horizon, which made the cost benefits of USDH negligent and left USDH markets as a fragmentation issue as opposed to a new core asset HL users wanted to use as margin. USDH appears to have been a well-played pawn to get Circle/Coinbase to move on driving USDC yield back to HL, but we didn't see the board this way at the time 2. XYZ beat us to market by launching on the day HIP-3 went live and about a month before we went live. This allowed early brand traction to build + time to get ready to launch more markets sequentially 3. XYZ beat us on market listing numbers early-on and built a moat of market listings quickly, while being the sole USDC-based deployer. Probably a bit of a balance sheet advantage here to pay for tickers and get liquidity in those markets; we had to pick markets more carefully due to balance sheet constraints 4. XYZ had an early brand halo around a mystery airdrop, which led to heightened early usage, which helped build initial volume/OI/liquidity, which created a growth flywheel that we were unable to catch. They then leveraged this growth flywheel to keep doubling down with more markets, larger partnerships, etc 5. With the 4 points above, XYZ was able to dominate the HL-native / CT-native trader base on HIP-3. Our options then were 1) launch novel/more esoteric market types that other deployers wouldn't touch or 2) build distribution in a net-new market. 1 is not that interesting to me since, as we saw with SILVER and OIL, as soon as a market gets traction, the top deployer can likely copy it. And 2 is something we haven't accomplished yet; it's an area we are determining how we want to approach as a company. When we accomplish 2, we may return as a deployer, but maintaining the deployment in the meantime is an unnecessary cost and not driving unique value, especially with the USDH sunset I'm sure there are other factors too that I haven't unpacked yet, but those are the main set I see Thanks again to all the HL traders who gave feedback over the build out of FLX and post-launch. Hopefully we can continue to serve you with your debt and yield needs via Felix borrow/lend. Feel free to ping me any time with thoughts, questions, or needs

In light of the USDH sunset, the Felix HIP-3 DEX and all live markets will begin sunsetting on June 19 and conclude on June 20. All traders are encouraged to close active positions before this time. Another reminder of this sunset will be sent in the Felix Discord and Telegram announcements channels on June 15. Markets will be settled sequentially, with each market settling one hour after the previous market. For full settlement mechanics, please review the FLX HIP-3 Sunset section of the Felix docs here: usefelix.gitbook.io/docs/felix-per… Telegram announcements: felixannouncements Discord link in bio