Welcome to Felix
Felix is a suite of on‑chain borrowing and lending products running on Hyperliquid L1. Our goal is to let anyone unlock liquidity or earn yield in a secure, risk‑adjusted, and friction‑free way.
Felix currently provides two core primitives:
Primitive
What It Does
Who It’s For
Deposit collateral → mint feUSD -> swap into another asset for leverage.
Traders seeking high‑LTV leverage and cheap borrow costs.
Variable‑rate lending pools. Borrow asset‑native tokens (e.g., HYPE, HUSD, USDC) or supply them to earn APY.
Users who prefer direct exposure to the asset they borrow/lend—no redemption mechanics, fully dynamic rates.
Popular Use‑Cases
Margin Trade: Use the CDP or Vanilla Markets to lever up long/short positions without leaving Hyperliquid.
HLP Carry Trade: Borrow feUSD at a fixed rate of your choosing or borrow a fiat stable, swap into USDC -> deposit into HLP, and capture funding differentials.
SP Carry Trade: Mint feUSD → deposit in a Stability Pool → earn spread between your borrow rate and pool yield.
Spot Trades: Mint feUSD or borrow USDC/HYPE for immediate spot purchases on Hyperliquid DEXs.
Leverage Looping: Deposit collateral → borrow the same asset in Vanilla → re‑deposit, amplifying exposure.
Yield on Stables: Park idle feUSD in Stability Pools or lend HUSD / USDC in Vanilla for yield.
DEX LPing
Volatile pairs: Provide liquidity to pairs like HYPE/feUSD or UBTC/feUSD to earn swap fees
Stable-swap pairs: Supply liquidity to pools such as HUSD/USDC, USDT0/USDC, or USDe/feUSD to collect low-impermanent-loss fees.
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