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Felix has launched trading for USA500-USDH perpetual futures. **Key Parameters:** - Maximum leverage: 15x - Open interest cap: $2.5M - Pricing structure includes on-hours and off-hours specifications This follows Felix's recent launch of USDE-USDH perpetuals in February, which offered 20x leverage and a $7.5M OI cap. Traders can access the new market at [Felix's trading platform](https://trade.usefelix.xyz/flx:USA500). Full specifications are available in the [Felix documentation](https://usefelix.gitbook.io/docs/felix-perpetual-futures).

A 35% weekend crude oil price surge—the largest since 1983—triggered significant liquidations on Felix's OIL-USDH market. **Key Numbers:** - 913 short positions liquidated - $3.7m in shorts wiped out (March 7-8) - $2.13m in auto-deleveraging (ADL) of profitable longs **What is ADL?** Auto-deleveraging closes profitable positions when liquidated positions lack sufficient margin. This prevents platform insolvency by matching profitable traders against underwater positions. **ADL Priority Formula:** (mark_price / entry_price) × (notional_position / account_value) **Why Felix Saw Heavy ADL:** Felix's HIP-3 markets lack HLP (Hyperliquid Liquidity Provider) support, which normally absorbs liquidations first. Without this buffer, the platform went straight to ADL. **Comparison:** TradeXYZ's CL-USDC market saw $31.02m liquidations and $4.08m ADLs during the same period. The platform expects these mass ADL events to decrease as 24/7 traditional asset markets mature.

Felix has relaunched **USDH incentives**, now targeting borrowers rather than lenders. **Key Details:** - Incentives available for USDH borrowed against **kHYPE, HYPE, and UBTC** collateral - All three assets offer **77% maximum loan-to-value (LTV)** ratios - Designed to reduce borrowing costs for traders using USDH in HIP-3 markets **Context:** This marks a shift from December's strategy, which focused on lending incentives and saw USDH Flagship vault reach $14.6m in deposits. The new approach aims to support traders holding spot assets who want to borrow USDH for trading. Borrow USDH at [Felix](https://www.usefelix.xyz/vanilla/borrow). Updates will be shared in the Felix Discord.

Felix is integrating with Ondo Global Markets to offer onchain spot equity trading. The platform will launch with access to **100+ US stocks** through trade.usefelix.xyz, expanding to 1,000+ equities in coming months. **Key features:** - Trade spot equities onchain with traditional finance-level liquidity - 24/5 trading availability - Multi-million dollar order execution from day one - Future ability to borrow against spot equity holdings Unlike previous onchain equity products limited by AMM liquidity constraints, Felix's implementation with Ondo provides institutional-grade execution. Ondo Global Markets maintains publicly audited holdings demonstrating overcollateralization, daily attestations, bankruptcy-remote legal structure, insurance fund, and multiple smart contract audits. The partnership builds on Ondo's existing infrastructure for tokenized stocks and ETFs, which uses Chainlink as its oracle platform for price data.

**GOLD-USDH perpetual futures** are now live on Hyperliquid, deployed by the Felix team through HIP-3. **Key Features:** - **20x maximum leverage** (higher than PAXG-USDC) - **$2M USD open interest cap** initially - **Lower fees** due to USDH discounts - **Improved pricing** sourced from deeper off-chain liquidity venues The market follows standardized commodity perps with on-hours and off-hours pricing. This offers better hedging access for market makers compared to relying solely on spot PAXG pricing. [Trade GOLD-USDH](https://trade.usefelix.xyz/flx:GOLD) | [View Documentation](http://usefelix.gitbook.io/perps)