Felix Protocol

**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)

Felix has launched a major **5x increase in USDH incentives** to accelerate adoption of Hyperliquid's native stablecoin over the next month. **Key Details:** - Users earn rewards by lending USDH to Felix's Flagship or Frontier vaults - USDH Flagship: $14.6M deposits, lends to HYPE, kHYPE, UBTC with 62.5-77% max LTV - USDH Frontier: New vault lending to HYPE, kHYPE, wstHYPE at 77% max LTV - Future incentives may extend to borrowers **Strategic Impact:** Growing USDH adoption drives **HYPE token buybacks** and enables cheaper trading on Hyperliquid through native stablecoin benefits for USDH pairs. This follows Felix's recent USDC incentive program, which offered supply APYs of 6.95% (Flagship) and 105.3% (Frontier). [View campaign details](https://app.merkl.xyz/?search=usdh&action=LEND&a)

**Felix Vanilla** has launched its first round of **USDH lending incentives**, offering significantly higher returns for USDH suppliers. **Key Details:** - USDH lenders now earn **borrower interest + USDH incentives** - Current APR jumps from **3.54% to 25.74%** with incentives - Rates will normalize as more lenders participate and vault expands **How It Works:** - Unlike previous USDC incentives for borrowers, these target USDH lenders - Simply supply USDH to start earning enhanced returns - Campaign details available through [Merkl](https://app.merkl.xyz/opportunities/hyperevm/MORPHOVAULT/0x207ccaE51Ad2E1C240C4Ab4c94b670D438d2201C) This follows Felix's earlier USDC borrower incentives launched in November, expanding their reward programs across different user segments.

**COIN-USDH perpetual futures** are now available for trading on Hyperliquid, deployed by the Felix team through HIP-3. **Key Trading Parameters:** - Maximum leverage: **3x** - Open interest cap: **$2M USD** initial limit - Follows standardized equity pricing for market hours **Fee Benefits:** All Felix HIP-3 markets now feature **reduced trading fees** through Growth Mode, providing cost savings for traders. **Recent Expansion:** This follows the launch of CRCL-USDH perps and TSLA-USDH futures, showing Felix's continued expansion of equity trading on decentralized platforms. [Trade COIN perps](https://app.hyperliquid.xyz/trade/flx:COIN) | [View documentation](http://usefelix.gitbook.io/perps)

**Felix HIP-3 markets have entered growth mode**, slashing fees by 90% to bootstrap adoption. - Growth mode **stacks with existing discounts** like stablecoin collateral benefits and staking rewards - @tradexyz enabled the feature for perpetual assets, **reducing baseline taker fees to just 0.009%** - The mechanism helps **novel markets gain traction** by making trading significantly cheaper This fee reduction represents a major incentive for traders to explore new HIP-3 markets while they establish liquidity.

**Felix officially joins Morpho Labs** as curator for Hyperliquid integration. **Key developments:** - Felix Vanilla launched in May 2025, scaling to hundreds of millions in supply and borrows - HyperEVM now supported on Morpho App interface - Users can access Felix Vaults directly through Morpho - Partnership marks larger acceleration into Hyperliquid ecosystem **Growth metrics:** - Over $600M total deposits on HyperEVM - Felix managing $180M+ under curation - Infrastructure-only deployment proved successful The collaboration leverages Morpho's established codebase while expanding access to Hyperliquid-based lending and borrowing services. [Read full announcement](https://forum.morpho.org/t/introducing-felix-vaults/2047)

**Unable to Generate Summary** The provided content consists only of X.com article links without accessible text or details. To create an accurate summary, the actual article content would need to be provided. **What We Have:** - Main article link from October 9, 2025 - Related article link from October 2, 2025 - Both links point to X.com articles **Next Steps:** Please provide the full text content of these articles for proper analysis and summarization.

**USDC is now live on Felix Vanilla** within HyperEVM, marking a significant expansion for Circle's stablecoin. **Key Features:** - Bridge USDC from other chains via Stargate Finance or Across Protocol - Powered by CCTP v2 technology - Borrow and lend functionality available immediately **Supported Collaterals:** - HYPE - kHYPE - UBTC - Additional assets coming this week **Important Limitation:** USDC cannot transfer directly between HyperCore and HyperEVM accounts yet. Circle plans to enable this connectivity soon. **What's Next:** Direct HyperEVM ↔ HyperCore connectivity will allow seamless deposits/withdrawals between spot and perpetuals markets across 14+ blockchains.

**Felix Vanilla** now accepts **thBILL** as collateral, marking the platform's first step into real-world assets (RWAs). **Key Features:** - thBILL is Theo Network's institutional-grade onchain money market fund - USDT0 Frontier pool lends against thBILL collateral - Lenders can choose risk levels via different vault exposures **For Borrowers:** - Loop thBILL for maximum exposure to Theo points and treasury yield - Access leverage against treasury bill positions **For Lenders:** - Supply USDT0 to Frontier Vault for enhanced yields - Current returns approach **3x market beta** - Choose between standard and frontier vaults based on risk tolerance This integration demonstrates Felix's flexible design, allowing both conservative and aggressive strategies while expanding DeFi access to traditional financial instruments.

**The Peoples Exchange** continues to operate as a major trading platform. This exchange has established itself as a **popular destination** for traders in the region. - Known for attracting significant trading activity - Maintains strong user engagement - Continues to serve as a key market infrastructure The platform's reputation for **active trading environments** remains intact, drawing participants seeking dynamic market opportunities.