f(x) Protocol fxUSD
FXUSD Rank #315Price chart
What is f(x) Protocol fxUSD?
Collateral and issuance
The protocol accepts collateral such as stETH and WBTC for leveraged long positions. Opening a position creates fxUSD alongside the trader's xPOSITION. The accounting model divides collateral value between the stablecoin and the remaining leveraged exposure. Supply therefore follows collateral deposits and position activity. Redemptions remove stablecoin exposure against the protocol's collateral according to its contract rules.
Peg mechanism
A Stability Pool accepts both fxUSD and USDC. Its arbitrage operations purchase fxUSD below the target and sell it when the token trades above the target. Oracle pricing informs the value used for protocol operations. Keepers rebalance leveraged positions when their debt ratios cross configured thresholds. Liquidation provides a further way to reduce unhealthy positions when rebalancing is insufficient.
Yield and parameters
Stability Pool participants receive revenue from position fees, reserve yield and supported lending activity. FXN incentives supply an additional reward stream. Concentrator's separate fxSAVE vault compounds pool rewards into additional stablecoin assets. fxUSD has demand-driven issuance instead of a predetermined mining allocation. Governance can revise collateral, redemption and risk parameters. The intended dollar value depends on these collateral and liquidity mechanisms rather than a cash reserve at a bank.
Where to trade FXUSD
4 exchanges · top 10
Live spot quotes from connected exchanges
FXUSD funding rates
Live perpetual funding on every connected exchange. Positive = longs pay shorts.
Contracts & chains
Exact contract or mint per network — the identity layer used for DEX routing.
On-chain routes
Networks with a connected DEX routing adapter.