Felix feUSD
FEUSD Rank #362Price chart
What is Felix feUSD?
Collateralized borrowing
Felix's CDP market builds on Liquity V2. Borrowers lock collateral such as wrapped HYPE in positions called Troves. Each collateral branch has its own minimum collateral ratio and risk parameters. Borrowers choose a fixed annual interest rate for their position. Lower-rate Troves enter the redemption queue before higher-rate positions. Borrowers can add or withdraw collateral, adjust their rate and repay debt. Repayment burns feUSD and releases collateral when a position closes.
Peg and liquidations
Any holder can redeem feUSD for one dollar's worth of protocol collateral, less a dynamic fee. Redemptions cancel debt and remove the corresponding collateral from affected Troves. They also contract stablecoin supply. A collateral registry routes redemptions across the market's branches. Positions below their branch's minimum collateral ratio become eligible for liquidation. Stability Pool depositors supply feUSD that can be burned against liquidated debt. In return, they receive liquidation collateral and a share of borrower interest. The feUSD token implements ERC-20 transfers and EIP-2612 permits.
Where to trade FEUSD
7 exchanges · top 10
Live spot quotes from connected exchanges
FEUSD 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.