Perpetuals where
mark = pool
Spot-settled perps on Base. Every market is bound to a live Uniswap V4 pool — the hook runs inside every swap. No oracle, no off-chain matcher, no admin. 32 markets, cross-margin USDC, <1 block settle.
Perps that compose with the rest of crypto.
Don't see your market?
Propose it.
Any token with a deep Base AMM pool can become a perp. Drop the contract + a pool reference, governance routes the rest. 32 markets shipped, FX / commodities / equities on the roadmap.
- crypto majors + memeslive · 32 markets
- alt L1 + L2 tokenslive · 8 markets
- FX perps (EUR · GBP · JPY)Q3 2026
- commodities (XAU · WTI)Q3 2026
- equity indices (SPX · NDX)Q4 2026
- tokenized stocksQ4 2026
- Quotes both sides of every perp from its own reserves — when longs want size and no short bids, HLP takes the short.
- Earns 50% of all fees. Other 50% buys $HELIX and burns.
- Backstops liquidations — absorbs residual loss instead of socializing.
- No lockup. No withdrawal queue except a safety gate at >8% drawdown.
Every perp on HELIX is a real Uniswap v4 pool.
When you long ETH-PERP, the v4 hook intercepts the swap, opens a leveraged position against the live ETH/USDC pool, and settles PnL in USDC. Mark price is the pool price — no off-chain matcher, no synthetic oracle. The pool can't lie to itself.
The hook is the v4 callback on every pool that backs a perp. beforeSwap settles funding + sweeps liquidations. afterSwap records the trade-cleared mark and routes a fee slice to HLP. The perp lives inside the spot market.
beforeSwap · afterSwap
Mark is the price the pool just cleared, not an oracle feed. Manipulating mark costs whatever it costs to move the spot pool — same depth, same slippage.
mark = lastClearedMark
One USDC balance funds every position across 24 markets. Long ETH and short SOL share the same account.
margin / Σ(positions)
Funding accrues every time the spot pool is touched — not on an external cron. Rate is the gap between mark and the time-weighted reference, clamped at ±0.05%/hr.
beforeSwap → settleFunding
When MMR > 100%, any wallet flags the position. The hook sweeps up to 3 candidates on every swap and pays a 1% bounty. Residual loss to HLP.
beforeSwap → sweepLiq(3)
Deposit USDC, take the other side of every trade. Earns 50% of perp fees plus a bps slice of every spot swap routed in via the hook.
afterSwap → donateHLP
Stake $HELIX to earn the other 50% of fees, streamed in USDC. The remaining 50% buys $HELIX from the open market and burns to 0xdead.
50% stakers · 50% burn