perps on Base — every position curves.
open position → ← home
OI by lev
$48.2M total · 2× → 25×
skew 1h
longs 59%
shorts 41%
longs pay · funding +0.0042%
last trade LONG 0.84 ETH-PERP · 2s
·
fees 1h +$8,420
·
funding paid 1h $1,840
// open positions 142
id
market
side
margin
size · lev
entry → mark
liq @
pnl
health
#142
ETH-PERP
LONG
$1,240 USDC
$12,400 · 10×
$3,082.40 → $3,124.42
$2,843.10
+$169.18
OK
aggregates
total margin$3.62M
total notional$48.6M
weighted lev13.4×
nearest liq$2,962.40
at-risk <10%4
// pool events
live · simulated
OI TOTAL
$48.2M
notional
VOL 24h
$184.4M
USDC
FEES 24h
$184K
USDC
+12.4%
HLP APR
22.4%
7d
+1.8%
L/S SKEW
59%
long
POSITIONS
142
open
+4 · 24h
TRADERS
8,142
24h
+421
LIQ 24h
3
events
$184K seized
market
mark
24h chg
OI
funding 1h
vol 24h
// OI distribution · long × short notional by market
long short
ETH
BTC
SOL
HYPE
+ alts → 24 markets
// recent liquidations
blktradermarketseizedbounty
19,841,2240x4a…91c2ETH-PERP · L 18×$12,420$124
19,840,9070xc8…3f01SOL-PERP · S 25×$8,210$82
19,840,3810x7e…a44bBTC-PERP · L 12×$14,680$147
// recent funding settlements
blkmarketratepaiddirection
19,841,402ETH-PERP+0.0042%$1,840L → S
19,841,094BTC-PERP+0.0028%$1,744L → S
19,840,712SOL-PERP−0.0061%$782S → L
01
margin
deposit$1,000 USDC
sideLONG
leverage10×
→
02
open
notional$10,000
entry$3,124.42
size3.20 ETH-PERP
→
03
liquidation
mmr trigger100%
bounty1.0%
trigger px$2,843.10
// invariants:
cross-margin·
funding hourly·
permissionless liquidations·
HLP backstop · no socialized loss·
no off-chain matcher
Deposit
One USDC deposit funds your cross-margin account. The same collateral backs every position across every market — long ETH, short SOL, all from one balance.
deposit(USDC) → margin_account
↓
Open
Pick a market, pick a side, pick leverage. The order routes through the hook against the live pair — no off-chain orderbook, no matchmaker. Maker 0.025%, taker 0.045%.
open(ETH-PERP, side, $size, lev) → position
↓
Funding settles
Each block, the skew between mark and oracle drives a continuous funding rate. Longs pay shorts when mark sits above; shorts pay longs when below. Settled into your margin every hour.
rate = (mark − oracle) / oracle · k · clamp(±0.05%/h)
↓
Close · or liquidate
Close any time at market or limit. Below maintenance margin (MMR > 100%), any wallet can liquidate for a 1% bounty. The HLP vault absorbs residual loss; no socialized P&L in normal conditions.
close · or liquidate(pos) → bounty + HLP_takeover
execution
hook-native
- venueBase Uniswap V4 hook
- matchernone · onchain
- maker fee0.025% · USDC
- taker fee0.045% · USDC
- settlementper-block
risk engine
cross-margin
- margin assetUSDC
- max leverage25× majors · 10× alts
- initial margin4% · majors
- maintenance margin2% · majors
- fundinghourly · (mark − oracle) / oracle · k
liquidation
permissionless
- triggerMMR > 100%
- bounty1.0% of seized
- HLP backstopresidual loss → vault
- oraclechainlink + AMM TWAP
- insurance2% of fees · capped at $1M
ticker$HELIX
supply1,000,000,000
community / airdrop40% · 400M
HLP incentives25% · 250M
team15% · 1yr cliff, 3yr vest
treasury10% · 100M
ecosystem10% · 100M
stakers earn50% of protocol fees
buyback + burn50% of protocol fees
fee accrual · 100% protocol fees
stakers burn
day 0
↗ both lines grow with volume
day ∞
chainbase mainnet · L2
executionhook on Base's primary AMM · no off-chain matcher
margin assetUSDC · cross-margin
markets24 · ETH/BTC/SOL/HYPE/PEPE/+ alts
max leverage25× majors · 10× alts
maker fee0.025% · USDC
taker fee0.045% · USDC
fundinghourly · (mark − oracle) / oracle · k · clamp ±0.05%/h
liquidationMMR > 100% · 1.0% bounty · permissionless
oraclechainlink + AMM TWAP (2-source median)
HLP backstopabsorbs residual liquidation loss · no socialized P&L
insurance fund2% of fees · capped $1M
auditsTrail of Bits · Spearbit · Cantina (in review)
contract0x000…0000 // pending deploy
What chain does HELIX run on?
Base L2. The protocol is a hook over the chain's primary AMM, so every perp settles in the same liquidity layer everything else trades on. No L2, no rollup, no off-chain matchmaker.
How is funding calculated?
Continuously, settled every hour into your margin. The rate is (mark − oracle) / oracle × k, clamped at ±0.05%/hr. Longs pay shorts when mark sits above oracle; shorts pay longs when below.
What happens when I get liquidated?
MMR > 100% → any wallet can liquidate for a 1% bounty. The position closes through the pair; if residual loss exists below the bounty floor, the HLP vault takes it. No socialized P&L in normal conditions.
Why hook-native instead of an orderbook?
Hook execution means HELIX inherits Base's deepest AMM liquidity for the underlying pair. No bridge risk, no off-chain matchmaker to trust. You get Ethereum settlement guarantees with L2 fee economics — the cheapest perp surface that still settles on a canonical L1.
What does $HELIX capture?
Stake $HELIX to earn 50% of every protocol fee in real-time. The other 50% buys $HELIX from the open market and burns to 0xdead. The token captures real cash flow — it's not a governance trinket.
When mainnet?
Hook is finalized. Audits in review (Trail of Bits, Spearbit, Cantina). First long will be the first onchain event.