Felix CDP Review 2026: Stablecoin Borrowing and Perps on Hyperliquid

Felix is a synthetic dollar protocol on the Hyperliquid L1. Its core product is feUSD, a USD-pegged stablecoin issued against collateral through collateralized debt positions. The protocol appeared on tracking sites in April 2025.

The homepage positions Felix as a modern financial account for traders, powered by stablecoins. It lists trading of US spot equities and perpetual futures, yield on stablecoins, and borrowing and lending against spot US equities and crypto.

The tracked total value locked is about $21 million, down roughly 14.6% over seven days. The listing shows two audits and no native token. Felix also publishes a public monitoring app and documentation, which makes its positions and liquidations easier to inspect.

Felix is a collateralized debt position, or CDP, protocol. A user deposits collateral, then borrows the protocol's stablecoin, feUSD, against it. The loan stays open as long as the collateral is worth enough relative to the debt. If collateral value falls too far, the position can be liquidated to protect the system.

The protocol runs on Hyperliquid and describes itself as a synthetic dollar protocol. Its monitoring app lists troves, activity, liquidations and redemptions, which are standard parts of a CDP design. A second section lists lending positions, where users supply assets to be borrowed by others.

Beyond the stablecoin, the homepage describes a broader account for traders. It says users can trade US spot equities and perpetual futures, earn yield on stablecoins, and borrow against or lend spot US equities and crypto. The docs explain that perps use both a mark price for margining and an oracle price.

Felix does not publish a fee schedule on the pages reviewed. Borrowing interest rates, minting or redemption fees, and trading fees for perps would normally appear in the app and in the documentation, so check them there before opening a position.

On any chain, users should also budget for network gas costs and for the price impact or spread when entering and exiting positions. These costs are not quantified.

Felix is a smart-contract protocol, so users keep their assets in their own wallets but are exposed to contract bugs, oracle errors and liquidation mechanics. The tracked listing shows two audits. The auditors and reports were not named in the material reviewed, and audits do not guarantee safety.

The protocol depends on Hyperliquid, so chain-level outages or exploits would also affect it. The team's identity and any regulatory status are not published in the material reviewed, which matters for products touching US equity exposure. Check the rules for such products where you live.

CDP borrowers can lose collateral through liquidation. The stablecoin could also trade away from its peg in stressed markets. Only use funds you can afford to lose.

Felix is for active DeFi users and traders on Hyperliquid who understand collateral ratios and liquidation risk. It fits people who want to borrow a stablecoin without selling their assets, or who want lending and perps in one place. It is not a good fit for beginners seeking a fixed-rate, low-risk savings product.