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fx Protocol

fx.aladdin.club DeFi Protocols Website

f(x) Protocol offers decentralized trading and borrowing against ETH and WBTC through its on-chain finance platform.

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fx.aladdin.club
fx Protocol homepage screenshot

About fx Protocol

f(x) Protocol is a decentralized, on-chain trading platform that offers leveraged long or short positions on ETH and WBTC, with exposure of up to 7x according to its homepage. To fund these positions, the protocol mints fxUSD, a stablecoin that the site describes as collateralized by staked ETH and WBTC. The homepage also lists yield options such as a stability pool and an auto-compounding vault, though it shows the APY figures as placeholders.

The homepage says leverage positions are designed to reduce liquidation risk through a rebalancing mechanism called Liquidation Brake, and that the protocol charges no funding fees under normal circumstances. These are design claims and are not guaranteed. Leverage amplifies losses as well as gains. The protocol's own materials say a position can still be liquidated in extreme cases, and that in a worst-case scenario bad debt could be spread across positions. Version 1 leveraged xTokens could lose all of their value in extreme scenarios.

Key features

  • Leveraged long or short positions on ETH and WBTC, up to 7x
  • Liquidation Brake mechanism that rebalances positions near liquidation price
  • fxUSD stablecoin minted to support leveraged positions
  • Stability pool that buys or sells fxUSD to help maintain its peg
  • fxSAVE auto-compounding vault listed on the homepage
Best for: Traders who want leveraged long or short exposure to ETH or WBTC on-chain and understand that leverage increases potential losses.
Good for
  • The homepage states that no funding fees are charged under normal circumstances.
  • Version 2.1 positions are rebalanced to a lower leverage level instead of being liquidated at the trigger price.
  • A reserve fund, funded by a portion of protocol revenue, is intended to cover bad debt.
Watch out for
  • Leverage amplifies both gains and losses, and the protocol states this does not eliminate the risk of losing money.
  • Liquidation may still occur in extreme cases where rebalancing fails.
  • In version 1, leveraged xTokens could lose all of their value in extreme scenarios.

fx Protocol at a glance

Type
Website
Pricing
Not confirmed. Check the site
Platforms
Web
Open source
Not stated
Language
English
Last checked
Oct 6, 2026 · Online when checked
Listed
Oct 5, 2026
defi protocol

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fx Protocol FAQ

Is fxUSD an algorithmic stablecoin?
No. The homepage states that fxUSD and other stablecoins issued by the protocol are fully collateralized with DeFi assets, and it is backed by Lido's stETH according to the FAQ.
How does the protocol try to reduce liquidations?
Version 2.1 positions that reach a liquidation-level price are rebalanced to a different leverage level. The homepage notes this carries a small fee and does not eliminate the risk of loss.
What happens if fxUSD trades below its peg?
The homepage states that fxUSD can be redeemed at the oracle price for stETH or WBTC, and that new xPOSITIONs cannot be opened while fxUSD trades below peg.
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Listing maintained by Chris McClure and the WebIndexly editors · Updated Oct 13, 2026 · How we rank