Tesla Stock Trading Goes Live on Hyperliquid Through Felix Protocol

TLDR:

• Felix deploys Teslat stock TSLA perpetual contract on Hyperliquid using HIP-3 framework with USDH margin requirements
• Trading hours mirror stock market sessions from 9:30 AM to 4 PM ET with self-referential off-hours pricing
• Leverage caps at 5x for positions under one million and 3x above with 500,000 USDH open interest limit
• USDH margins unlock 20% lower taker fees, 50% better maker rebates, and 20% higher volume tier credits

Felix Protocol has launched a Tesla perpetual futures market on Hyperliquid, marking a significant expansion of tokenized stock trading in decentralized finance. The TSLA-USDH perpetual contract went live with carefully structured trading hours and leverage limits designed to mirror traditional market dynamics. 

This deployment utilizes Hyperliquid’s HIP-3 framework, allowing the Felix team to manage the market independently. The new offering introduces USDH as the margin asset, positioning it as a core component of Felix’s expanding product suite.

Trading Parameters Mirror Traditional Market Structure

The Tesla perpetual market operates with distinct on-hours and off-hours pricing mechanisms. 

Trading coverage spans 9:30 AM to 4:00 PM Eastern Time, aligning with standard stock market hours while excluding holidays. The Felix team plans to extend support to pre-market and after-hours sessions in future updates.

Outside regular trading windows, the market employs a self-referential pricing model. This system calculates values using the local orderbook’s impact price with protective bands anchored to the previous closing level. The approach aims to maintain price stability during periods of lower liquidity.

Leverage restrictions start at 5x for positions under one million dollars. Traders holding larger positions face reduced leverage at 3x for amounts exceeding the million-dollar threshold. The initial open interest cap sits at 500,000 USDH, establishing conservative growth boundaries for the nascent market.

Economic Incentives Target Active Traders

Felix Protocol structured the USDH margin system to deliver measurable cost advantages. Once the aligned stablecoin proposal reaches mainnet deployment, taker fees will drop by 20 percent compared to standard rates. 

Maker rebates will improve by 50 percent, rewarding liquidity providers more generously than existing structures.

Volume contributions toward fee tier calculations will increase by 20 percent for USDH-margined positions. These modifications create a tiered incentive framework that benefits high-frequency participants and market makers alike.

The protocol also unveiled a VIP program offering additional discounts beyond the base improvements. Traders interested in accessing VIP benefits can contact the Felix team directly for eligibility requirements and enrollment details.

Felix’s decision to align with Hyperliquid reflects both cultural and economic considerations. The deployment extends the platform’s reach into equity-linked derivatives while maintaining decentralized infrastructure. 

The team emphasized that USDH margins serve a dual purpose of reinforcing ecosystem cohesion and providing tangible financial benefits.

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