Monetrix

Perpetual futures markets generate enormous yield — funding rates, maker rebates, liquidity incentives — and most of it has always been invisible to the average holder. Capturing it meant running a delta-neutral strategy through a centralized exchange, taking on custody risk.

Ethena is the best example of what this model can achieve. By running a delta-neutral strategy across centralized venues, Ethena grew into one of the strongest yield protocols in DeFi — its synthetic dollar USDe attracted billions in deposits, delivering passive yield automatically.

If you are looking for a place to put stablecoins to work, Ethena is worth checking out.

But any strategy that runs through a centralized exchange inherits one unavoidable risk: the venue itself — as the world witnessed on October 10, 2025, when crypto markets collapsed, altcoins fell 80% in hours, Bitcoin erased months of gains, and over $19 billion in leveraged positions were wiped out — the largest single-day deleveraging event in crypto history, with 70% of the carnage concentrated in just 40 minutes, affecting over 1.6 million traders. In the chaos, USDe crashed to $0.65 on Binance — not because the collateral failed, but because Binance’s internal oracle was referencing its own thin orderbook instead of external liquidity. Traders using USDe as collateral saw its value collapse instantly. Mass liquidations followed.

Each liquidation pushed prices lower, triggering more liquidations, a cascade that wiped billions across the market. The OKX CEO publicly pointed the finger at Binance.

Monetrix takes that same proven model and runs it natively on Hyperliquid — the largest on-chain perpetuals exchange, holding over 70% of open interest across all decentralized derivatives, built on its own Layer 1 blockchain with fully on-chain order execution and no CEX custody. Every position, every hedge, every rebalance on Monetrix is verifiable by anyone in real time.

Users deposit USDC and receive $USDM 1:1. Staking $USDM mints sUSDM, an ERC-4626 token whose exchange rate grows passively as yield accrues — no claiming, no compounding, no manual steps. Behind every dollar of $USDM, the vault captures funding rates across all Hyperliquid markets including HIP-3 assets, earns spot lending yield through Hyperliquid’s native lending layer, collects maker rebates at scale, and uses dynamic HLP utilization as a market-neutral safety cushion. No CEX custody. No counterparty risk. No opaque off-chain execution.

Monetrix is built by the team behind Hybra Finance, the established public liquidity layer on HyperEVM. Founder @leo_build_hl, former co-founder of a unicorn startup, leads the project. The codebase was publicly audited by Code4rena with no high or critical findings.

🪂 Monetrix — Governance Token Airdrop

The Genesis phase is live: early depositors accumulate Gems — the on-chain points that will determine airdrop eligibility at TGE. Gems accumulate in tiers from Bronze to Diamond based on deposit size and time held. A 10% referral bonus applies to every Gem earned by referrals.

Monetrix has a governance token planned, with full tokenomics to be disclosed before TGE. The team has confirmed an airdrop allocation for early contributors through the Users / Community bucket, covering points mining, liquidity mining, and distributions to protocol users.

No snapshot date has been set — make sure your wallet is on the record.