Felix Protocol airdrop guide: farm the biggest borrowing market on Hyperliquid (2026)

Felix is where a lot of the smart Hyperliquid money quietly parks, and the reason is structural: it is one of the largest native money markets on the entire chain, at around $440 million TVL, and every action you take on it farms two programs at once, Felix points and Hyperliquid points. It is an authorized fork of Liquity V2, audited by Dedaub and Coinspect, partnered with Morpho and Ethena, and it has no token yet. If you want a single high-conviction position on HyperEVM, this is one of the cleanest. Start on Felix.

Felix is a decentralized borrowing protocol on Hyperliquid's HyperEVM, built as an authorized fork of Liquity V2 with additional risk-management features layered on top. The core product is a CDP (collateralized debt position) market: you deposit approved collateral into a vault, called a Trove, and mint feUSD, Felix's native stablecoin, against it. Approved collateral includes HYPE (Hyperliquid's token), Wrapped Bitcoin, ETH, and liquid staking derivatives like stETH and rETH. Because it is a Liquity-style CDP rather than a pooled lender, borrowers get a predictable, interest-rate-driven cost of debt instead of a floating utilization rate.

The traction is real and matters here. Felix has grown to roughly $440 million TVL, second only to Hyperlend among native Hyperliquid money markets, since its public mainnet launch on 8-9 April 2025. Its contracts have been independently audited by Dedaub and Coinspect, and it has integrated with Morpho and Ethena, which is the kind of composability that signals a protocol other builders take seriously. The roadmap points toward a yield-bearing evolution (feUSD toward a HUSD model), which is worth watching. Borrow or provide on Felix.

Here is the part most guides underplay: Felix lives on HyperEVM, and any activity on HyperEVM also builds your Hyperliquid footprint. Hyperliquid ran one of the most valuable airdrops in crypto history and allocated a huge share of $HYPE to its community, so a position that farms Felix while simultaneously accruing Hyperliquid ecosystem standing is doing two jobs from one deposit. That nested exposure is the real reason to be here rather than on a comparable CDP on a chain with no such upside.

No Felix token has been announced, so treat the airdrop as unconfirmed and speculative. What is live is an active points program: you earn Felix points by minting feUSD, depositing into pools, and using vaults.

The signals are strong for a tokenless play. Felix is a top-two money market on a major chain, it has passed multiple independent audits, it is composable with Morpho and Ethena, and it runs a structured points program, which is the standard pre-token pattern. Layer on the Hyperliquid nested exposure and the risk-reward is unusually good: even if a Felix token never materializes, HyperEVM activity is not wasted, because it still builds Hyperliquid standing. Nothing is promised. But this is one of the rare farms where the downside case still leaves you positioned somewhere valuable. Get counted on Felix.

• Project: Felix Protocol
• Chain: Hyperliquid (HyperEVM)
• Type: Decentralized CDP borrowing protocol (authorized Liquity V2 fork)
• Status: Live. Public mainnet since April 2025. Points program active. No token yet
• Stablecoin: feUSD, minted against collateral in a Trove
• Collateral: HYPE, WBTC, ETH, stETH, rETH
• TVL: ~$440M (2nd-largest native money market on Hyperliquid)
• Audits: Dedaub and Coinspect
• Integrations: Morpho, Ethena
• Points: earn via minting feUSD, depositing pools, using vaults
• Nested exposure: HyperEVM activity also builds Hyperliquid footprint
• Related airdrops: Hyperliquid, Ethena, Ethereal
• Join: Borrow, mint or provide on Felix

Gas on HyperEVM is cheap, so transaction overhead is minor. Your real costs are the interest on your feUSD debt (a Liquity-style CDP charges a borrowing rate rather than a floating pool rate) and the market risk on your collateral. Your capital is not spent, it is locked as collateral and mostly recoverable, though a portion is at genuine risk of liquidation if your collateral falls and you do not maintain your ratio. A practical starting budget is a few hundred dollars of collateral, enough to mint meaningful feUSD and deploy it, with a conservative LTV so you are not one candle away from liquidation. What is at risk is liquidation and collateral price, not a farming fee you are burning, and if you use yield-bearing collateral the carrying cost is partly offset.

Felix is well-credentialed for a tokenless protocol. It is a top-two money market on Hyperliquid by TVL, its contracts have passed independent audits by Dedaub and Coinspect, and it is an authorized fork of Liquity V2, one of the most battle-tested CDP designs in DeFi, so the core mechanism has years of adversarial history behind it. Integrations with Morpho and Ethena add composability that anonymous forks do not have.

The honest risks are specific to a CDP. Liquidation is the real one: if your collateral drops and your Trove falls below its threshold, you get liquidated, and volatile collateral like HYPE or BTC makes that a live danger, not a theoretical one. feUSD peg risk applies as with any CDP stablecoin, though Liquity V2's design is robust. HyperEVM is a younger environment than Ethereum mainnet, so treat the surrounding infrastructure as newer. And the airdrop is unconfirmed. As always, use only the official usefelix.xyz domain, never approve a blanket token allowance to "claim" anything, and never share your seed phrase. Read how to avoid airdrop scams .

How do Felix points work?

You earn points for protocol activity: minting feUSD, depositing into pools, and using vaults. There is no published conversion or allocation, so the airdrop is unconfirmed. Because Felix is on HyperEVM, that same activity also builds your Hyperliquid ecosystem footprint, so a single position farms two potential rewards.

What is feUSD and how do I mint it?

feUSD is Felix's native stablecoin, minted by depositing approved collateral (HYPE, WBTC, ETH, stETH, rETH) into a vault called a Trove, Liquity V2 style. You borrow feUSD against your collateral at a set interest rate and can redeem your collateral by repaying. Keep your loan-to-value conservative to avoid liquidation.

Is there a Pendle or fixed-yield angle on Felix?

Not a live PT/YT market on the feUSD position itself. The capital-efficiency angle that does apply is collateral selection: use a yield-bearing LST like stETH or rETH so your collateral earns while it backs your debt. The bigger nested play is the Hyperliquid footprint you build simply by being on HyperEVM.

Why does being on HyperEVM matter for the airdrop?

Hyperliquid ran one of the largest community airdrops in crypto and continues to reward ecosystem activity. Any genuine use of a HyperEVM protocol like Felix contributes to your standing there, so even if Felix never launches a token, the activity is not wasted. That two-for-one is the core reason to farm Felix over a comparable CDP elsewhere.

What are related airdrops to farm alongside Felix?

The Hyperliquid and yield-stablecoin cluster: Hyperliquid itself, plus Ethena and Ethereal , since Felix integrates with Ethena and the collateral principle carries across. Browse the airdrops list .

Related: One deposit, two ecosystems , Ethena still pays post-TGE , and how to qualify for airdrops . Full list: browse the airdrops catalog .

Felix is a top-two money market on Hyperliquid where every deposit farms two programs and your worst case still leaves you positioned on $HYPE. Join airdropSEA, open a Trove on Felix, and farm it alongside a family that reads the nested exposure.

Research, not financial advice. Web3 carries risk, do your own diligence.