FAQ

Short answers to common questions about the HYPE product. For the general protocol FAQ, see the USDM FAQ.

Product

What is mxHYPE?

A HYPE-denominated token on HyperEVM. You mint it 1:1 with native HYPE and redeem it 1:1 back to HYPE (with a cooldown).

What is smxHYPE?

The yield-bearing receipt you receive when you stake mxHYPE. Its exchange rate to mxHYPE grows over time as the protocol settles yield. smxHYPE is where the yield lives.

Is mxHYPE a stablecoin?

No. mxHYPE tracks HYPE, not the dollar. If HYPE's price falls, the dollar value of your mxHYPE and smxHYPE falls with it. Yield is earned in HYPE on top of that price exposure. For a dollar-stable position, use USDM.

Do I earn yield just by holding mxHYPE?

No. mxHYPE alone does not earn yield; it's a receipt for HYPE. To earn yield you must stake mxHYPE and hold smxHYPE.

How is this different from staking HYPE with a validator?

Monetrix does not delegate your HYPE to validators. The yield comes from a delta-neutral strategy on Hyperliquid (see below), which is independent of validator rewards.

Yield

Where does the yield come from?

Your HYPE stays HYPE; it is not hedged. On top of it, the vault runs a funding-capture position on Hyperliquid: an equal HYPE spot long and HYPE perpetual short, which carries no net price risk and collects the funding rate that long speculators pay to shorts. Net funding (after borrowing costs) is earned in USDC and converted back into HYPE before it is distributed, so smxHYPE holders receive their yield in HYPE.

How do I receive the yield?

Stake mxHYPE, hold smxHYPE. The smxHYPE/mxHYPE exchange rate is updated once a day, reflecting yield accrued from 00:00 UTC the previous day to 00:00 UTC today. No claim transaction.

What APY can I expect?

APY is not fixed. It tracks live HYPE funding rates and lending demand on Hyperliquid. The APY shown in the app is a 7-day average and will vary.

Cooldowns and exits

How long are the cooldowns?

Currently 1 day to unstake (smxHYPE → mxHYPE) and 2 days to redeem (mxHYPE → HYPE). Both values are read live from the protocol config and shown in the app. They are separate: unstaking then redeeming takes both cooldowns back to back.

What is the Instant option?

Both Unstake and Redeem offer an Instant mode that pays you immediately from a protocol-funded buffer for a 0.3% fee. It requires a minimum of 2 smxHYPE / 2 mxHYPE and only works when the buffer holds enough for your amount. If it's unavailable, use Standard.

What does "Waiting for liquidity" mean on a redeem request?

The cooldown has finished but the redemption escrow doesn't yet hold enough HYPE to pay out. The protocol tops up the escrow as it unwinds positions. Wait and check back; no action is needed.

Can I cancel an unstake or redeem request?

Not directly. Once requested, you wait for the cooldown and claim.

Limits

Is there a cap on how much I can mint?

Yes. Per transaction: minimum 0.1 HYPE, maximum 3,000 HYPE. Overall product capacity: 50,000 HYPE, with the remaining capacity shown in the app sidebar. Governance can change these values.

Mechanics

What decimals do the tokens use?

mxHYPE: 18 decimals (matches HYPE). smxHYPE: 24 decimals.

Do I need to approve anything?

Minting needs no approval because HYPE is the native token. Staking, standard redeem, and instant exits each ask for an exact-amount approval before the main transaction.

Where are the contracts?

On HyperEVM. Canonical addresses for the mxHYPE contracts are listed on Audits & Contracts.

Where do I get support?

See the Resources page for contact and community channels.