Felix Protocol brings over 260 Ondo tokenized stocks and ETFs to the Hyperliquid ecosystem, making them available to users outside the US. This is the first time a tokenized spot market will be operational on Felix.
On-chain traders who previously had to off-ramp their funds to gain exposure to the U.S. capital markets can now trade tokenized versions of these assets directly within HyperLiquid without leaving the chain and without the high execution costs that have historically made large-scale on-chain equity trades impractical.
Tokenized stocks and ETFs now available publicly on Felix
On-chain traders no longer need to off-ramp their funds to gain exposure to US capital markets. Additionally, Felix users can now trade tokenized stocks/ETFs with large order sizes without huge execution costs… pic.twitter.com/LYu5XK31VL
— Felix (@felixprotocol) March 26, 2026
What you can actually do with this
The practical changes here are concrete. Before this integration, Hyperliquid traders who wanted exposure to U.S. stocks had only one path: convert their crypto to fiat, move it off-chain, open a brokerage account, and buy the stock through traditional rails. The process involves multiple steps, multiple fees, and the friction of navigating between two completely separate financial systems.
Felix permanently removes the path for eligible users. Tokenized stocks and ETFs issued by Ondo Finance can now be traded directly as a spot market on Felix within the Hyperliquid ecosystem. Traders can buy tokenized GOOGL, TSLA, SPY, or over 250 other assets without touching fiat currency, opening a brokerage account, or leaving the on-chain environment they already use.
The cost of execution is worth serious consideration. Felix uses GOOGL’s $1 million as an example and says the net execution cost is less than 10 basis points. 10 basis points on a $1 million trade is $1,000.
Traditional institutional stock executions at this scale typically run from a few basis points to much higher basis points, depending on the broker and asset. For on-chain execution, slippage, liquidity depth, and protocol fees have historically increased the cost of large trades, but less than 10bps for a 7-digit order is a meaningful number.
What is Ondo’s tokenized stock?
Ondo Finance issues tokenized versions of real-world financial assets, including US stocks and ETFs. Each tokenized stock is backed by an underlying asset, providing holders with economic exposure to the performance of that asset while residing on the blockchain rather than in a traditional brokerage account.
The more than 260 assets available through Felix cover a wide range of U.S. stocks and exchange-traded funds. These are not just some of the major names. This is a wide range of options that provides traders with meaningful choices without the need for separate infrastructure for each sector or asset class.
Ondo’s tokenization model and the regulatory structure behind it is what makes these assets available in the first place, and the Felix integration is how they will reach Hyperliquid’s user base.
Why Hyperliquid is perfect for this
Hyperliquid has built one of the most active on-chain trading ecosystems in cryptocurrencies over the past year. Its permanent market generates significant volumes. Its user base consists of traders who are accustomed to sophisticated financial instruments and large position sizes.
Traders already using Hyperliquid for crypto perpetual trading have the technical comfort and risk appetite to tackle tokenized stocks and ETFs. What they have lacked so far is access to those assets within the same environment. The integration of Felix closes that gap. Same wallet, same interface, same on-chain rails, just added US equity exposure to the available asset set.
The first tokenized spot market on Felix is also a milestone for Hyperliquid as an ecosystem. Perpetuals dominate platform activity. Adding a spot market for tokenized real-world assets expands Hyperliquid’s content beyond just its trading content.
This solves the access problem for traders outside the US
The U.S. capital market is the largest and most liquid stock market in the world. For traders outside the United States, accessing these markets is always fraught with friction. Disadvantages of foreign brokerage accounts, currency conversion, regulatory requirements that vary by country, and time zones with markets closing at specific times. Tokenized stocks solve several of these problems at the same time.
On-chain tokenized stocks are traded whenever the on-chain market is open. No overseas brokerage account required. No currency conversion is required other than swapping to the relevant stablecoin.
For traders in markets with limited access to US equities through traditional channels, the integration of Felix and Ondo on Hyperliquid provides access not previously available with this level of execution quality and cost efficiency.
conclusion
Felix and Ondo Finance have introduced over 260 tokenized US stocks and ETFs to the Hyperliquid ecosystem for non-US traders. Execution costs are competitive, asset selection is broad, and off-ramp requirements are eliminated. For on-chain traders outside the US who want exposure to the stock market without leaving the chain, this is the most direct method that has ever existed. The first tokenized spot market is live on Felix, and the access problem it solves is real.
