Kinetiq (kHYPE, Markets.xyz, Elysium)

At a glance Live

What

Liquid staking

Runs on

HyperCore + HyperEVM

Official site

kinetiq.xyz

Docs

kinetiq.xyz

X

@kinetiq_xyz

TVL on Hyperliquid

$987M +5.6% 7d · #2 on Hyperliquid L1

Fees, last 30 days

$1.72M

Builder fee (Markets.xyz)

perps 1 bps (0.01%); spot sells 10 bps (0.1%) (on top of Hyperliquid's fee)

Official links

• Stake HYPE (app)
• Docs
• Contracts and audits
• Markets.xyz
• Elysium
• X
• Discord
• Telegram announcements

Checked against Kinetiq's own site on November 4, 2026. Bookmark these instead of using search ads.

Not official:

• kinetlq.vercel.app — Spelled with a lowercase L in place of the i. A copy of the kinetiq.xyz homepage that also loads an external wallet-connection script the real site does not load (checked Nov 4, 2026).
• kineitiq.cc — Two letters transposed. Registered Dec 28, 2025; did not resolve on Nov 4, 2026.

TVL by product (DefiLlama)

Kinetiq kHYPE	Liquid Staking	$905M
Kinetiq kmHYPE	Liquid Staking	$42.6M
Kinetiq Earn	Yield Aggregator	$36.1M
Kinetiq Launch	Liquid Staking	$3.33M

What Kinetiq is

Staking HYPE helps secure Hyperliquid and earns rewards, but natively staked HYPE is locked. Kinetiq, built by Kinetiq Research, is a liquid staking protocol: you deposit HYPE on HyperEVM (Hyperliquid’s smart-contract chain) and receive kHYPE, a token you can hold, trade or use as collateral while the HYPE behind it stays staked. A scoring system called StakeHub spreads that HYPE across validators on HyperCore (Hyperliquid’s trading engine and order-book chain). You cannot choose the validator.

kHYPE does not rebase. Your token count stays fixed and the kHYPE-to-HYPE rate rises; Kinetiq’s FAQ says the rate updates daily. Around kHYPE, Kinetiq runs:

• Kinetiq Earn, a vault (receipt token vkHYPE) built with Veda and curated by Seven Seas that puts kHYPE to work across DeFi.
• kmHYPE, a separate staking token whose HYPE backs Kinetiq’s HIP-3 deployer stake. HIP-3 lets anyone run their own perp markets on Hyperliquid by staking 500,000 HYPE.
• Markets.xyz, its trading app (below).
• KNTQ, the governance token: 1 billion max supply, genesis Nov 27, 2025. Staked KNTQ (sKNTQ) has a 7-day unstake.

For a side-by-side with Valantis’s token, see kHYPE vs stHYPE.

What it costs

Product	Documented fee
kHYPE staking	10% of rewards (70% KNTQ buybacks, 30% treasury); 5 HYPE minimum
Queued unstake	No fee listed; about 8 to 9 days
Kinetiq Earn	20% performance fee on profits only; no management, entry or exit fee
kmHYPE	0.10% withdrawal fee, paid in kmHYPE
Markets.xyz builder fee	1 bp on validator-run perps; 5 bps on HIP-3 perps at the entry tier, down to 0.5 bps at $2.5B+; 0.1% on spot

The stake page also has an instant unstake option, and Pashov audited that module in November 2025, but the docs don’t publish its fee. Check the quote before you confirm.

Markets.xyz and the km/mkts markets

Markets.xyz is Kinetiq’s Hyperliquid front end on web, iOS and Android. A front end earns a builder fee, an extra charge on each fill that you approve once. Markets offers up to 50x leverage on select markets with Kaiko price feeds. Compare its fees with other apps in Hyperliquid front ends compared. Hyperliquid’s terms restrict the US and Ontario.

Kinetiq also deployed its own HIP-3 markets under the dex names km and mkts. On Nov 4, 2026, Hyperliquid’s API flagged every km market and 23 of 24 mkts markets, including US500, TSLA and GOLD, as delisted. The only active one was mkts:BVIV, a Volmex Bitcoin implied-volatility perp listed Sep 29, 2026. Markets’ asset page still lists equity, FX and commodity markets, and its API docs now use trade.xyz’s markets as examples. Kinetiq has not published an explanation. Live status is on the HIP-3 tracker.

Elysium

Elysium is Kinetiq’s L2: an Arbitrum Orbit chain, run with Conduit, that settles to HyperEVM and uses HYPE for gas. The testnet is live on chain ID 99801. Kinetiq’s blog schedules mainnet for Nov 9, 2026; the mainnet chain ID is not yet published. At launch it has a single sequencer and permissioned validation, and withdrawals to HyperEVM wait out a challenge period. More on the Elysium page.

How to use it

1. Move HYPE from HyperCore to HyperEVM: in the Hyperliquid app, Portfolio, then “Transfer to EVM”.
2. Open kinetiq.xyz/stake-hype, connect your wallet, enter at least 5 HYPE and click Stake.
3. Optionally deposit into Kinetiq Earn, or use kHYPE yourself as collateral on HyperLend or Felix.
4. To exit, queue an unstake and confirm the withdrawal after about 8 to 9 days, or swap kHYPE for HYPE on a DEX.

Risks

• Admin keys. The contracts are upgradeable, run behind role-based access and a multisig, and can be paused. You trust the admins.
• Slow exit. An unstake can’t be cancelled and earns nothing while pending. Selling early on a DEX can mean a discount.
• Validators and slashing. Hyperliquid has no slashing today; Kinetiq notes it could come later.
• Oracle. Kinetiq’s own contracts set the exchange rate.
• kmHYPE backs a HIP-3 deployer, which can be slashed for malicious activity such as bad oracles. Withdrawals take about 8.5 days and queue whenever the HYPE behind kmHYPE is at or below 500,000.
• Earn stacks the risks of every protocol it uses.
• No insurance. The FAQ says kHYPE is not insured.

Audits: Pashov Audit Group, Zenith, Code4rena and Spearbit (kHYPE), Zenith and Spearbit (kmHYPE), Spearbit (sKNTQ), Zero Cool and Cantina (Launch), all linked on the contracts and audits page. A bug bounty runs on Cantina.

Who it suits, and alternatives

kHYPE suits HYPE holders who want staking rewards and a token they can use in DeFi, and who accept an 8 to 9 day exit. Valantis stHYPE lets you pick a validator and targets about 7 days; Hyperbeat beHYPE is another option. To lend kHYPE, see Morpho on HyperEVM.