Flying Tulip is an onchain exchange that combines a volatility‑aware hybrid AMM & CLOB, trade rebates, impact‑based lending, and deposit & forget delta neutral lending and perps.
We studied what traders expect from top exchanges and built a unified on‑chain design that blends their best UX with verifiable settlement.
AMM adapts to market regimes, while integrated limit orders route to the best price. No more choosing between AMM or orderbook liquidity.
Borrow limits update with price impact and volatility so leverage stays available in calm markets and tight in stressed markets.
Account abstraction and gas subsidies reduce onboarding friction. Deposit from multiple chains and start trading in minutes.
| Platform | Self‑custody | On‑chain settlement | Limit orders | Dynamic fees | Integrated lending | Delta‑neutral stable asset |
|---|---|---|---|---|---|---|
| Coinbase / Binance (CEX) | ✕ | ✕ | ✓ | Mixed | ✓ | ✕ |
| Backpack / Orderbook DEX | ✓ | ✓ | ✓ | ✕ | Limited | ✕ |
| Legacy AMM DEX | ✓ | ✓ | Partial (range orders) | Static tiers | External | ✕ |
| Flying Tulip | ✓ | ✓ | ✓ (CLOB in AMM) | ✓ (volatility‑aware) | ✓ (impact‑based) | ✓ (ftUSD) |
Result: CEX‑level tools with DEX transparency — lower slippage in calm markets, and safer leverage in volatile moves.
Our money market sets risk by actual price impact and observed volatility, not just static asset lists. That means fewer liquidations in turbulence and higher caps in calm periods.
Borrow caps and health factor reflect slippage to close positions under stress.
Optional borrowing in the same denomination as collateral for delta‑neutral perps and structured strategies.
Delta‑neutral yield engine feeds liquidity and tight pricing across markets.
Markets settle against opt‑in LPs and the integrated AMM/CLOB, avoiding slow oracles and enabling permissionless asset pairs.
Tokenized delta‑neutral LP positions produce a USD‑equivalent asset, creating sustainable liquidity incentives for the exchange.
Read the thinking behind the product. These papers directly inform the mechanisms live in the exchange.
Dynamic curve selection delivers better pricing across regimes.
Price‑impact and volatility drive safer LTVs.
How active ranges and triggers affect LP returns.
Formalizing borrow caps from execution risk.
Designing robust on‑chain limit order flow.
Volume‑adjusted 0.02%–0.035% taker, 0%–0.01% maker; plus yield from non‑staked ftUSD and 10% of lending interest.
Private investors receive a perpetual put to redeem the original denomination at par; raised funds generate yield to service the put.
Direct to growth: token buybacks, incentives, and liquidity programs — creating a self‑reinforcing flywheel.
All economic design points summarize excerpts from the investor deck. See full details in the deck and forthcoming docs.
Fixed supply; no inflationary incentives.
50% Foundation (vested; milestone‑unlocked), 50% Investors.
$FT
Led by builders behind Yearn, Keep3r, and ve33 with deep exchange and protocol experience.