The Crypto Index
Provider
Friction builds crypto index perpetuals on Hyperliquid. Total market cap. Memecoins. Stress. Three markets live, 50% fee share, one team.
Three Markets, One Platform
Trade crypto indices with up to 20x leverage on Hyperliquid. No custom wallet needed — use your existing Hyperliquid account.
Total Crypto Market Cap Index
Formula
Total Market Cap / 10B
$3.5T market cap = $350 TCAP
Max Leverage
20x
Fee (taker/maker)
9 / 3 bps
Bitcoin Dominance Index
Formula
BTC Market Cap / Total Market Cap
57% dominance = $57 BTC.D
Max Leverage
20x
Fee (taker/maker)
9 / 3 bps
Top 100 Memecoin Index
Formula
Meme Ecosystem Cap / 10B
$765M ecosystem = $0.077 MEME
Max Leverage
10x
Fee (taker/maker)
9 / 3 bps
How It Works
Friction calculates crypto indices and publishes oracle prices to Hyperliquid in real time.
Calculate
Aggregate data from multiple institutional-grade sources. Apply manipulation-resistant filtering and index methodology.
Publish
Oracle prices are published to Hyperliquid every few seconds. Multi-level failover ensures 99.9%+ uptime.
Trade
Trade crypto indices directly on Hyperliquid with up to 20x leverage. No new wallet needed — use your existing account.
$19.3B
liquidated in 14 hours
5 days
early warning before crash
5.2x
index convexity vs BTC
3
markets live on Hyperliquid
50%
fee share to Friction
0
false positives on stress
"$200B in perp OI… stress has no price."
Crypto has the most leveraged, volatile, 24/7 derivatives market on earth — and no instrument to trade the stress itself. Every crash, billions liquidate. Every recovery, the same patterns repeat. The signal is there. Nobody packages it.
"Our index hit EXTREME five days before the crash…"
We built the TCAP-S stress index and ran it live for months. It flagged every major event — the February 2026 crash, the ETF volatility spike, the memecoin blowoff. 5.2x convexity versus BTC drawdowns. Zero false positives on the EXTREME signal.
"Now we build the indices and run the oracles."
Friction deploys crypto index perpetuals on Hyperliquid via HIP-3. Total market cap. Memecoins. Bitcoin dominance. Three markets, institutional-grade methodology, real-time oracle infrastructure. Hyperliquid handles execution — we provide the signal.
Why Friction
Institutional Methodology
Published index formulas with transparent constituent rules, weight caps, and rebalancing schedules.
Real-Time Oracle
Sub-3 second updates from multiple independent sources with manipulation-resistant aggregation.
Multi-Source Resilience
Five-level failover cascade. Oracle never halts — degrades gracefully under any source failure.
HIP-3 Native
Built on Hyperliquid's HIP-3 infrastructure. Trade with Hyperliquid's deep liquidity and low latency.
Crypto Stress Monitor
Real-time market stress analysis combining volatility, liquidation activity, market structure, and funding rates into a single actionable index.