⚠️Flex Perpetuals Wind-Down
General
Why is Flex Perpetuals shutting down? The on-chain perpetuals market has consolidated significantly since our launch in February 2025. Heavily capitalised competing protocols have absorbed market share and liquidity in ways that make it increasingly difficult for a community-funded protocol to maintain a healthy FLP pool. With FLP at its current level, individual profitable traders create outsized impact on the pool a structural problem that compounds over time. Continuing to operate under these conditions increases risk to our community without a credible path to resolution. We made the call to wind down cleanly rather than manage a slow decline.
When did this decision take effect? Trading was halted at 16:00 UTC on March 5, 2026.
Where can I see all wind-down actions and statuses? The Wind Down tab at app.flex.trade shows the current status of every action in real time. This page will be updated at each milestone.
Open Positions
I have an open position. What do I do? Close it before 16:00 UTC on March 7, 2026. You have a 48-hour voluntary window from the announcement.
What happens if I don't close my position in time? Any positions still open at 16:00 UTC on March 7 are force-closed at oracle price. You do not need to take any action for this to happen it is automatic.
Can I open new positions? No. New position openings were disabled at 16:00 UTC on March 5.
FLP
What happens to my FLP? FLP is freely redeemable now and always has been. Redeem your proportional share of the underlying basket (cbBTC, ETH, USDC) at any time. There is no deadline.
I'm in a Boost Lock (3-month or 6-month). Can I still withdraw? Yes. All Boost Locks are unlocked immediately as of the announcement. You can withdraw freely.
Is there any risk to leaving FLP unredeemed? Trading has been halted, so there is no further counterparty risk from open positions after March 7. Your FLP simply holds the underlying basket. There is no penalty or deadline for redemption.
esFDX
What happens to my esFDX? esFDX vesting is now instant. You can vest to FDX and claim your full amount at any time.
Will I receive further esFDX rewards? No. esFDX distribution is halted from March 5 at 16.00 UTC.
I have esFDX in a Boost Lock. Can I access it? Yes. All Boost Locks are unlocked. Vest your esFDX to FDX immediately if you wish.
FDX
Will the team sell FDX? No. All team tokens are being burned on-chain. No team member will sell FDX on the market.
What happens to protocol-owned liquidity (POL)? POL will be withdrawn from the Aerodrome FDX/ETH pool at 16:00 UTC on March 12. This was formally announced on March 5 a 7-day notice period. POL is being redeployed into Flex Labs operations including LiquidBots development, marketing, and runway.
What is the Flex Legacy Allocation (FLA)? The FLA is a gesture of recognition for FDX holders who remain at the time of the March 12 snapshot. It is not compensation we want to be clear about that. It converts the nominal USD value of your FDX holdings at snapshot into LBOT tokens at TGE price, on a 1:1 basis. FLA is sourced from our Ecosystem Growth and Trader Incentives bucket and has zero impact on investor allocations.
When is the FDX snapshot taken? At the exact block when POL is withdrawn 16:00 UTC on March 12, 2026.
Do I need to hold FDX to receive the FLA? You must hold FDX at the snapshot block on March 12. If you sell before then, you will not receive FLA. This is your decision there is no obligation to hold.
What are the vesting terms for the FLA? The vesting schedule will broadly align to our Liquidbots seed round terms. Full vesting details will be published ahead of LBOT TGE.
Seed Round Investors (LFDX)
I'm a seed round investor with unvested LFDX. What are my options?
You have two paths. You must choose within 7 days of the announcement (by 16:00 UTC on March 12). If you do not respond, you are automatically placed into Option 2.
Option 1 Accelerated Exit Your remaining unvested FDX is released as liquid tokens immediately, with a 35% haircut applied to the unvested amount. This gives you liquidity now if you need it.
Option 2 Flex Legacy Conversion Your remaining unvested FDX is converted to a Flex Legacy Allocation at the same 1:1 nominal USD value rate as the general FDX snapshot. Carried into LBOT with the same vesting schedule as the general FLA. Option 2 participants also receive exclusive access to the LiquidBots Strategic Investment Round on the same terms as strategic investors.
How do I choose Option 1? Use the "Claim FDX / Accelerate Exit" button on the Wind Down page at app.flex.trade.
What happens if I don't choose? You are automatically placed into Option 2 after the 7-day window closes.
LiquidBots
What is LiquidBots? LiquidBots is Flex Labs' next product a modular automation platform for on-chain trading. Grid bots, DCA, arbitrage engines, and copy vaults, built to execute across Hyperliquid and other leading perps venues. It is an intelligence layer that works with dominant exchanges, not against them.
How does my Flex Legacy Allocation connect to LiquidBots? At LBOT TGE, your FLA converts to LBOT tokens at a 1:1 nominal USD value ratio. Your history with Flex Perpetuals gives you a direct path into the LiquidBots ecosystem.
Where can I learn more about LiquidBots? docs.liquidbots.xyz
Last updated