Fluid exchange profile

Fluid joins a decentralised exchange to lending and collateralised borrowing. Its shared liquidity layer lets supplied assets support more than one protocol function. Smart Collateral and Smart Debt make collateral or debt positions available for swaps. The exchange, lending positions and interface routing need separate descriptions.[1][4]

On 20 October 2026, DefiLlama displayed approximately US$3.95 billion of rolling 30-day Fluid DEX volume and US$234 million of current DEX liquidity. Its methodology counts native-pool swaps and flags that liquidity as overlapping with Fluid Lending. Adding those two liquidity totals would double-count assets. The snapshot covered Ethereum, Arbitrum, Plasma, Base and Polygon. A comparable verified count of active individual customers was not established.[2]

Smart Collateral resembles a liquidity position that can also support borrowing. Trading changes the assets represented by the position, while lending and swap fees may accumulate. Smart Debt works on the other side: trading fees reduce the economic cost of debt. Those fees depend on activity; the guide’s illustrative borrowing ranges do not lock a customer’s future borrowing rate.[5][6]

Fluid does not publish a universal maker/taker ladder for its AMM. Governance can set pool trading fees and enable a revenue cut. A quoted swap can also include external routing costs, network gas and price impact. The inspected material did not establish one all-in front-end commission that applies to every route and version.[9][3]

Illustration: a US$10,000-equivalent swap at the documented 0.003%–0.01% pool fee would incur US$0.30–US$1.00 of pool fees. This assumes an unchanged notional and excludes gas, other routing charges and price impact; it is not a live quote.[10]

The guide’s Net APY formula uses net capital: collateral less debt. Its numerator is collateral value multiplied by net collateral APR, minus debt value multiplied by net debt APR. In a simple annualised illustration, US$10,000 of collateral earning 5% and US$6,000 of debt costing 8% produce US$20 net income on US$4,000 of net capital, or 0.5%. This uses fixed values and rates, without compounding, price changes or additional costs. A high displayed percentage can reflect a small equity denominator.[12]

For interest-rate governance, the vault parameter guide describes a bounded team-multisig adjustment of up to 20% of a rate once in 96 hours, with larger changes requiring governance. This is a relative adjustment, not 20 percentage points. The documented authority means a borrowing rate should not be read as a fixed-term promise.[16]

The normal entry path starts with a supported crypto asset in a connected wallet on the chosen network. First-time lending deposits can require a token approval followed by the deposit transaction. A wallet balance, a supplied balance and immediately redeemable liquidity are different amounts. A native Fluid bank-transfer deposit or bank withdrawal service was not established in the inspected funding guides.[14]

The DEX parameter screen separates base, current and maximum borrowing limits from withdrawal limits. Expansion rate and duration determine how capacity changes; a withdrawal gap reserves liquidity for liquidation. These controls can constrain an exit even when the user can still sign transactions. The relevant amount is the position’s currently withdrawable balance, rather than a total pool or portfolio value.[17]

Vault positions are represented by transferable NFTs containing both collateral and debt. Transferring that NFT changes position ownership; it is not the same transaction as withdrawing its underlying tokens. Similarly, disconnecting a browser does not repay a debt position. The on-chain position remains until the required management transactions change it.[16]

Wallet signing remains distinct from custody inside the protocol. The Liquidity contract holds assets used by the connected modules; lending receipt tokens and vault positions represent claims or positions within that system. The fact that an interface cannot sign with a user’s wallet does not make assets already supplied to a contract immune to contract, collateral or governance failures.[1]

A vault first becomes eligible for liquidation when its debt-to-collateral ratio crosses the applicable threshold. Eligibility does not imply immediate execution. The higher maximum threshold can expose the whole position to liquidation. Fluid can handle portions of many at-risk positions in one transaction, so a block-explorer entry may not resemble an isolated account liquidation. The guide offers help locating the relevant transaction.[19]

After a liquidation, the position view shows debt repaid and collateral withdrawn. The remaining balances must be assessed together: a reduction in debt can accompany a larger reduction in collateral after the penalty. A notification is a record of an executed event, rather than protection against later liquidations.[20]

Fluid’s August 2026 recap reports that the 22 March compromise of Resolv’s signing infrastructure created unbacked USR and left a roughly US$9.7 million shortfall against Fluid exposure. It says the DAO treasury covered the shortfall and lenders were made whole. This is the project’s account of a particular remedy; it does not create a standing right to treasury reimbursement after a future loss.[32]

The wallet guides describe access through an EOA, a DSA or Avocado. A user must select the appropriate account and network; a visible asset on another chain is not automatically available to the chosen vault. The supplied documentation establishes web and connected-wallet workflows, without a comprehensive native-mobile feature matrix.[13][21]

The linked legacy terms require lawful use and exclude sanctioned users or jurisdictions. A complete current Fluid-specific country matrix remains unestablished.[28]

The linked terms specify individual JAMS arbitration, with court and venue references to bracketed “[San Francisco]” wording. Their governing-law clause still contains the placeholder “CONFIRM”. No formal pre-complaint clock was established. Those unresolved terms do not support a definite claim about the governing law.[28]

For records, Stats includes position ID, owner wallet, supplied and borrowed amounts, collateral ratio and liquidation status. Its market-size, borrowed and available-liquidity fields measure different things. A complete tax-statement or account-wide CSV service was not established from the inspected statistics guide. Retaining the relevant wallet, chain, position ID and transaction history is necessary to reconcile an exposure across interfaces.[26]

The linked Instadapp agreement describes a software provider and disclaims broker and custodian roles. It limits contractual liability, where enforceable, to the greater of US$100 or service payments in the preceding 12 months. These provisions are not a financial-services permission or compensation scheme.[28]

The February 2026 foundation proposal reports Cayman incorporation and proposes moving protocol intellectual property into the foundation. Incorporation and governance arrangements do not themselves establish authorisation to operate a regulated exchange for a particular client or territory. No entity-specific exchange permission or statutory client-compensation entitlement was established from this source set.[30]

Fluid’s V2 announcement dates the V1 exchange launch to 29 October 2024. Its proposed additions include new liquidity types and other products. The current integration reference is narrower evidence of availability: D3 and D4 range-order integration is documented, while some other types and deployments remain forthcoming. Announced perpetuals are not included as an established live service in this profile.[33]

Fluid currently links legacy-dated Instadapp terms naming InstaDApp Labs LLC. Its current Fluid-specific contracting position remains unresolved.[28]

The August foundation funding proposal records that an earlier monthly grant had been approved, while requesting a subsequent increase to support expanded legal and institutional work. A proposal for additional funding is not evidence that its new amount has already taken effect or that a client contract has transferred.[31]

The H1 recap also distinguishes Liquidity-as-a-Service deployments from Fluid’s shared core pool: they use isolated capital. Partner products such as Jupiter Lend and Venus Flux have their own operating relationships. Their assets and users are not added to Fluid DEX’s figures here.[32]

Operator

Instadapp interface; current Fluid-specific contracting entity unresolved

Exchange model

Decentralised

Service scope

Native AMM and aggregator interface, with separate lending, smart liquidity and collateralised borrowing.

Client types

Not established

Pricing publication

Public pricing

Pricing scope

Pool, route and version determine charges; borrowing and transaction costs are separate.

Funding scope

On-chain crypto deposits and withdrawals, repayment, refinancing and position transfer.

Custody and asset handling

Wallet signatures authorise entry; supplied assets enter shared protocol contracts and remain exposed to their controls.

Client eligibility

Wallet access, supported network and applicable legal restrictions; no complete current country matrix established.

Support

Official request centre, community documentation and legacy contractual dispute provisions.

Authorisation and registration scope

No current entity-specific financial permission or statutory compensation entitlement established.

Exchange metadata checked 20 Oct 2026Source 1Source 4Source 13Source 14Source 9Source 34Source 28Source 30

The still-accessible Liquidity Rewards page describes an extension ending on 19 September 2024, including historical off-chain reward calculation and claim timing. Those allocations and dates do not establish a current 2026 promotion. Current incentive eligibility and withdrawal treatment must come from the applicable live programme and position, rather than that old reward page.[25]

Simulation Mode can also be used with an existing position to examine a contemplated change before submitting it. The simulated balance and result remain separate from the real position. This profile documents the available workflow; no live funding, swap, withdrawal or service-response test was performed.[24]