HEX Liquidity

What you are trading against

HEX trades on decentralised exchanges, where every buy and sell comes out of a pool of tokens other people have deposited. The size of those pools is the whole market. Read live from GeckoTerminal:

Totalled across the — largest pools on each chain. Three things this figure is not: it counts both sides of every pool, so the depth facing a seller is roughly half of it; reported volume includes bots and wash trading; and not all of it is a route to cash — the largest single pHEX pool is paired against another thinly traded token, which does not help anyone reach dollars.

Size your position against it

Enter what your HEX is worth. The two figures below are arithmetic on the numbers above, not a prediction: what share of the entire market your position represents, and how many days of all trading it would take to absorb.

For scale, an address we used while testing the contracts page held mining contracts worth around eight million dollars on Ethereum alone — several times the entire eHEX market. That position cannot be sold at anything close to the quoted price, and the calculator on this site will still happily project its maturity value. A projection is not an exit price.

The two chains are separate markets

pHEX and eHEX are different tokens with different prices, different depth and no mechanism forcing them together. Nothing arbitrages one into the other; the only link is a bridge somebody has to choose to use.

If your contracts were opened before May 2023 you hold a position on both, and they are not interchangeable. The stats page shows where the chains diverged and how far apart they have drifted since.

How a swap works

A decentralised exchange has no order book and no counterparty. You send tokens to a pool and it sends back the other side, at a price the pool's own balance determines. The bigger your trade relative to the pool, the worse the price you get — that is slippage, and it is a property of the pool, not a fee anyone chooses.

Three things to understand before your first swap. Slippage tolerance is the worst price you will accept; set it too tight and the trade fails, too loose and you can be filled far below what you expected. Gas is paid in the chain's own token — PLS on PulseChain, ETH on Ethereum — not in HEX, so you need some before you can trade at all. And on a public network your pending trade is visible before it executes, which on thin pairs invites being traded in front of.

This page does not tell you which exchange to use. Venues change, and a list here would be out of date without warning. What is worth checking about any of them is the same in every case: how much depth the specific pair holds, what it charges, and whether the contract you are approving is the one you think it is.

Getting there in the first place

Both chains need their own gas token before anything can happen, and you cannot buy that gas with the HEX you are trying to trade. That is the step people trip over: arriving on a chain with tokens and no way to move them.

Moving value between chains means a bridge, and bridges are the single most attacked piece of infrastructure in this industry. They hold large balances and have been drained repeatedly. If you use one, the ordinary precautions apply with more force than usual: small test transaction first, check the address character by character, and understand that a bridged token is a claim on a contract rather than the original asset.

Selling a position the market cannot absorb

If the figures above told you your position is a large share of all liquidity, the quoted price is not the price you will get. Selling into a thin pool moves it against you as you go, and the deeper you sell the worse each further token does.

There is no clever answer to this, only an honest one: the sale has to be spread out, over days or longer, and the total realised will be less than the screen says. That is worth knowing before a contract matures rather than after, because it changes what a maturity date is actually worth — and it is the reason a projection and an exit are different numbers.

After you buy

HEX committed to a mining contract is locked for the term you chose, which makes the keys holding it a long-term responsibility rather than a short one. Anything you are not actively trading is safer off an exchange and on hardware you control — that is the one piece of advice on this page that has nothing to do with the market's depth, and the only place this site earns anything.