HertzFlow @Hertzflow_xyz recently published 3 Beginner’s Guide posts in a row, covering Trade, Pools & Vaults, and Referral, respectively.
The testnet concluded on August 1, and the official has pointed the next stop to Mainnet.
Looking at these 3 pieces together, the focus isn’t just teaching users which buttons to press—it’s more like answering a question in advance:
Where does each payment come from, and who ultimately bears the risk?
First, look at Trade.
HertzFlow supports crypto, FX, commodities, stocks, and other asset types, and traders can choose Normal or Hyper.
For Normal, the open and close fees are about 4–6 bps of the notional value, and the 5% Referral discount only covers fees that meet the eligibility requirements.
Hyper has no corresponding open/close fees, but after a profitable close, profits are allocated according to the ROI rules, while losing closes don’t incur this profit-splitting portion.
Funding, Borrow, and Gas are still available in both modes.
This actually corresponds to two completely different payment habits:
one pays when the trade happens, and the other shares after profits are realized.
For people who trade frequently, they may care most about whether the fee rates can be predicted upfront;
for those with longer holding periods and higher profit expectations, they need to focus on profit allocation.
If you only look at the open fees, it’s easy to miss the rest of the bill.
Next, look at Pool and Vault.
A Pool isolates by a single market: after a user deposits USDT, they receive HzLP, and the funds act as the counterparty for leveraged trading in that market.
Returns come from trading fees, borrowing fees, and traders’ net losses.
When traders are profitable overall, the value of a Pool’s shares may fall—these products inherently carry counterparty risk.
A Vault aggregates multiple markets: the protocol or Curator allocates funds to different Pools and performs rebalancing, and users receive HzV.
It’s more convenient to operate, and risks are relatively more spread out, but it still gets affected by overall trading performance, so you can’t understand it as a fixed-income product.
Testnet data is about 117k users, $3.7 B in trading volume, and $170 M in funds locked in pools.
This scale suggests the product has been tried by many users, but the real stress test is still on the mainnet:
Once real funds enter, will users treat the APY as interest?
Will they directly interpret Active Referees as the total number of invitees?
Will they ignore withdrawal limits and pool value fluctuations?
What I care about most is whether HertzFlow can synchronize these rules into the website, documentation, and the order page next.
Especially at the time of confirming an order—if open/close fees, profit split, Funding, Borrow, Gas, and the Referral discount range could be shown on a single cost card, the experience would be much better.
DeFi users don’t need to read through the entire protocol design first, but at least before confirming, they should know:
what they pay, what risks they bear, and when they can exit.
