Perps live, commodities on-chain — USOIL and XAG now tradeable, US equities next, as Typus builds beyond crypto-native derivatives.

TL;DR

• Perps platform completed its first full trading month with strong volume growth, driving meaningful TLP yield for liquidity providers
• USOIL and XAG (Silver) trading pairs launched, marking Typus’ first step into real-world commodity derivatives on-chain
• 70% fee discount campaign and mTLP incentive distribution activated to drive early adoption and liquidity depth
• Total TVL adjusted to ~$3.5M (-15%), reflecting the natural impact of SUI price movements on a protocol where the majority of deposits are denominated in SUI

Market Pulse & TVL

February delivered the sharpest single-week crypto selloff since mid-2024. Bitcoin opened the month near $79k and fell to intraweek lows around $60k during the first week as the Crypto Fear & Greed Index collapsed to 6 — its lowest reading since June 2022 — and over $2.6 billion in crypto liquidations cascaded across the market. The move was characterised as a positioning reset rather than a structural break: futures basis held firm, avoiding the implosion typical of true capitulation, while Bitcoin stabilised above $69k through weeks two and three before settling near $67k at month-end. SUI mirrored the broader ecosystem repricing, declining approximately 22% from $1.15 at the open to $0.90 by month-end, reflecting both the macro deleveraging environment and the rotation of capital away from high-beta L1 assets.

Against this backdrop, Typus Total TVL adjusted to approximately $3.5M (-15%). Because the majority of deposits on Typus are denominated in SUI, a decline in SUI’s market price naturally translates into a lower USD-denominated TVL — this is a structural characteristic of SUI-native protocols rather than a signal of capital withdrawal. The underlying deposit base remained intact, and the TVL movement reflects asset repricing rather than protocol-specific outflows. Crucially, the TVL composition continued to evolve in a healthy direction through the month, with Perps TVL expanding steadily as the relaunched platform attracted liquidity, partially offsetting the market-driven compression in Options TVL and reinforcing the protocol’s trajectory toward a more diversified collateral base.

Performance Deep Dive

Perps Platform

February marked the true beginning of Typus Perps as a live trading venue. Full trading launched on February 4 following the January 28 TLP pre-deposit phase, and the platform established its footprint quickly: notional volume grew steadily throughout the month, supporting meaningful TLP yield for liquidity providers. Perps TVL expanded significantly as liquidity providers committed capital in response to live trading activity, with engagement growing consistently across the month. Two new commodity trading pairs — USOIL (crude oil) and XAG (silver) — were listed, extending Typus beyond crypto-native instruments and signalling the protocol’s broader ambition to serve as an on-chain venue for real-world asset derivatives. A 70% fee discount was activated to lower the barrier to entry for early traders, and mTLP incentive distributions commenced to reward liquidity providers during the platform’s growth phase.

Total Value Locked

Platform-wide TVL stood at approximately $3.5M at month-end, down 15% from January’s $4.1M. As a SUI-native protocol where the majority of vault deposits are held in SUI, TVL in USD terms is directly influenced by SUI’s market price — the 15% TVL adjustment reflects this exposure rather than any change in the underlying deposit base or user behaviour. The composition of TVL continued to shift in favour of Perps as the platform scaled, with liquidity growing steadily through the month and positioning the protocol well for continued expansion as market conditions stabilise.

Options TVL

Options TVL — comprising DOV and SAFU positions — totalled approximately $3.2M at month-end. DOV TVL settled around $2.8M while SAFU holdings moderated, both cooling in response to lower crypto prices and reduced risk appetite across the SUI ecosystem. Structured product activity remained consistent: vaults continued to execute regular auctions and the protocol’s automated mechanisms maintained smooth product operation despite elevated market volatility throughout the month.

Fees & Volume

The Perps platform generated strong notional trading volume during its first full month of live operations. With the 70% fee discount campaign in effect through February, the protocol prioritised volume and user acquisition — and the results were evident in the trading activity recorded across the month.

The growth in trading volume had a direct and compounding effect on TLP yield performance. As volume scaled and fee revenue accumulated within the TLP pool, annualised yield rates reached over 100% APR during peak activity periods — a compelling return for early liquidity providers who committed capital during the platform’s growth phase. This yield dynamic illustrates the core flywheel of the TLP model: deeper liquidity attracts more traders, more trading volume generates more fees, and more fees compound into higher returns for LPs. With additional trading pairs in the pipeline and the fee discount campaign set to normalise, the foundation for sustained yield generation is being built in real time.

User Engagement

User Activity

User engagement in February reflected two parallel stories. On the Perps side, the first full trading month drove a meaningful increase in active participation — traders engaged with the newly launched platform at a growing rate through the month, validating the product-market fit of a SUI-native perpetuals venue that now spans both crypto and real-world commodity assets. On the Options side, activity moderated in line with the broader market environment, with structured product users maintaining consistent engagement even as overall sentiment remained cautious. Together, the two platforms demonstrated the value of Typus’ multi-product architecture: when one segment faces headwinds, the other can absorb and partially offset the impact. The protocol continued to add new users steadily through the month, with cumulative participation across the ecosystem continuing its long-term upward trend.

Product Highlights

February’s key developments reflect the protocol’s expanding product ambition:

• Full Perps Launch : Typus Perps commenced live trading operations, completing the transition from the January pre-deposit phase to a fully operational perpetuals venue. The platform recorded strong volume growth throughout its inaugural month, establishing a credible baseline for sustained expansion.
• USOIL & XAG Trading Pairs: Crude oil (USOIL) and silver (XAG) perpetual trading pairs were listed on the Perps platform, marking a significant milestone in Typus’ evolution beyond crypto-native instruments. These listings enable traders to access leveraged exposure to real-world commodities through fully on-chain, decentralised infrastructure — a meaningful differentiation in the DeFi perpetuals landscape.

• 70% Fee Discount Campaign: A substantial fee reduction was activated to lower the friction for new traders engaging with the Perps platform during its growth phase, prioritising volume and user acquisition over near-term fee revenue.

• mTLP Incentive Distribution: Liquidity providers received mTLP incentive distributions, rewarding early capital commitment to the Perps platform and reinforcing the protocol’s commitment to sustainable liquidity incentivisation.

Roadmap Update

What’s Next

As we head into March:

In Active Development:

• Expanded Trading Pairs: Additional commodity and real-world asset trading pairs are in active development, including US equity perpetuals. The listings of USOIL and XAG in February established the technical and operational foundation for a broader real-world asset derivatives suite — US equities represent the next frontier, enabling traders to access leveraged exposure to traditional stock markets through Typus’ decentralised infrastructure.

Community & Ecosystem

Ecosystem Expansion

February milestones:

• Real-World Asset Listings: The successful launch of USOIL and XAG trading pairs demonstrated Typus’ ability to bring non-crypto assets on-chain, positioning the protocol as a destination for traders seeking diversified derivative exposure beyond conventional crypto markets.
• Trader Incentive Programme: The combination of the 70% fee discount campaign and mTLP incentive distributions represents a coordinated early-adoption programme designed to build trading habits, deepen liquidity and establish Typus Perps as the go-to perpetuals venue on SUI.
• Platform Stability: Throughout a month characterised by some of the sharpest volatility seen in the crypto market in 2026, Typus infrastructure maintained full operational continuity — zero downtime, consistent vault execution and uninterrupted trading access across all listed pairs.

Building Momentum

February 2026 was Typus Perps’ real debut. With full trading live from February 4, the platform processed its first meaningful notional volume, listed its first real-world commodity derivatives and began distributing incentives to liquidity providers — all while operating through one of the most volatile market environments of the year. The strong volume growth and expanding trader participation are early indicators of a platform finding its footing, not yet at scale, but building the user base and operational track record that sustainable growth requires.

The macro environment was unambiguously challenging: SUI fell 22% across the month, broad crypto deleveraging triggered multi-billion dollar liquidation cascades and sentiment indicators touched cycle lows. Yet Typus navigated these headwinds with operational stability, product execution and a clear strategic direction. The listings of USOIL and XAG are not incremental feature additions — they are a statement of intent about the kind of protocol Typus is building: one that bridges on-chain infrastructure with real-world markets and offers traders access to a genuinely diversified derivative suite.

With US equity perpetuals and additional commodity pairs in active development, the product roadmap points toward a Typus that is structurally distinct from the crowded crypto-native perps landscape. The work ahead is to scale what February started: more pairs, deeper liquidity, more traders and a yield environment that rewards long-term liquidity commitment at every stage of the platform’s growth.

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Stay tuned for more updates as we head into March!