PulseX for HEX & HTT Traders
AMM Mechanics, Liquidity & HTT Pairs
Understand PulseX — the primary DEX on PulseChain — from the mechanics up: how the AMM prices HEX and HTTs, what liquidity and slippage really are, how HTT/HEX pools earn trading fees, and how the five farm pairs also earn ACTR. For the click-by-click walkthrough, see How to Swap on PulseX.
What Is PulseX?
PulseX is the primary decentralized exchange (DEX) on PulseChain. It uses an Automated Market Maker (AMM) model — the same architecture as Uniswap on Ethereum — to enable peer-to-peer token swaps without order books or centralized intermediaries.
- Primary DEX on PulseChain — the main DEX for trading HEX, HTTs, PLS, and other PulseChain tokens
- AMM-Based — prices are determined algorithmically by liquidity pools
- Non-Custodial — swaps settle from your own wallet with no exchange holding funds; tokens deposited as liquidity sit in the pool contract (your wallet holds an LP token), and LP tokens deposited in a farm sit in the farm contract until withdrawn
- Where HTTs Trade — the primary marketplace where Actuator HTT/HEX pairs are traded
How an AMM Works
A traditional exchange uses an order book — buyers and sellers place limit orders, and a match engine pairs them. An Automated Market Maker (AMM) replaces this entirely with a liquidity pool — a smart contract holding reserves of two tokens.
The pool uses the constant product formula:
x × y = k
Where x is the reserve of token A, y is the reserve of token B, and k is a constant. When you swap token A for token B, you add A and remove B. The product k stays constant, which means the price shifts automatically based on the trade size.
Key Insight: Larger trades cause more price impact. Small trades in deep pools move the price minimally, while large trades in shallow pools move it significantly.
How to Swap Tokens on PulseX
The short version: connect a PulseChain-compatible wallet, set HEX as the input, paste the HTT's verified address as the output, set a slippage tolerance, read the quote and its price impact, and confirm. A token's name and symbol prove nothing: a second token carrying the symbol HTT-8000 exists beside the genuine one, and only tokens created by the HEXTimeTokenManager redeem for HEX. The genuine addresses of the round-thousand series and a few others are in the Manual's Appendix A; How to Buy Your First HTT walks through the check, including the creator check for any other series. The full click-by-click version — wallet preparation, every frontend option including running your own IPFS copy, and the first trade end to end — is its own page: How to Swap on PulseX.
How to Provide Liquidity
By depositing token pairs into a PulseX liquidity pool, you become a liquidity provider (LP) and, on V2 pairs, earn a share of trading fees.
Deposit a Token Pair: Provide equal value of both tokens (e.g. HTT and HEX) into the pool.
Receive LP Tokens: The pool gives you LP tokens representing your proportional share of the pool.
Earn Trading Fees: Every swap pays a 0.29% fee. On PulseX V2 pairs, including all five Actuator farm pairs, 0.22% stays in the pool for LP holders and 0.07% is skimmed to PulseX's PLSX buy-and-burn contract (its public burn has been switched off since August 28, 2026). On V1 pairs a code bug hands the LPs' share to the V1 buy-and-burn contract as well, so V1 providers keep none (PulseX V1 vs V2).
Withdraw Anytime: Return your LP tokens to withdraw your share of the pool plus accrued fees. LP tokens deposited in a farm come out of the farm first, as a separate transaction.
What comes back is not what went in: the pool rebalances as people trade, so a withdrawal returns a different HTT/HEX mix than the deposit. In an HTT/HEX pool this impermanent loss is bounded, because both sides are HEX (one now, one later), but it is not zero, and both sides still move with HEX's dollar price (Manual, Chapter 15).
HTT/HEX Pairs on PulseX
HTT/HEX liquidity pools are where the yield curve is discovered. Since each HTT redeems for 1 HEX at maturity, the market price of an HTT before maturity reflects how much buyers are willing to pay today for HEX deliverable on a future date.
The Discount = Implied Yield: If an HTT maturing in 1 year trades at 0.90 HEX, the buyer pays 0.90 HEX now and receives 1 HEX at maturity — an 11.1% annualized yield. The market sets this price through supply and demand in the PulseX pool.
- Short-Maturity HTTs usually trade close to 1 HEX (small discounts, less time risk)
- Long-Maturity HTTs usually trade at deeper total discounts, but a deeper discount spread over more years can be a lower yield per year: on 2026-10-02, HTT-3000 yielded 25.7% a year and HTT-7000 5.44% (Curve Table)
- Liquidity Providers in HTT/HEX V2 pools earn trading fees; in the five farm pairs (see How to Farm ACTR) they also earn ACTR once the LP tokens are deposited in Actuator's farm
Stake LP Tokens in Actuator Farms
Actuator pays ACTR token rewards to liquidity providers in five HTT/HEX pools, on a three-year schedule fixed in its farm contract: HTT-3000 to HTT-7000 in Year 2, and HTT-4000 to HTT-8000 in Year 3, which starts at 00:00 UTC on October 9, 2026 (8:00 PM EDT, October 8), when yearly emissions also step from 250M to 150M ACTR. At 00:00 UTC on October 9, 2027 (8:00 PM EDT, October 8) the schedule ends and the farms stop paying ACTR (The October 9 Farm Switch).
Provide Liquidity on PulseX V2 in one of the farmed HTT/HEX pairs and receive PLP tokens (the farm accepts only V2 PLP).
Deposit the PLP Tokens in the matching farm at app.actuator.finance, under Earn → Earn ACTR - Farms.
Earn ACTR every second while the schedule runs.
Claim the ACTR any time (Claim Pending Rewards in the farm's Actions menu), then hold it, sell it on PulseX, or deposit it in an ACTR Vault (90-day lock; an early withdrawal is penalized).
The step-by-step path and the pool weights are in How to Farm ACTR. Learn the full Actuator lifecycle on our How It Works page.
Slippage & How to Set Tolerance
Slippage is the difference between the price you expect and the price you actually get. On an AMM, every trade moves the pool price. The larger your trade relative to the pool size, the more slippage you experience.
Setting Tolerance: PulseX lets you set a maximum slippage percentage. The tolerance is measured from the quote, and the quote already includes your own trade's price impact, so the tolerance limits only further movement between the quote and execution; past that, the trade reverts and the gas is still spent. In a thin pool the quoted price-impact figure is the number that shows what the trade costs, and the swap screen shows it before you confirm.
- A Tight Tolerance (0.5%–1%) fills near the quote or reverts, and a reverted swap still costs its PLS gas
- A Wider Tolerance (1%–3%) fills in more conditions, including thin HTT pools whose price moves between quote and inclusion, and the fill can land up to that percentage worse than the quote
- 3% and Above lets the fill land that far below the quote, and that gap is what an MEV sandwich bot can take
The PLSX Token
PLSX is the native token of the PulseX exchange. PLSX has no staking and pays no fee share to holders. On V2 pairs, 0.07% of every 0.29% swap fee goes to PulseX's V2 buy-and-burn contract to buy and burn PLSX, and V1 pairs send their fees to a V1 buy-and-burn contract. Since August 28, 2026 the owner key of both burner contracts has kept the public burn call switched off, so those fees are accumulating in the two contracts unburned.
- Buy-and-Burn, Not Fee-Sharing: A slice of swap fees is set aside to buy and burn PLSX; no PLSX holder receives trading fees
- Separate from PLS: PLS is the gas token for PulseChain; PLSX is the exchange token for PulseX
- Separate from ACTR: ACTR is Actuator's farm and vault token; PLSX is PulseX's buy-and-burn token
PulseX vs Uniswap vs Centralized Exchanges
| Feature | PulseX | Uniswap | CEX (e.g. Binance) |
|---|---|---|---|
| Chain | PulseChain | Ethereum / L2s | Off-chain |
| Custody | Self-custody | Self-custody | Exchange holds funds |
| Fees | 0.29% swap fee + PLS gas | 0.30% on v2 pools (0.01–1% tiers on v3, set per pool on v4) + ETH or L2 gas | Trading + withdrawal fees |
| KYC Required | No | No | Yes |
| HTT Trading | Yes — the primary DEX | No | No |
| Liquidity Provision | Yes — LP tokens + ACTR farming | Yes — LP tokens | No (order book only) |
Frequently Asked Questions
What is PulseX?
PulseX is the primary decentralized exchange (DEX) on PulseChain. It uses an automated market maker (AMM) model — similar to Uniswap on Ethereum — to let users swap tokens directly from their wallets without an order book or centralized intermediary. PulseX is where HTTs, HEX, PLS, and other PulseChain tokens are traded.
How do I swap HEX for HTTs on PulseX?
Connect a PulseChain wallet holding a little PLS for gas to PulseX. Choose HEX as the input. For the output, paste the HTT’s contract address rather than picking a name from a search list: a token’s name and symbol prove nothing (a second token carries the symbol HTT-8000 beside the genuine one), and only tokens created by the HEXTimeTokenManager redeem for HEX. This site’s Manual (Appendix A, hexbonds.com/manual#appendix) lists the core series; for any other series, Otterscan (otter.pulsechain.com) shows whether the token’s creator is the HEXTimeTokenManager. Enter the amount, read the quoted price impact, set a slippage tolerance, approve HEX for PulseX if the wallet asks, and confirm. The swap settles when the transaction is included in a block. The How to Buy Your First HTT guide (hexbonds.com/guides/buying-htts) has every step.
What is slippage and why does it matter?
Slippage is the difference between the expected price of a trade and the actual executed price. On an AMM, large trades move the pool price. A slippage tolerance (e.g. 1%) cancels the trade if the price moves more than the tolerance beyond the quote before it confirms; it does not limit the price impact already in the quote, and a reverted trade still spends its gas.
What are LP tokens and how do I earn trading fees?
When you deposit a pair of tokens (such as HTT and HEX) into a PulseX liquidity pool, you receive LP tokens representing your share of the pool. Every swap pays a 0.29% fee. On PulseX V2 pairs, including all five Actuator farm pairs as of 2026-09-23, 0.22% stays in the pool for LP holders in proportion to their LP tokens, and 0.07% is skimmed to PulseX’s PLSX buy-and-burn contract (its public burn has been switched off since 2026-08-28). On V1 pairs a code bug sends the whole fee, the LPs’ share included, to PulseX’s V1 burner contract, so V1 providers keep none. You can withdraw your liquidity (plus accrued fees) by returning your LP tokens.
Can I buy ACTR with WPLS on PulseX?
Yes. ACTR trades on PulseX against WPLS and other partners — it is a normal PRC-20 swap. This site’s LP Positions page (hexbonds.com/lp-positions) measures every ACTR pool on PulseX and 9mm daily, so you can see which pairing is deepest before you size a trade.
If I provide liquidity for a custom-day HTT, how do buyers find the pool?
There is no automatic discovery: the Actuator interface highlights the standard maturities, and the developer’s own caveat is that non-standard maturities may have no liquidity. A custom-day pool exists on PulseX like any other pair, and aggregators and this site’s LP Positions page (hexbonds.com/lp-positions, refreshed daily from on-chain reads) will list it once it holds value — but the market has to come to it; nothing routes buyers there by default.
What is the PLSX token?
PLSX is the native token of the PulseX exchange. It has no staking and pays no fee share. Instead, part of every swap fee (0.07% of each trade on V2 pairs, out of the 0.29% fee) is set aside to buy PLSX and burn it. Since 2026-08-28 the owner key of both PLSX burner contracts has kept the public burn call switched off, so as of 2026-09-23 those fees are accumulating unburned in the burners. PLSX is separate from PLS (the gas token of PulseChain) and from ACTR (the Actuator protocol’s reward and revenue-sharing token).
Explore More
ACTR Contract Address (PulseChain)
0x85DF7cE20A4CE0cF859804b45cB540FFE42074DaActuator lists the same address on its own contracts page: docs.actuator.finance/contracts.