PulseX DEX Guide for HEX Traders
Learn how to use PulseX — the primary DEX on PulseChain — to swap HEX and HTTs, provide liquidity for yield curve pairs, and earn trading fees and ACTR rewards.
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 venue for trading pHEX, HTTs, PLS, and other PulseChain tokens
- AMM-based — prices are determined algorithmically by liquidity pools
- Non-custodial — you always control your own tokens in your wallet
- HTT trading venue — 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 (slippage). Small trades in deep pools move the price minimally, while large trades in shallow pools move it significantly.
How to Swap Tokens on PulseX
Connect your wallet: Visit PulseX and connect a PulseChain-compatible wallet (MetaMask configured for PulseChain, Internet Money Wallet, or hardware wallet).
Select the pair: Choose the token you want to swap from (e.g. HEX) and the token you want to receive (e.g. an HTT with a specific maturity date).
Set slippage tolerance: Adjust the slippage setting (typically 0.5%–2% for liquid pairs, higher for less liquid ones).
Confirm the swap: Review the expected output, approve the token spend if needed, and confirm the transaction in your wallet.
How to Provide Liquidity
By depositing token pairs into a PulseX liquidity pool, you become a liquidity provider (LP) and 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 through the pool incurs a fee, distributed proportionally to all LP holders.
Withdraw anytime: Return your LP tokens to withdraw your share of the pool plus accrued fees.
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 — a ~11% annualized yield. The market sets this price through supply and demand in the PulseX pool.
- Short-maturity HTTs typically trade at smaller discounts (lower yield, less time risk)
- Long-maturity HTTs often trade at deeper discounts (higher yield, more time risk)
- Liquidity providers in HTT/HEX pools earn trading fees + ACTR farming rewards
Stake LP Tokens in Actuator Farms
Actuator incentivizes HTT/HEX liquidity providers with ACTR token rewards. Here is how it works:
Provide liquidity on PulseX in an eligible HTT/HEX pool and receive LP tokens.
Stake LP tokens in the corresponding Actuator farm contract.
Earn ACTR continuously as farming rewards accrue to your staked LP position.
Harvest and compound your ACTR rewards, or sell them on PulseX.
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. If the price moves beyond your tolerance before the transaction confirms, the trade reverts. This protects you from unfavorable executions, especially during volatile periods or in low-liquidity pools.
- 0.5%–1% — standard for deep, liquid pools (e.g. HEX/PLS)
- 1%–3% — appropriate for HTT pairs with moderate liquidity
- 3%+ — only for very low-liquidity pairs; higher risk of MEV exploitation
The PLSX Token
PLSX is the native token of the PulseX exchange. It is designed to capture and redistribute value from exchange activity.
- Fee-sharing: A portion of PulseX trading fees is distributed to PLSX stakers
- Staking: Lock PLSX to earn a share of exchange fee revenue
- Separate from PLS: PLS is the gas token for PulseChain; PLSX is the exchange token for PulseX
- Separate from ACTR: ACTR is Actuator's farming token; PLSX is PulseX's fee-sharing 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 | Very low (PLS gas) | High (ETH gas) | Trading + withdrawal fees |
| KYC required | No | No | Yes |
| HTT trading | Yes — primary venue | 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 your PulseChain-compatible wallet to PulseX, select HEX as the input token and the HTT (with your desired maturity date) as the output token, enter the amount, set your slippage tolerance, and confirm the transaction. The swap executes instantly via the liquidity pool.
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. Setting a slippage tolerance (e.g. 1%) tells the DEX to cancel the trade if the price moves beyond that threshold, protecting you from getting a worse rate than expected.
What are LP tokens and how do I earn trading fees?
When you deposit a pair of tokens (e.g. HTT/HEX) into a PulseX liquidity pool, you receive LP tokens representing your share of the pool. Every swap through that pool incurs a trading fee, which is distributed proportionally to all LP token holders. You can withdraw your liquidity (plus accrued fees) by returning your LP tokens.
What is the PLSX token?
PLSX is the native token of the PulseX exchange. It is designed to share trading fee revenue with stakers. By staking PLSX, users earn a portion of the fees generated by all PulseX trades. PLSX is separate from PLS (the gas token of PulseChain) and from ACTR (the Actuator farming token).
Explore More
ACTR Contract Address (PulseChain)
0x85DF7cE20A4CE0cF859804b45cB540FFE42074DaAlways verify at docs.actuator.finance before interacting.