HertzFlow is a leverage protocol on BNB Chain that markets itself as the “World Leverage Engine”, with up to 200x on some markets and perpetuals on assets well beyond crypto. It is backed by YZi Labs, it is running a public testnet, and its documentation already lists points-based rankings as a future feature. That combination is why airdrop hunters are watching it. This guide covers what HertzFlow actually does, what its testnet and referral system look like, what is and is not known about Merits or points, and why the leverage on offer should shape how you approach any of it.
What HertzFlow does
HertzFlow is a self-custodial perpetuals protocol. Unlike an order-book exchange, it uses a request-for-quote model: your trade executes against liquidity pools at prices validated by several oracles. Collateral is USDT, and the protocol aims to list anything with reliable price feeds, so its markets cover crypto alongside forex, commodities and equities.
The design has three layers:
- Market layer. Trading, plus permissionless market creation, which the docs mark as still to come.
- Liquidity optimisation layer. Rebalances liquidity across pools.
- Vault layer. One-click liquidity provision, isolated pool exposure and curator-managed strategies, with an SDK for third-party yield strategies.
The site advertises multi-oracle price validation, 24/7 pricing, positive slippage, zero-fee pairs and loss protection, and lists BlockSec and CertiK as auditors. HertzFlow is also one of three projects in YZi Labs’ Amplify Season 1 creator campaign, which runs from July 13 to August 10 and pays creators for content about the protocol, including its move from testnet to mainnet.
Start from the HertzFlow official site and the HertzFlow documentation.
Where HertzFlow stands right now
At the time of writing, HertzFlow’s public product is a testnet on BNB Smart Chain’s test network. There is no HertzFlow token, no announced airdrop, and no published rules for a Merits or points program on mainnet. What does exist:
- A testnet app at testnet.hertzflow.xyz, with a “Get Test Funds” button that issues test USDT for trading. Gas is paid in test BNB from the BNB Chain faucet.
- A public leaderboard that ranks traders by realised PnL (the default), volume and win rate, with weekly, monthly and all-time views. The weekly board resets on Monday at 00:00 UTC.
- A referral system with on-chain codes and rebates.
- A stated plan for points. The leaderboard documentation says points-based rankings, namely Total Points, Perp Points and Referral Points, are planned for future releases.
So the question in the title has a narrow answer for now. Merits or points may well decide a future allocation, as they do for many perps protocols, but HertzFlow has not said how, and nothing earned on testnet has been promised a value. Anyone giving you an exact formula is guessing.
How the leaderboard and referrals work
The leaderboard’s definitions say a lot about what HertzFlow measures:
- PnL is realised profit or loss in USD, net of fees and funding, from closed positions. Open positions do not count.
- Volume is cumulative notional from perpetual positions, counting both opens and closes. Deposits and withdrawals to liquidity pools, and unfilled limit orders, are excluded.
- Win rate is the share of closed trades that ended in profit. Ties go to whoever reached the figure first.
The referral program has two levels. A referrer earns a share of the fees paid by direct referrals (L1) and a smaller share from the people those referrals invite (L2). Traders who bind a code get a 5% discount on open and close fees.
| Tier | Active referees | 30-day volume | L1 rebate | L2 rebate |
|---|---|---|---|---|
| 1 | None | None | 10% | 5% |
| 2 | 15 or more | $10M or more | 20% | 10% |
| 3 | 40 or more | $80M or more | 30% | 15% |
Rebates are paid in USDT and claimable on-chain, with the claimant paying gas. An active referee is a unique address with at least one trade of $10 or more in the past 30 days, and your own address does not count. Codes are six characters, registered on-chain and cannot be edited or deleted once created.
Leverage: the part that should shape your plan
HertzFlow’s own materials make leverage the headline. Normal mode offers moderate leverage, while a separate Hyper Leverage mode is enabled market by market with a much higher range. The documentation’s example market offers 1.1x to 50x in Normal mode and 85x to 200x in Hyper Leverage. Hyper Leverage changes the fee model:
- No open or close fees, but funding, borrow fees and price impact still apply.
- If you close in profit, HertzFlow takes a share of gross profit that falls as your return rises: you keep 20% of a very small gain, rising in steps to 90% above a 2,500% return.
- Losing trades pay no profit share.
- Every position must carry a stop loss set between -30% and -80% of PnL. Only market orders are allowed and collateral cannot be withdrawn after opening.
- Hyper Leverage trades generate no referral rebates.
At 200x, a price move of half a percent against you wipes out the position. A mandatory stop loss limits how much of your collateral you lose, but it also means you will be stopped out by ordinary noise far more often than on a 5x position. If points ever reward volume, the temptation will be to farm it at high leverage. That is how farmers lose more than any airdrop could repay.
A sensible way to approach HertzFlow before mainnet
- Use a separate wallet. Keep testnet activity on a wallet that holds nothing of value. Testnets attract fake faucets and fake “bridge” pages.
- Connect from the official site. Reach the testnet app through links on hertzflow.xyz or the docs, not through search ads.
- Learn the mechanics with test funds. Open and close positions in both modes, set stop losses and read how funding and borrow fees appear. This costs nothing and tells you whether you would ever use the product with real money.
- Try the pools and vaults. If points eventually reward liquidity provision, you will want to understand how LP returns are generated before depositing real USDT.
- Bind a referral code only if you trust its source. The discount is real, but a code shared by a scam account can be the first step towards a phishing link.
- Watch official channels for mainnet details. HertzFlow posts on X as @Hertzflow_xyz and links its Telegram, Discord and Medium from the site footer. Points or Merits rules, if they arrive, will be published there and in the docs.
What not to do: run dozens of testnet wallets, script trades, or treat test PnL as a qualification. Sybil filtering is standard practice, and HertzFlow has not said that testnet activity will be counted at all.
Risks specific to HertzFlow
Liquidity providers are the counterparty. HertzFlow says LP yield comes from trading fees, borrow interest and trader losses. When traders win, the pools pay. A run of winning trades or an oracle problem hits LPs directly, so a vault yield figure should be read alongside that exposure.
Oracle dependency. Pricing forex, commodities and equities on-chain depends entirely on external feeds. Multi-oracle validation reduces the risk of a single bad feed but cannot remove it, and traditional markets have weekend and holiday gaps that crypto markets do not.
Early protocol risk. Audits reduce but do not remove smart-contract risk, and a protocol moving from testnet to mainnet will have thin liquidity at first.
Regional and legal limits. Read HertzFlow’s Terms of Use before trading. Leveraged derivatives on equities and forex are restricted in many jurisdictions.
Avoiding fake HertzFlow pages
- Domains. The site is hertzflow.xyz, with the testnet on testnet.hertzflow.xyz and docs on hertzflow.gitbook.io/hertzflow-docs. Variants such as hertz-flow, hertzflow.io or hertzflow-airdrop are not HertzFlow.
- No token, no claim. HertzFlow has not announced a token. Any “HertzFlow token” or “HertzFlow airdrop” claim page, whatever ticker it invents, is fake.
- Test funds are free. The faucet issues test USDT at no cost. Anyone selling test tokens, “early access” or whitelist spots is running a scam.
- “Merit boosters”. No service can add Merits or points to your account. Paying for one means paying a scammer, or getting flagged.
- Impersonated support. HertzFlow staff will not DM you first. Treat unsolicited help in Telegram or Discord as hostile.
For another perps campaign where the reward rules are published in full, compare our Perpl mPoints guide.
FAQ
Does HertzFlow have a token or airdrop?
Not at the time of writing. There is no token, no snapshot and no published points or Merits formula.
Will testnet activity count?
HertzFlow has not said. Use the testnet to learn the product, not as a guaranteed route to an allocation.
Which chain does HertzFlow use?
BNB Chain. The testnet runs on BNB Smart Chain’s test network and uses test BNB for gas.
Is 200x leverage available on every market?
No. Hyper Leverage is enabled per market and ranges differ. Normal mode has lower limits.
Who backs HertzFlow?
The site lists YZi Labs as a backer and BlockSec and CertiK as auditors.
Verdict
HertzFlow is early, ambitious and openly built around very high leverage. The case for watching it rests on its backing, its unusual multi-asset design and a points system the team has said is coming. The case for caution rests on the same leverage and on an LP model that pays traders out of the pools. Learn the product on testnet, follow official channels for the mainnet points rules, and do not let a reward that has not been defined yet push you into positions you would not otherwise take.
This article is for information only and is not financial advice. High-leverage trading can wipe out a position in minutes.
