> For the complete documentation index, see [llms.txt](https://fxprotocol.gitbook.io/fx-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://fxprotocol.gitbook.io/fx-docs/f-x-protocol-documentation.md).

# f(x) Protocol Documentation

## What is f(x) Protocol?

f(x) Protocol empowers DeFi to bring an innovative approach to stablecoins and leverage trading.

The f(x) invariant can split any yield-bearing asset into two components:

\- A scalable decentralized stablecoin that captures sustainable on-chain real yield - fxUSD

\- A leveraged position that delivers up to 10x leverage on ETH with minimal liquidation risk and funding cost - the xPOSITION.

On one hand, you can get the first **USD delta neutral strategy that captures leveraged real yield** (perps trading fees - ETH staking yield - FXN emissions) and; on the other hand, you can opt for a high-volatility position with minimized liquidation risk but without inherent yield.

100% on-chain & scalable. Let's get started :point\_down:


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:

```
GET https://fxprotocol.gitbook.io/fx-docs/f-x-protocol-documentation.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.