What Is Fables | The DEX Supplying Liquidity to Robinhood Chain's Tokenized Stocks

Fables (fables.fi) is a spot DEX running on Robinhood Chain. Nine pools pair tokenized stocks and ETFs such as NVDA and SPY with USDG, and you deposit funds into them to earn swap fees.

There is no screen for swapping tokens yourself; the only side open to you is providing liquidity. Its selling point is how the fee is set: on top of three brackets of open, overnight, and closed, the rate also steps up temporarily at the opening bell, before the close, and when the price drifts.

Fables is a spot DEX built on a Uniswap v4 hook. It is operated not by Robinhood Markets itself but by Alphix Association, an entity in Zug, Switzerland.

It started on August 15, 2026 with two pools, NVDA/USDG and SPY/USDG, and as of September 2 nine markets are live.

Image: screenshot of the official Fables top page (captured September 2, 2026)

On the lock-and-vote ve(3,3) model, the team states plainly that it is a roadmap item and not a live product.

Fables has neither a swap screen nor a zap that automatically sources the missing side at deposit time. You can deposit just one side by setting your price range outside the current price, and if you want to deposit both sides you prepare them beforehand elsewhere, such as on pools.trade.

You can also deposit directly into Uniswap on the same chain, where liquidity and volume are orders of magnitude larger, but Fables points do not accrue there.

Conditions on the chain side are covered in the Robinhood Chain ecosystem.

Tokenized stocks trade around the clock, even while the exchange for the underlying asset is closed. The eight stock and ETF hooks on Fables each hold separate fee floors for three brackets: open (regular trading hours), overnight (weeknights), and closed (weekends and full holidays).

In an order book with a fixed fee, the rate stays the same even in moments when better-informed counterparties are picking you off. Fables is designed to raise the rate in exactly those moments to offset the LP's loss.

Which way the floors lean differs by pool. NVDA/USDG is 0.10% at the open and 0.03% when closed, making closed the cheapest, and seven of the eight pools that hold a floorConfig lean the same way (ETH/USDG is a flat type with no floor).

The gold ETF GLD/USDG is the one exception in the opposite direction: 0.30% at open and overnight and 0.60% when closed, making closed the most expensive.

What makes the rate jump in single-stock pools is not the time bracket but specific moments. The bell setting is an optional feature, and only two pools, NVDA/USDG and TSLA/USDG, carry non-zero values (the other six are 0). On NVDA/USDG the floor jumps to as much as 0.40% right after the opening bell and returns to the normal floor over two hours, and the floor becomes 0.22% for the last 30 minutes before the close.

The official tier definitions also provide a bracket (Elevated) that temporarily raises the rate when the price has diverged from the reference market.

Image: screenshot of the official Fables GLD screen (captured September 2, 2026)

The trading hours live on-chain, and 9:30 to 16:00 US Eastern is treated as open.

The cap in the code is fixed and cannot be exceeded even by an authorized change, and the operator's power to rewrite the rate is bound by three constraints: it must stay within the upper and lower bounds, it can discount by no more than half of the automatic rate, and it expires within 72 hours at most.

ETH/USDG works by having the operator rewrite the rate temporarily after seeing rough price action, and on the morning of September 2 a rewrite was in place that expired at 08:29 UTC the same day.

What deposited funds generate is swap fees (all to the LP, protocol fees disabled, claim fee currently 0% against a 20% cap, principal not charged), and on top of that come in-house points and a weekly USDG reward.

The team states that points are neither a token, a security, nor a claim, that no conversion rate or entitlement arises from them, and that even a displayed balance can later be reduced or deleted if there is a calculation error or conduct deemed market manipulation under the terms.

Image: screenshot of the official Fables points screen (captured September 2, 2026)

Allocation is decided not by deposit size but by your share of the fees an eligible pool generated that day.

There is no early-participation multiplier and no per-address cap, and liquidity in a range the price does not move through generates neither fees nor points.

The six-week issuance cap is 1 billion points (900 million for LPs, 100 million for referrals), and the weekly issuance allowance grows toward the latter half.

The weekly USDG reward is funded by creator fees from the PROLOGUE pool; the amount distributed is at the team's discretion, there is none in a week without an announcement, and nothing carries over, but claims are cumulative, so the prior week's share does not disappear.

The Pool APR the app shows spans from 12.26% to 257.88% as of September 2, but it is the last 24 hours of fees divided by deposits and annualized, and it does not subtract the gap against simply holding. In eligible pools, an estimate of the weekly USDG reward may also be added on top of the displayed APR.

The smaller a pool's deposits, the more the rate spikes.

👉 Check the fees and deposits of all nine pools on the official site

Do You Get FABLES if You Buy PROLOGUE?

PROLOGUE is not Fables' governance token; it is a separate token that came out on pools.trade before the TGE. Of the proposed total supply of 1 billion FABLES, 25 million is the redemption allocation for PROLOGUE holders.

The exchange ratio is set by eligible PROLOGUE at the time of the snapshot divided by 25 million FABLES, and the 40-to-1 figure the team cites is the worst case, where the entire supply turns out to be eligible.

The redemption contract, the snapshot, and the claim procedure are not running yet. The team treats the date "TGE on October 5" as invalid.

There are two ways losses arise: from the price moving, and from how the protocol itself is built.

What You Deposit Is Not Stock but the Issuer's Debt Security

The stock and ETF tokens are debt securities issued by Robinhood Assets (Jersey) Limited, not stock. They carry no voting rights and no dividends, and the terms state that their value depends on the issuer continuing to perform.

Separately from the safety of the pool or the chain, you also take on the issuer's credit. The mechanics of turning stocks into tokens are also covered in xstocks.

The Team Admits There Is No Fables-Specific Audit Report

The official security page admits there is no Fables-specific audit report naming an auditor and a scope. What it used was automated analysis such as the AI review tools from Olympix and Sherlock, and it publishes no bug bounty, no response deadline, and no safe harbor policy.

Contracts of the parent Alphix were audited by Sherlock in December 2025, but Fables' calendar fee hook and its ledger of positions are separate. Because the build cannot be upgraded, a defect cannot be fixed on the spot even once it is found.

There Are Losses the Displayed APR Does Not Reflect

When the price moves, the ratio of the two deposited assets changes, producing a gap against simply holding them (impermanent loss). While the price sits outside the range you specified, neither fees nor points accrue.

Positions are managed by the hook in a format called ERC-6909; they do not normally appear in your wallet's token list and have no transfer function.

It Is Usable from Japan, but the Determination Rests on an Estimate

The restrictions cover the United States, sanctioned countries such as Cuba and Iran, and three regions of Ukraine; US persons are covered regardless of location; Japan is not included.

Checking over a Japanese connection on September 2, 2026, the region check returned allowed with country code JP.

That determination is based on a country code the host estimates from the IP address, is built to let you through if it cannot obtain the information, and the gate covers only deposits, withdrawals, and claims.

What binds legally is the representation you sign before your first deposit that you are not a resident of a restricted region; total liability under the terms is capped at 100 Swiss francs, and no statement of the treatment under Japanese law appears on the official site.

Where the calendar-linked fee should work hardest is the NVDA/USDG and TSLA/USDG pools, which hold the opening and pre-close bell settings.

Image: screenshot of the official Fables market list (captured September 2, 2026)

The money, however, is gathering in the flat-type ETH/USDG, which sits outside the calendar design, and in the gold ETF GLD/USDG. Those two account for 76% of the total, while the six single-stock and stock-cross pools come to about 2.6% combined.

Its $14.53 million in 24-hour volume ranks 12th among the 78 DEXs on Robinhood Chain (as of September 2, 2026), a 46-fold gap behind the leader Uniswap v4 ($675 million).

Points, too, have not been finalized for a single day since the August 24 start. The team admits that this site alone cannot reproduce them end to end.

Deposits in the parent Alphix's earlier product are about $83,000. Whether this design held money will become clear after points end on October 5, from whether deposits and volume in the single-stock pools remain.

The substantive work is preparing the assets and specifying the price range.

1. Prepare a wallet that supports Robinhood Chain (chain id 4663) and bridge over ETH for gas plus the assets you want to deposit.
2. If you are depositing both sides, swap for the side you are short of elsewhere first (for one side only, set the range outside the current price).
3. Choose the pool to deposit into from Markets, and before your first deposit, sign the representation that you are not a resident of a restricted region.
4. Specify the price range and deposit (approval, deposit, claim, and withdrawal are separate transactions, each costing gas).
5. Place the range where the price actually travels back and forth.
6. Once your position is valued above $100 you can issue a referral code (the binding is permanent and cannot be replaced or deleted, so check the code name before signing).
7. Claim the weekly USDG reward from the rewards panel as a single cumulative amount.

👉 Check the latest rates, eligible regions, and risks on the official site

Fables' fee moves in fine detail by time bracket and event, but money has not yet gathered in the single-stock pools its design assumes. Points close at 02:00 UTC on October 5, 2026, but the token issuance date is undecided.

What can be checked next is whether the leaderboard finalizes its first day.

Sources

1. Official Fables site (2026)
2. Official Fables market list (2026)
3. Official Fables fees page (2026)
4. Official Fables points page (2026)
5. Official Fables referral program (2026)
6. Official Fables creator fees (2026)
7. Official Fables token design (2026)
8. Official Fables PROLOGUE explainer (2026)
9. Official Fables security page (2026)
10. Official Fables LP guide (2026)
11. Official Fables contract list (2026)
12. Official Fables terms of service (2026)
13. Fables on DefiLlama (2026)
14. DefiLlama DEX list (2026)
15. Official Alphix security page (2025)
16. Official Alphix site (2026)