HLP: Hyperliquidity Provider
Right now (Oct 25, 15:54 UTC): Hyperliquidity Provider (HLP) holds $175.4M and reports +3.7% APR. All-time PnL is $138.9M; its worst peak-to-trough fall in returns, ignoring deposits and withdrawals, was 5.8%.
How this is calculated: Account value, APR and PnL from Hyperliquid’s vaultDetails endpoint for HLP; drawdown is measured on a time-weighted return index, so deposits and withdrawals are not counted as losses. Hyperliquid samples the all-time series at about 100 points, so a short dip between samples can be deeper than shown. Maintained by LabelYX.
Growth of $1 deposited at launch
Component strategies
HLP’s child vaults, by TVL| Strategy | TVL | APR |
|---|---|---|
| HLP Strategy X | $100,621,546 | 3.53% |
| HLP Liquidator 2 | $30,000,000 | 0.00% |
| HLP Strategy A | $3,139,486 | -0.49% |
| HLP Strategy B | $3,015,431 | -2.45% |
| HLP Liquidator 4 | $1,000,000 | 0.00% |
| HLP Liquidator 3 | $1,000,000 | 5.29% |
| HLP Liquidator | $999,999 | 0.00% |
What HLP does
HLP (Hyperliquidity Provider) is Hyperliquid’s protocol vault. It provides liquidity to the exchange through several market-making strategies, performs liquidations, supplies USDC in Earn and collects a share of trading fees. It is fully community-owned: anyone can deposit USDC and share its profit and loss pro rata. Unlike a user vault there is no leader taking a profit share, and no fee.
Deposits are locked for 4 days: you can withdraw four days after your most recent deposit, and each new deposit restarts that clock.
Where HLP’s returns come from, and where its losses come from
Most liquidations on Hyperliquid go straight to the order book. When a position falls below two-thirds of its maintenance margin without being closed there, it is taken over by the liquidator vault, one of HLP’s component strategies, along with the trader’s remaining margin. Hyperliquid’s documentation notes these backstop liquidations are profitable on average, and that profit flows to HLP depositors rather than to an exchange operator.
The same mechanism is HLP’s main risk. If a large position is taken over in a thin or manipulated market, HLP inherits it, and closing it can cost more than the margin that came with it. Market making carries its own risk of being on the wrong side of a sharp move. That is why the drawdown figure above matters more than the APR: it shows the worst fall a depositor would actually have sat through.
Reading the numbers
- APR is Hyperliquid’s own figure for recent performance. It moves with market conditions and is not a promised rate.
- TVL includes deposits and withdrawals, so it measures size, not performance. The chart and the drawdown figure use a time-weighted return instead, so a wave of withdrawals is not mistaken for a loss.
- Component strategies are HLP’s child vaults; their combined positions make up HLP.
Compare HLP with user vaults on the vaults leaderboard, or read how Hyperliquid vaults work.
Frequently asked
What is the HLP vault on Hyperliquid?
HLP, the Hyperliquidity Provider, is a community-owned protocol vault. It market-makes on Hyperliquid, performs backstop liquidations, supplies USDC in Earn and collects a share of trading fees, and depositors share its profit and loss.
How long is the HLP lockup?
Four days. You can withdraw four days after your most recent deposit, and every new deposit restarts the four-day clock.
Does HLP charge fees?
No. Protocol vaults like HLP have no fees or profit share. User vaults, by contrast, pay their leader 10% of profits.
Can you lose money in HLP?
Yes. HLP takes over positions it liquidates and runs market-making strategies, both of which can lose money in sharp or manipulated moves. The max drawdown figure on this page shows the largest fall in its account value so far.
Where does this data come from?
Directly from Hyperliquid public vaultDetails endpoint for the HLP vault, read on every visit. Drawdown and the chart use a time-weighted return index built from its PnL history, so deposits and withdrawals do not count as gains or losses.