Dashboard Vaults Blog @0xkayser

Hyperliquid Vault FAQ

Straight answers to the questions new HL vault depositors actually ask. No fluff, no affiliate spin. Short definitions live in the glossary.

Jump to

Hyperliquid basics

What is a Hyperliquid vault?

A Hyperliquid vault is an on-chain strategy pool. On the legacy HyperCore vault surface, user vaults are managed by leaders and HLP is a protocol vault; depositors share pro-rata profits or losses. Hyperliquid now documents newer programmable HyperEVM vaults separately.

What is the difference between HLP and a leader vault?

HLP is a protocol vault that runs multiple market-making strategies and performs liquidations. A legacy user vault is managed by an individual leader. Hyperliquid's leader documentation specifies a 10% profit share for the leader; the HLP documentation describes community-shared PnL and does not list a separate leader profit share. The documented lockup is four days for HLP and one day for legacy user vaults.

What is a leader vault?

A legacy Hyperliquid user vault is managed by a trader called the leader. The current official documentation states that the leader receives a 10% profit share, deposits at least 100 USDC to create the vault, pays a 100 USDC creation fee, and must maintain at least 5% ownership.

What is the minimum deposit for a Hyperliquid vault?

Hyperliquid's depositor documentation tells users to enter an amount on the vault page but does not publish one universal depositor minimum or recommended starting size. Check the current vault flow and deposit availability before acting; size is a personal risk decision because deposits share strategy losses and are subject to a lockup.

HLP specifics

What is HLP on Hyperliquid?

HLP (Hyperliquidity Provider) is Hyperliquid's protocol vault. The official protocol-vault page says HLP runs multiple market-making strategies, performs liquidations, supplies USDC in Earn, accrues a portion of trading fees, and shares the resulting PnL with community depositors. Returns can be positive or negative.

Does HLP have a management fee?

Hyperliquid's HLP documentation describes community-shared PnL and does not list a separate leader profit share. For legacy user vaults, the current leader documentation specifies a 10% share of profits for the leader. Compare current per-vault fields and sourced lockup rules in the vault fees and lockups scanner, then verify the current protocol documentation before depositing.

What is the 4-day lockup on HLP?

The current official protocol-vault documentation states that HLP has a four-day lockup after the most recent deposit. The official legacy HyperCore depositor page states a one-day lockup for user vaults. Verify the current product flow before depositing because vault interfaces and primitives can change.

Does HLP have tail risk?

Yes. Hyperliquid's official protocol-vault and liquidation documentation says HLP runs market-making strategies and participates in backstop liquidations. Depositors share strategy PnL, so protocol ownership does not make HLP a cash equivalent or guarantee positive returns. Check the live HLP page for current risk and drawdown.

What is the Sharpe ratio of HLP?

Sharpe changes with the selected history window and does not capture every tail or liquidity risk. Check the current HLP detail page and read Sharpe beside drawdown, positions, TVL, and the underlying strategy rather than relying on a historical article number.

Risk & safety

Are Hyperliquid vaults safe?

No vault label is a safety guarantee. Hyperliquid's official documentation says depositors share a strategy's profits or losses and should assess each vault's risks and history. Separate protocol, bridge, liquidation, wallet, HLP, and leader-vault risk with the source-checked safety guide, then inspect live risk and drawdown.

What does the VaultVision risk score mean?

The VaultVision risk score is a 0-100 model combining 35% performance risk, 25% drawdown risk, 25% liquidity risk, and 15% data-quality risk. Lower means less risky under the current inputs. Bands: 0-33 low, 34-66 moderate, and 67-100 high. Full formula: risk score methodology. It is a screening signal, not a deposit recommendation.

What makes a vault "high risk" on VaultVision?

A vault enters the high band when the weighted Risk Engine v2 score reaches 67-100. The score combines performance risk, drawdown risk, liquidity risk, and data-quality risk. Position concentration and leader history are separate diligence checks, not direct formula components.

How do I choose a Hyperliquid vault?

Use the risk score as a screening input, then inspect the drawdown window, open positions and concentration, TVL and liquidity, data quality, leader history, deposit state, lockup, and current entry context. Hyperliquid tells depositors to assess each vault's risks and performance history; no fixed age, APR, or score threshold determines suitability. Full framework: how to choose a HL vault.

Metrics: TVL, APR, drawdown

How is Hyperliquid TVL calculated?

A vault's displayed TVL is its current marked-to-market vault equity. Any aggregate depends on the selected universe and filters: VaultVision category totals include only tracked rows that pass the current product filters. Vault TVL, HyperEVM DeFi TVL, and perpetual open interest are different measures. See the live vault TVL rankings and the TVL explainer.

What is a good APR for a Hyperliquid vault?

There is no durable "good" APR threshold. Annualized values change with the measurement window and can hide leverage, concentration, losses, or short histories. Always read APR beside drawdown, risk, TVL, positions, data quality, and deposit state on the current vault page.

What is drawdown in a vault?

Drawdown is the percentage decline from a vault's prior equity peak to a later trough. Max drawdown is the largest observed decline in the available history and selected window. It describes the recorded path of loss, but it does not bound a future loss or replace review of positions, leverage, liquidity, and data quality.

Vault mechanics

Can I withdraw from a Hyperliquid vault anytime?

No. Current Hyperliquid documentation states a one-day lockup for legacy user vaults and a four-day lockup for HLP, measured from the most recent deposit. It documents the standard withdrawal flow but does not establish a universal early-withdrawal fee or penalty rule. Use the fee and withdrawal lockup screen for a sourced comparison, then verify the current vault interface before acting.

What is a whale in HL vault context?

VaultVision's public flow tape shows thresholded vault-level net-flow signals derived from retained snapshots. Each row is an aggregate signal, not proof that one identified wallet made that deposit or withdrawal. Use it to flag unusual vault-level movement for further review.

About VaultVision

What does VaultVision actually do?

VaultVision tracks the public Hyperliquid vault universe that passes its current TVL and data-quality filters; the current server default is a $300,000 TVL floor. It adds modeled risk scores, TVL and APR, trailing performance, drawdown, positions, vault-level flow signals, deposit state, and entry-quality labels. Coverage, source status, and timestamps should be checked in the live product and public API.

Where does VaultVision get its data?

VaultVision primarily ingests Hyperliquid's public stats and API surfaces, stores snapshots for historical analysis, and computes its own risk, drawdown, ranking, flow, and entry-quality fields. The product uses a database and caches; derived model outputs are not native Hyperliquid fields.

How often does VaultVision refresh data?

The current server schedules its main Hyperliquid fetch and derived-analytics cycle every 15 minutes. Wallet-tracking snapshots use a separate cadence, and actual freshness can lag when an upstream source or a fetch fails. Check the displayed update time instead of assuming a stream is live.

What is paper trading on VaultVision?

Paper trading is a hypothetical research sandbox that simulates allocations without depositing real capital. It can help compare rules and observe live-data changes, but it is not an execution record, a backtest guarantee, or evidence that the same result would occur with real funds.

Is VaultVision affiliated with Hyperliquid?

No. VaultVision is an independent analytics site built by @0xkayser. It uses Hyperliquid's public on-chain data and has no formal relationship with the Hyperliquid team or HLP.

Does VaultVision have an API?

Yes. The public read-only API under /api/v1/ exposes filtered active-vault records, vault details, rankings, and signals. See the Hyperliquid vault API reference for the current endpoint, field, minimum-TVL, and rate-limit contract. No authentication is required for the documented read endpoints.

See the live vault data

Risk scores, vault-level flow signals, and entry-quality labels. Free, no login.

Browse live vault directory