Hyperliquidity Provider (HLP)

Performance snapshot for Hyperliquidity Provider (HLP)

• 30-day cumulative return: +209.5%
• 90-day cumulative return: +426.8%
• Max drawdown (30d): 29.4%
• Volatility (30d): 36.7%

HLP APR and TVL — live snapshot

The Hyperliquidity Provider (HLP) is the native market-making vault on Hyperliquid. HLP accrues a portion of trading fees from every perp market, plus the PnL from its own on-book quoting and from liquidations routed to it. Current HLP APR is -0.0%, current HLP TVL is $394.8M, 30-day return +209.5%, 90-day return +426.8%, max 30-day drawdown 29.4%, VaultVision risk score 64/100. All numbers recompute from on-chain state every few minutes.

HLP historical performance pattern

HLP APR is not a fixed yield — it tracks perp market activity. Quiet, range-bound weeks compress HLP APR below 10% annualized; busy, volatile weeks (funding spikes, ADL events, new-listing volume) push HLP APR well above 20% annualized. The long-run average settles between those extremes. Max drawdowns are rare and tied to two specific event types: forced position unwinds via Auto-Deleveraging (ADL) on rogue-coin squeezes, and one-sided funding flips where HLP sits on the losing side through the squeeze window.

Known tail events

• JELLY (March 2025): coordinated squeeze on a low-liquidity perp forced HLP to absorb the unwind at a loss on the order of ~$12M. Resolved via ADL and a delisting decision.
• FARTCOIN (April 2026): a smaller but similar tail event — HLP caught the wrong side of a short-term squeeze, ~$1.5M impact, resolved through ADL routing.

For the full mechanics, fee split, and 4-day lockup detail see the HLP explainer.