Live public evidence / Hyperliquid vault researchNo custody / no execution / independent analytics
VaultVisionHL · Vault research
Live Hyperliquid vault comparison

HLP vs BULBUL2DAO

A current diligence comparison of the native HLP benchmark and BULBUL2DAO, without treating APR or one score as a permanent winner.

Protocol benchmark

Hyperliquidity Provider (HLP)

TVL$174.1M
APR+3.7%
30D+0.3%
Max DD0.0%
Risk10/100
EntryInsufficient evidence
Depositsprotocol_open
View vault detail
Leader vault

BULBUL2DAO

TVL$394K
APR+38.5%
30D+2.5%
Max DD7.3%
Risk60/100
EntryNeutral 55
DepositsRecheck deposits
View vault detail
What differs now

Read the trade-off, not a winner

  • HLP currently has the larger TVL ($174.1M versus $394K).
  • HLP has the lower current VaultVision risk score; the scores are 10 and 60 respectively.
  • HLP has the shallower current 30-day max drawdown; recheck the full path before treating that snapshot as stable.
  • BULBUL2DAO adds manager and strategy-specific exposure; HLP is the native protocol market-making benchmark.

Checked Oct 27, 2026 03:43 UTC. Metrics render from the current VaultVision backend snapshot; no performance value is hard-coded into this page.