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

HLP vs +convexity

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

Protocol benchmark

Hyperliquidity Provider (HLP)

TVL$187.0M
APR+5.0%
30D+0.6%
Max DD0.0%
Risk10/100
EntryInsufficient evidence
Depositsprotocol_open
View vault detail
Leader vault

+convexity

TVL$809K
APR+109.9%
30D+17.1%
Max DD3.8%
Risk50/100
EntryNeutral 58
Depositsopen
View vault detail
What differs now

Read the trade-off, not a winner

  • HLP currently has the larger TVL ($187.0M versus $809K).
  • HLP has the lower current VaultVision risk score; the scores are 10 and 50 respectively.
  • HLP has the shallower current 30-day max drawdown; recheck the full path before treating that snapshot as stable.
  • +convexity adds manager and strategy-specific exposure; HLP is the native protocol market-making benchmark.

Checked Sep 14, 2026 12:32 UTC. Metrics render from the current VaultVision backend snapshot; no performance value is hard-coded into this page.