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$184.5M
APR+6.9%
30D+0.4%
Max DD0.0%
Risk12/100
EntryNeutral 50
Depositsat_cap
View vault detail
Leader vault

+convexity

TVL$535K
APR+194.1%
30D+16.9%
Max DD2.7%
Risk42/100
EntryGood Entry 74
DepositsRecheck deposits
View vault detail
What differs now

Read the trade-off, not a winner

  • HLP currently has the larger TVL ($184.5M versus $535K).
  • HLP has the lower current VaultVision risk score; the scores are 12 and 42 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 Aug 24, 2026 19:33 UTC. Metrics render from the current VaultVision backend snapshot; no performance value is hard-coded into this page.