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$180.2M
APR+3.4%
30D+0.3%
Max DD0.0%
Risk10/100
EntryInsufficient evidence
Depositsprotocol_open
View vault detail
Leader vault

+convexity

TVL$724K
APR-1.1%
30D-1.2%
Max DD4.5%
Risk36/100
EntryNeutral 45
Depositsopen
View vault detail
What differs now

Read the trade-off, not a winner

  • HLP currently has the larger TVL ($180.2M versus $724K).
  • HLP has the lower current VaultVision risk score; the scores are 10 and 36 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 Oct 12, 2026 01:00 UTC. Metrics render from the current VaultVision backend snapshot; no performance value is hard-coded into this page.