Valantis (stHYPE, wstHYPE, STEX)

At a glance Live

What

Liquid staking

Runs on

HyperCore + HyperEVM

Official site

valantis.xyz

Docs

docs.valantis.xyz

X

@ValantisLabs

TVL on Hyperliquid

$209M +4.8% 7d · #4 on Hyperliquid L1

Fees, last 30 days

$336K

Fees

stHYPE: 10% protocol fee on staking rewards (already reflected in the shown APY), no deposit or withdrawal fee, free instant-redemption queue. STEX swaps: dynamic fee from 1 bp. Valantis Prime: 30% of the Hyperliquid fee savings on trades through its app.

Official links

• App (stake and swap)
• Valantis Prime
• Restaking
• Docs
• Audits
• X (Valantis)
• X (stHYPE)
• Discord

Checked against Valantis's own site on November 4, 2026. Bookmark these instead of using search ads.

TVL by product (DefiLlama)

stHYPE	Liquid Staking	$197M
Valantis stHYPE Restaking	Restaking	$8.72M
Valantis STEX	Dexs	$3.24M

What Valantis and stHYPE are

Valantis, founded in 2023 to build modular AMMs, came to Hyperliquid and launched stHYPE, which it calls “the first LST on Hyperliquid”. An LST (liquid staking token) is a receipt for staked HYPE: the HYPE keeps earning staking rewards on HyperCore (Hyperliquid’s trading engine and order-book chain) while you hold, trade or lend the token on HyperEVM (its smart-contract chain).

The stake is spread across HyperCore stake accounts: 5 fast-withdrawal accounts (25 unstakes can run at once), 1 deployer stake account, and over 250 isolated Valantis Prime accounts. The docs say none of these accounts lend or rehypothecate the HYPE.

stHYPE and wstHYPE

stHYPE comes in two interfaces over the same balance:

• stHYPE on HyperEVM rebases: 1 stHYPE always equals 1 HYPE, and your balance grows as rewards arrive.
• wstHYPE is the yield-bearing version: your balance stays fixed and each token is worth more than 1 HYPE over time. No wrapping step is needed.

On HyperCore, stHYPE behaves like wstHYPE. Kinetiq’s kHYPE uses the yield-bearing model only; see kHYPE vs stHYPE.

Validator choice. Minting with a validator’s Community Code assigns your whole balance to that validator, including balances Valantis tracks in HypurrFi, HyperLend and Felix’s Morpho markets. No validator may exceed 50% of stHYPE’s delegation.

Extra exposure. The deployer stake account backs a USDe quote-asset module, so part of stHYPE carries deployer and quote-asset slashing risk on top of normal validator risk. Ethena’s HyENA HIP-3 allocation is deprecated.

What it costs

Item	Documented fee
Staking rewards	10% protocol fee, already in the shown APY
Deposit and withdrawal	None (network gas only)
Instant-redemption queue	No fee
STEX swaps	Dynamic, from 1 bp, rising when withdrawal queues are congested
Valantis Prime	30% of the Hyperliquid fee savings on trades through prime.valantis.xyz; nothing on API or external-terminal trades
Restaking	14-day withdrawal cooldown

How withdrawals work

Valantis targets about 7 days. It pays withdrawals from, in order: new deposits, the instant-redemption queue (which targets roughly 10,000 to 50,000 HYPE), the fast-withdrawal accounts, and, when fast and Prime accounts hold under 10% of funds, an early recall of deployer stake. Deployer recall periods are 30 to 183 days, which is what can stretch a very large unwind. The app shows an estimate before you confirm.

STEX, Prime and restaking

STEX is a Valantis AMM built with Thunderhead for staking tokens, with stHYPE/WHYPE and kHYPE/WHYPE pools. It can redeem through the token’s own withdrawal queue at 1:1 and lends idle reserves to lending markets. Valantis Prime accounts let you trade on Hyperliquid with staking fee discounts. Restaking puts stHYPE into a shared pool for deployer-backed rewards; restaked stHYPE doesn’t count toward Prime discounts.

How to use it

1. Get HYPE onto HyperEVM (“Transfer to EVM” in the Hyperliquid app).
2. Open app.valantis.xyz, connect your wallet and stake. Add a Community Code if you want a specific validator.
3. Use stHYPE or wstHYPE in DeFi, for example as collateral on HyperLend or Felix.
4. To exit, request a withdrawal, use the instant-redemption queue when it has liquidity, or swap on STEX.

Risks

• Upgradeable contracts behind a 48-hour timelock, with multisig-held roles and no onchain veto.
• No public bug bounty and no insolvency backstop. Valantis’s docs say it runs no active public bug bounty and that there is no assured backstop for user losses in an insolvency.
• Slow exits in stress, up to 30 to 183 days for the deployer-dependent part.
• Slashing from the USDe module as well as validators.
• Integration risk. The docs warn the two-token design “introduces a significant vulnerability for certain DeFi integrations”.
• STEX LPs carry lending and queue-timing risk.

Audits: Three Sigma (February 2025), Pashov (October and November 2025), Guardian (November 2025 and January 2026) and Obsidian (April 2026) for stHYPE; Obsidian (February 2026) for Prime; Hexens and Zenith for STEX. Valantis also publishes quarterly stHYPE health reports. See the audits page.

Who it suits, and alternatives

stHYPE suits holders who want to choose their validator and a roughly 7-day exit. Kinetiq kHYPE is larger and keeps HIP-3 exposure in a separate token; Hyperbeat beHYPE offers a 0.5% instant exit.