The HLP vault, explained
HLP is the community-owned vault that makes markets and absorbs liquidations. You can deposit into it, but you share its losses as well as its profits.
HLP (Hyperliquidity Provider) is Hyperliquid's protocol vault: it market-makes, takes over liquidations, supplies USDC in Earn and collects part of trading fees, with no fee or profit share for any manager. Deposits are locked for 4 days after your most recent deposit. On 4 Nov 2026 it held about $151.6M, with roughly +$94.5k PnL over 30 days and −$356k over 7 days.
What HLP is
HLP stands for Hyperliquidity Provider. It is a protocol vault: a pool of USDC owned by its depositors and run by the protocol rather than by an individual trader. According to Hyperliquid’s docs it:
- Provides liquidity through several market-making strategies, meaning it places buy and sell orders on the order books so other traders can fill against them.
- Performs liquidations. When a trader’s position falls far enough below its maintenance margin and can’t be closed on the order book, the liquidator vault, one of HLP’s component strategies, takes it over. On average this is profitable, and the profit goes to HLP depositors rather than to an exchange operator.
- Supplies USDC in Earn, Hyperliquid’s lending feature.
- Accrues a portion of trading fees.
The docs describe HLP as “fully community-owned.” There is no manager taking a cut: protocol vaults have no fees or profit share.
The numbers, as a snapshot
From the info API (Hyperliquid API, 4 Nov 2026, 07:28 UTC):
| Measure | Value |
|---|---|
| Total value in the vault | about $151.6M |
| PnL, last 7 days | about −$356k |
| PnL, last 30 days | about +$94.5k |
| PnL, all time | about $138.6M |
| APR field reported by the API | about −0.09% |
Read these the right way. The 30-day figure is roughly 0.06% of the vault, and the week before this snapshot was a loss. All-time PnL is large because HLP has run for years, through many market conditions and at different sizes. None of this tells you what the next month will look like. Past performance does not predict future returns.
How to deposit into HLP
- Have USDC on Hyperliquid. If you don’t yet, see how to deposit USDC.
- Open the Vaults page at app.hyperliquid.xyz/vaults and select Hyperliquidity Provider (HLP).
- Click Deposit, enter an amount and click Deposit again to confirm.
- Note the time. Your 4-day lockup starts now.
Your share is your deposit divided by the vault’s total at the moment you deposit. If the vault grows, your share is worth more; if it loses, your share is worth less.
How to track and withdraw
- Track it on the HLP vault page under the Your Performance heading. Your total across all vaults also appears on the Portfolio page.
- Withdraw from the vault page: click Withdraw, enter the amount and confirm.
The lockup is 4 days from your most recent deposit. The docs’ example: deposit on Sep 14 at 08:00 and you can withdraw from Sep 18 at 08:00. If you add more on Sep 16, the clock restarts and the whole balance is locked until Sep 20 at 08:00. Plan top-ups with that in mind.
The risks, in plain English
- It can lose money. Market making and liquidations are profitable on average, not every week. A sharp move against HLP’s positions can produce losses, as the 7-day figure above shows.
- It’s on the other side of liquidations. In a fast crash, HLP’s liquidator strategy takes over positions that have fallen below two-thirds of their maintenance margin, and then has to manage them in a moving market.
- You can’t exit instantly. The 4-day lockup means you can’t withdraw in reaction to news.
- Returns vary. The APR shown on the vault page is backward-looking and changes all the time. Don’t treat it as an interest rate.
- It’s still Hyperliquid risk. If something went wrong at the protocol level, HLP depositors would be exposed. See is Hyperliquid safe?.
HLP compared with the alternatives
| HLP | User vaults | Native HYPE staking | |
|---|---|---|---|
| Deposit asset | USDC | USDC | HYPE |
| Who runs it | The protocol | An individual leader | You choose a validator |
| Manager fee | None | 10% of profits | Validator commission |
| Exit time | 4 days after last deposit | 1 day after last deposit | 1 day lockup + 7-day queue |
| Can lose principal? | Yes | Yes | Not by slashing today; HYPE price moves |
More on the middle column in how to use Hyperliquid vaults, and the right-hand one in how to stake HYPE.
Common mistakes
- Treating HLP like a savings account. It’s a trading strategy. Size your deposit for the possibility of a losing month.
- Topping up just before you need the money. Every deposit resets the 4-day lock on your whole balance.
- Judging it on one week. Both the good and bad weeks are noise; look at the longer history on the vault page and decide whether you’re comfortable with the swings.
If something goes wrong
- Withdraw button is disabled: you’re probably inside the 4-day window. Check the time of your last deposit.
- Balance is lower than you deposited: HLP has had losses since you joined. Check Your Performance on the vault page.
- Anything else: use Hyperliquid’s official support (Discord “open-ticket” channel or the Zendesk form linked from the docs). Support never DMs first.
Questions people ask
Is the HLP vault safe?
HLP is run by the protocol and charges no fees, but it is a trading strategy and can lose money. Over the 7 days to 4 Nov 2026 it was down about $356k on roughly $151.6M; you share losses in proportion to your deposit.
How long is the HLP lockup?
You can withdraw 4 days after your most recent deposit. Each new deposit restarts the 4-day clock for your whole balance.
What is HLP's APR?
The vault page shows an APR based on recent performance, and it changes constantly. On 4 Nov 2026 the API's APR field was slightly negative (about −0.09%); 30-day PnL was about +$94.5k on $151.6M. Past returns don't predict future ones.
Does HLP charge a performance fee?
No. Hyperliquid's docs say protocol vaults have no fees or profit share, unlike user vaults where the leader keeps 10% of profits.