Hyperliquid HLP
Best for documented on-chain trading
How it rates
- Documentation published at a public address
- No audit report linked in the public dataset at this check
- Single-chain deployment
Each indicator scores 2, 1 or 0. A pillar is the points earned over the points available; the overall score is the weighted sum. Every source below is public — check any of them yourself.
- Not metIndependent audit published with a linked report
No audit report linked in the public protocol dataset at this check.
defillama.com/protocol/hyperliquid-hlp - Not metAudit count recorded in an independent dataset
0 audit(s) recorded.
defillama.com/protocol/hyperliquid-hlp - MetProtocol tracked by an independent analytics platform
Listed with published TVL and history.
defillama.com/protocol/hyperliquid-hlp - MetTechnical documentation published
Documentation reachable at this check.
hyperliquid.gitbook.io/hyperliquid-docs - MetApplication reachable at a public address
Reachable without an account at this check.
app.hyperliquid.xyz
- MetDocumentation published where fees are described
Documentation reachable for fee review.
hyperliquid.gitbook.io/hyperliquid-docs - Met
- MetIndependent dataset publishes protocol economics
TVL and change history published independently.
defillama.com/protocol/hyperliquid-hlp - PartialFee model documented publicly
Documentation available; specific fee tiers not captured at this check.
hyperliquid.gitbook.io/hyperliquid-docs - MetNo account required to read protocol documentation
Open documentation.
hyperliquid.gitbook.io/hyperliquid-docs
- MetTracked with published total value locked
TVL $214m at this check.
defillama.com/protocol/hyperliquid-hlp - Met
- Not met
- Not met
- MetListed on the independent dataset for over a year
Listing date recorded in the dataset.
defillama.com/protocol/hyperliquid-hlp
- MetIndependent analytics page published
Public protocol page with history.
defillama.com/protocol/hyperliquid-hlp - Not metAudit documentation linked publicly
No audit report linked at this check.
defillama.com/protocol/hyperliquid-hlp - Met
- MetProtocol identity and chains disclosed
Chains and category published: Derivatives.
defillama.com/protocol/hyperliquid-hlp - Met
- Met
- Met
- Met
- Not met
- Met
The liquidity vault backing Hyperliquid's perpetual markets, holding $214m and taking the other side of trader flow as market maker and liquidator.
Our assessment
HLP is the vault that makes Hyperliquid's perpetual markets work. Depositors' capital acts as market maker and liquidator, taking the other side of trader flow. It holds $214m at this check, and understanding what that position actually is matters more than the yield figure attached to it.
Depositing means becoming the house
HLP profits when traders lose and loses when traders win. Over time the house edge, funding and liquidation fees have generally favoured the vault — that is the business model of every market maker. It is not a yield product, it is an undiversified short-volatility position in one venue's order flow, and it can lose substantially in a single event.
The March 2025 episode
A trader engineered a position in an illiquid market specifically to force losses onto HLP. The platform's response was to delist the market and settle it at a chosen price, protecting the vault. Depositors were shielded; the episode also demonstrated that outcomes on this venue can be decided by intervention rather than by the rules as written.
Concentration is the structural fact
The chain, the matching engine, the vault and the intervention authority sit within one ecosystem. That produces excellent performance and a governance surface far narrower than a permissionless protocol's. No audit report was retrievable at a public address at this check.
Who it suits
HLP fits depositors who understand they are underwriting one venue's trader flow and accept discretionary intervention as part of the deal. Anyone treating it as a savings product has misread the instrument.
How rivals compare
| Service | Score | Best for | |
|---|---|---|---|
| GMX V2 Perps | 9.3 | audited, multi-chain deployment | Read → |
Frequently asked
Does this score mean Hyperliquid HLP is safe to use?
No. It measures what an outsider can verify: linked audits, published documentation and independently recorded market data. Contract behaviour is not tested by us.
Where does the TVL figure come from?
An independent public analytics platform, queried at the verification date. Anyone can re-run the same query.
Why do some protocols score zero on audits?
Because no audit report is linked in the public dataset. It records what a user can reach, not a claim that no audit was ever performed.