HLP (Hyperliquidity Provider)

The Hyperliquidity Provider (HLP) is Hyperliquid's native protocol vault — a community-owned, fee-free market-making and liquidation fund that operates directly on HyperCore. Launched in May 2023 alongside the early Hyperliquid platform, HLP allows any user to deposit USDC and participate in the profits generated by Hyperliquid's core market-making, liquidation, and fee-accrual operations. It represents one of the clearest examples of a decentralized exchange opening its market-making infrastructure to retail participants, and has become one of the largest and most consistently performing USDC yield products in DeFi.

Yield and vault protocols on Hyperliquid give users passive access to sophisticated DeFi strategies — from delta-neutral funding rate arbitrage to leveraged staking loops. HLP (Hyperliquidity Provider) is part of this growing category that keeps capital productive within the ecosystem. With HyperCore's native HLP vault and HyperEVM-based strategies, Hyperliquid offers yield options across the entire risk spectrum.