CashboardGlossary · Perps
What is the HLP vault?
The HLP vault (Hyperliquidity Provider) is Hyperliquid's community-owned vault that makes markets, runs backstop liquidations and shares its PnL.
How does the HLP vault work?
HLP is a protocol vault, and Hyperliquid's docs call it fully community-owned. Anyone can deposit USDC and take a share of its profit or loss in proportion to what they put in. The money runs several market making strategies on Hyperliquid, lends USDC through Earn and collects part of the trading fees. HLP also runs the liquidator. If an account's equity falls below two thirds of its maintenance margin and the order book could not close it, a backstop liquidation goes through the liquidator vault, one of HLP's strategies. On other venues that flow goes to the operator or to privileged market makers. On Hyperliquid it goes to HLP, win or lose.
Nobody takes a cut. Protocol vaults have no fees and no profit share, while the leader of a user vault keeps 10 percent of the profits. The catch is time: HLP deposits lock for 4 days from your most recent one, so adding more restarts the clock.
The risk is being on the other side of the trade. On March 12, 2025 HLP lost about $4 million after a trader pulled margin from a 50x long of roughly 113,000 ETH and was liquidated, and Hyperliquid cut maximum leverage to 40x on BTC and 25x on ETH. Two weeks later a squeeze on the JELLY perp pushed HLP's unrealized loss to $13.5 million before validators voted to delist the market.
Take made-up numbers. You deposit $10,000 into a vault worth $200 million, so you own 0.005 percent. A month in which HLP earns $2 million pays you $100. A month in which it loses $4 million costs you $200, and if your last deposit was under 4 days ago you cannot leave yet.
Also called: HLP, Hyperliquidity Provider.
Where does the HLP vault show up in Cashboard?
Hyperliquid pulse gives HLP its own tile. The vault's account value sits on top, with the APR Hyperliquid reports below it and a 7-day PnL that turns red when the vault is down on the week. Cashboard re-reads the vault at most every five minutes. The link on the tile opens the vault on Hyperliquid, in a new tab on the web or as a web widget on a desktop board. If the vault feed does not answer, the tile says Vault data unavailable and the rest of the widget still loads. Cashboard cannot deposit or withdraw.
Frequently asked questions
How long is the HLP lock-up?
4 days from your most recent deposit. Deposit on a Monday at 08:00 and you can withdraw from Friday at 08:00, and every new deposit starts the 4 days again. User vaults lock for 1 day.
Does HLP charge a fee?
No. Hyperliquid's docs say protocol vaults such as HLP have no fees or profit share, so depositors keep the whole result, losses included. The leader of a user vault keeps 10 percent of profits.
Where can you read more about HLP vault?
Related terms
Last reviewed . Market data in Cashboard comes from the providers named on each widget and may be delayed. Nothing here is financial advice.