Hyperliquid HLP

HLP is Hyperliquid’s protocol-owned market-maker vault. Depositors supply USDC; the vault runs market-making, liquidation backstop, and earn-yield strategies against Hyperliquid’s order book and accrues a share of platform fees and PnL back to depositors.

HLP is conceptually similar to GLP/JLP on other perps venues but architected as a public, transparent vault rather than a fixed asset basket. It is one of Hyperliquid’s largest TVL surfaces alongside the canonical bridge. HYPE is the chain’s native token.