Vaults

Hyperliquid vaults and HLP

Vaults are the closest thing Hyperliquid has to a native 'give someone else your capital' product, and they are frequently confused with copy trading. They are not the same thing, and the difference is custody.

In short

HLP is a community-owned protocol vault that market-makes, performs backstop liquidations, supplies USDC in Earn and accrues a share of trading fees; its deposit lock-up is 4 days. Legacy HyperCore vaults let any trader run capital for depositors in exchange for a 10% profit share, requiring a 100 USDC minimum deposit, a 10,000 USDC creation fee and a permanent 5% leader stake, with a 1-day depositor lock-up. Newer vaults are built on the HyperEVM with customisable, fully onchain accounting.

At a glance

HLP, legacy user vaults and non-custodial mirroring
Dimension	HLP	Legacy user vault	Non-custodial mirroring
Custody of your capital	HLPPooled in the vault	Legacy user vaultPooled in the vault	Non-custodial mirroringYour own Hyperliquid account
Manager compensation	HLPNone — protocol vault	Legacy user vault10% profit share to the leader	Non-custodial mirroring0.1% builder fee on mirrored notional
Lock-up	HLP4 days from last deposit	Legacy user vault1 day	Non-custodial mirroringNone; agent revocable at any time
Exposure	HLPMarket making and liquidations	Legacy user vaultOne leader's discretionary book	Non-custodial mirroringScore-weighted basket of up to 10 leaders
Position visibility	HLPVault-level	Legacy user vaultVault-level	Non-custodial mirroringYour own positions, per leader sub-account

HLP: the protocol vault

The Hyperliquidity Provider is a protocol vault running multiple market-making strategies. It also performs backstop liquidations through its liquidator vault component, supplies USDC in Earn, and accrues a portion of trading fees. It is fully community-owned, which is the point: strategies that on other venues are reserved for the exchange or privileged market makers are open to anyone who deposits.

The deposit lock-up is 4 days from your most recent deposit. HLP can and does lose money — it takes the other side of flow and absorbs liquidations, so its PnL is a real trading result, not a yield.

Legacy HyperCore vaults

Introduced in 2023, HyperCore vaults let any trader manage pooled capital. The leader receives a 10% profit share. Creating one requires choosing a permanent name and description, depositing at least 100 USDC, and paying a 10,000 USDC gas fee that is distributed like trading fees. To keep skin in the game the leader must maintain at least 5% of the vault at all times.

Depositors have a 1-day lock-up on user vaults, against HLP's 4 days. These legacy vaults can trade validator-operated perps but not spot or HIP-3 perps.

What happens to positions on withdrawal

When a depositor withdraws and enough margin remains for open positions at their set leverage, positions are unaffected. If not, margin-using open orders are cancelled in increasing order of margin used. If that is still insufficient, 20% of positions are closed repeatedly until the withdrawal can be processed. Leaders can also configure a vault to always close positions proportionally on withdrawals so liquidation prices stay similar.

This is the structural cost of pooling: your exit can force someone else's position to close, and someone else's exit can force yours.

Vaults versus non-custodial copy trading

A vault takes your deposit into a pooled account managed by someone else and charges a share of profit. Non-custodial copy trading leaves capital in your own Hyperliquid account, grants only a trade-only agent approval, and mirrors positions into sub-accounts you control.

That difference determines what you can do in a crisis. A vault depositor can request a withdrawal subject to lock-up and forced position closes; a self-custodied account holder can revoke the agent and flatten positions themselves at any moment. HyperMirror charges a 0.1% builder fee on mirrored notional and no profit share.

Past performance is not indicative of future results. Perpetual futures are leveraged instruments and carry a substantial risk of loss, including the loss of your entire position.

Methodology

Scoring and replacement are documented in full on How it works and in the Docs (Policy v3). In short: the Elite basket is sticky, emergencies remove a leader immediately, and soft issues accrue at most one strike per UTC day with three strike-days triggering replacement. Read how it works or the documentation for the full table.

Questions

Frequently asked

What is HLP on Hyperliquid?

The Hyperliquidity Provider, a community-owned protocol vault that runs market-making strategies, performs backstop liquidations, supplies USDC in Earn and accrues a share of trading fees. Deposits are locked for 4 days.

How much do Hyperliquid vault leaders earn?

Legacy HyperCore vault leaders receive a 10% profit share and must keep at least 5% of the vault themselves; creating a vault costs a 10,000 USDC fee.

Is a vault the same as copy trading?

No. A vault pools your capital under someone else's control with a lock-up. Non-custodial copy trading keeps funds in your own account under a trade-only agent approval you can revoke.

Keep reading

Vaults vs copy tradingThe custody comparison in full.LiquidationsHow the HLP liquidator vault backstops the book.Is Hyperliquid safe?Custody, audits and residual risk.How autopilot worksThe five non-custodial steps from wallet connect to mirrored execution.

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