Question 1

What does the Hyperliquid HLP vault actually pay?

Accepted Answer

HLP is Hyperliquid's protocol-owned market-making vault: your deposit is put to work as liquidity and market-making inventory, and the profit and loss of that book flows back to depositors after exchange fees and rebates net out. There is no management or performance fee, so what the book earns is what you get. Realised returns have historically sat in a wide band — roughly 15% to 30% APR across most quarterly windows since launch — but that is a trailing average, not a guarantee, and the vault can and does have losing stretches when it takes the other side of a sharp move. This calculator lets you set the yield you actually expect rather than assuming the good quarters repeat.

Question 2

How does the 3x airdrop multiplier change the math?

Accepted Answer

Airdrop points accrue roughly in proportion to capital multiplied by an activity multiplier multiplied by time. Depositing into HLP has carried a 3x multiplier versus 1x for USDC just sitting in your account, so a dollar in HLP earns three times the points a dollar of idle cash does over the same period. If you have a view on what the season's airdrop is worth per dollar of baseline points, the multiplier simply triples that portion of your return. Because the airdrop value is the biggest unknown, the calculator expresses it as an assumed annual percentage of your capital at 1x and then applies your multiplier, and it prints a sweep so you can see how sensitive the decision is to that guess.

Question 3

Is depositing into HLP risk-free because there's no lockup fee?

Accepted Answer

No. HLP charges no entry, exit or performance fee, but the principal itself is at risk — it is an active trading book, not a savings account. In a violent, one-sided market the vault can be caught on the wrong side and post a drawdown, and there is also a short lock window after depositing during which you cannot withdraw. This calculator includes a scenario field for an HLP principal move so you can stress the deposit honestly: a strong airdrop assumption can still be wiped out by a bad quarter on the book, and the whole point of pricing it is to see whether the multiplier is worth the exposure.

Question 4

When is it not worth depositing into HLP for the airdrop?

Accepted Answer

When your honest airdrop assumption is small, your holding period is short, or the drawdown you'd suffer in a bad scenario is larger than the extra points and yield can repay. The multiplier only matters in proportion to the airdrop's real value and the time your capital is exposed; a 3x on something worth almost nothing is still almost nothing. The calculator gives you a break-even — the airdrop value at 1x, in APR terms, at which HLP stops beating idle USDC once its yield and risk are counted — so you can compare it against your own view instead of chasing a multiplier for its own sake.

Hyperliquid HLP ボールトカリキュレーター

HLP デポジットとアイドル USDC — 並べて表示

エアドロップの価値はいくらですか?

乗数は乗算したものだけの価値がある

数学