Hyperliquid’s Liquidity Vault Has Earned $139 Million: Where Does the Revenue Come From?

Since its launch, Hyperliquid’s HLP vault, where users can provide liquidity and share in its profits and losses, has generated cumulative profits of approximately $139 million.

According to data shared by CoinGlass on October 6, the Hyperliquidity Provider (HLP) vault had a total profit-and-loss balance of $138.54 million. The current value of the assets locked in the vault was listed at $181.20 million.

How does HLP generate returns?

According to Hyperliquid’s official documentation, HLP provides liquidity for trades on the platform through various market-making strategies, handles liquidations, and receives a portion of trading fees. It also provides USDC liquidity through Earn.

Users can add liquidity to the vault and share in the profits and losses from these activities. This gives them access to strategies typically carried out by professional market makers, but the vault’s total earnings do not mean that every participant earns the same return.

Cumulative profits reach approximately $139 million

The chart shows the profit-and-loss curve for the entire period trending upward, with occasional flat stretches and sharp jumps. At the latest marked point, the cumulative result stood at $138.54 million.

While this data shows the vault’s total performance since launch, the $181.20 million in locked assets reflects its current size. Because users can deposit and withdraw funds at different times, it is not possible to calculate investor returns by dividing one figure by the other.