Trading

Vaults & staking

Two ways to participate without trading directly. HLP deposits USDC into a market-making/liquidator vault; HYPE staking earns rewards and fee discounts.

Start with 4% fee discount

CodeEVENTCODE

· No sign-up · One wallet connection · Applied before your first trade

USDC

HLP asset

HYPE

Staking asset

1 day

Delegation lockup

7 days

Unstake queue

HLP

HLP — market making and liquidation P&L

HLP (Hyperliquidity Provider) is a community vault that provides market making and liquidation on the platform. Users deposit USDC; the pool runs market-making and liquidator strategies, and a portion of exchange fees is distributed back to depositors.

Returns fluctuate with market conditions and can be negative.

Deposit / withdraw

Through the Vaults menu

Deposit via Vaults → HLP by entering an amount. Withdrawals have a lockup, so HLP is better suited to medium-term capital than short-term cash.

JELLY (Mar 2025) — HLP is not a principal-protected product

HLP once faced ~$230M in unrealized losses. A validator vote resolved the situation via delisting and reimbursement, but it demonstrates that HLP is not principal-protected. Separately, user vaults (a copy-trading style where users deposit into another trader's vault) also exist — choose which vault you deposit into carefully.

Staking

HYPE staking — rewards + fee discount

Moving from spot balance to staking balance is instant. Validator delegation has a 1-day lockup. Moving from staking back to spot uses a 7-day unstake queue, with up to 5 concurrent pending withdrawals per address.

Rewards accrue every minute, distribute daily, and auto-compound. No auto-slashing at present.

Staking linking is permanent

You can link a staking wallet to a trading wallet, but this link is permanent, and the staking wallet gains control over the trading account. Only use this if you fully understand the implications.

Comparison

HLP vs HYPE staking

Attribute	HLP vault	HYPE staking
Asset	USDC	HYPE
Lockup / queue	Per-vault lockup	1-day delegation lockup / 7-day unstake queue (up to 5 pending)
Yield source	Market making, liquidations, fee share	Network rewards + trading-fee discount 5–40%
Risk	Strategy losses (see JELLY)	HYPE price movement, price movement during the 7-day queue

For active traders, HYPE staking is the first stop

The 5–40% trading-fee discount is the most direct saving proportional to volume.

Lock in the 4% first

Referral codeEVENTCODE

The 4% discount only applies if the code is entered before your first trade.

Full staking-discount table is on the fees page.