50 days in, hwHYPE is already setting new benchmarks for DeFi vaults.
The vault has consistently outperformed alternatives with higher and steadier yields, while setting the precedent for institutional-grade standards of safeguarding assets and vault operations.
Performance Metrics
hwHYPE consistently outperforms other vault options on the market. With steady, sustained yields above 6%, it typically delivers:
2× more than lending
3× more than staking
To put that into perspective, If you put 1000 HYPE into hwHYPE on the day we launched (August 6th) you would have 1008 HYPE today. Whereas If you were staking HYPE, you would have only earned 2.89 HYPE!
Absolute Returns
In the ~6 weeks since launch, the vault share price has increased roughly 0.8%. This growth is almost linear without any sharp drawdowns or volatility spikes.
APRs
The 30-day and 7-day APRs show consistent annualized returns with the long-term trend stabilizing around ~5.5-6%.
Risk-adjusted returns
The Moving Sharpe ratio fluctuates around the 10–15 range. This indicates very high returns relative to risk, confirming that the vault is low-volatility and highly return-efficient.
hwHYPE Strategies
The vault follows a phased strategy rollout designed to progressively enhance yield while managing risk.
Phase 1 is focused on lending optimization across Hyperliquid’s ecosystem, deploying capital into protocols like HypurrFi, HyperLend, and Felix to accrue steady yield plus additional point incentives.
Phase 2, the current phase, introduces higher yield and more sophisticated strategies, including fixed yield via Pendle PTs.
Phases 3 and 4 will further enhance yield with options overlays, including covered calls, puts, delta-neutral trades, basis trading, and funding rate capture.
Together, these phases turn the vault from a lending optimizer into a multi-strategy, institutional-grade yield platform.
Architecture and Operations
hwHYPE is built on the Boring Vault Standard. This battle-tested vault architecture is used to secure billions across DeFi. It provides:
Non-custodial infrastructure, ensuring depositors maintain control over assets
Modular strategy design, enabling strategy updates without compromising security
Non-upgradeable core, granting immutable security guarantees
Operations are managed by the Hyperwave team, which is fully doxxed and has managed billions in sister protocol Swell. Vault metrics, including TVL, APR, exchange rate and volatility data, are all available to view in the app.
Fees
hwHYPE fees will remain zero until the Hyperwave TGE. From that point, the interests of both users and the protocol will be aligned with a single 10% performance fee taken from earned yield, lower than the industry standard.
Deposit in hwHYPE: