HyperLP combines on-chain vaults with off-chain keepers.

• Smart contracts (addresses to be added)
  • ERC-7540 vault — 1 per pool (e.g. Hyperswap HYPE-USDT fees 30bps 5% range)

    • Handle async deposits in USDT → transfers 1/3 of it to Hyperliquid Perps as margin + add liquidity to LP position → mint ERC20 shares of vault to user

    • Handle async withdrawals → withdraw from perps and from LP to send USDT + yield back to depositor → burn ERC20 shares of vault

    • Expose multiple functions allowing yield optimisation (for now, LP position rebalance)

  • For now, ERC-7540 vaults are not deployed on HyperEVM mainnet, but we are finalising them (as you can see in the repositories) and in the meantime, we are using EOAs instead of smart contract vaults. All keepers and logic remain the same, except that Corewriter provides valuable help in the ERC-7540 version.
• Keepers (visible here) in Rust, are listening to HyperEVM blocks and ERC-7540 vault events
  • Yield monitoring
    • Liquidity position manager: implement a dynamic LP strategy (e.g. +/- 5% liquidity concentration), collect fees and swap (on LiquidSwap) when rebalancing (ProjectX, Hyperswap)
    • Other allocator (Hyperdrive for now)
      • When relevant market conditions are not met (e.g. high volatility), the yield allocator will opt between LP or providing liquidity to Hyperdrive in HYPE tokens, always in delta neutral (with a perpetual short to hedge HYPE position).
  • NAV monitoring
    • For each vault, set the net asset value, at which users will deposit/withdraw
  • Perpetuals monitoring
    • Adjust HYPE short required for the yield leg to be delta neutral
  • Health monitoring (keepers status, gas management, notifications, etc.)

Illustrated, it looks like this ⇒

What is coming up next ?

• Yield evaluation
  • Quant backtesting analysis to evaluate yield over a long period of time through historical data
  • Benchmark of DN concentrated liquidity LP strategies on major pairs, e. g. kHYPE-HYPE
• ERC 7540 Vault smart-contract full test and audit
• Full testing (and audit) for Rust keepers

You will also find hackathon oriented specifications here →

Hackathon — Tech specifications

6. Readings