HYPE Delta-Neutral Vault

1. Strategy

- Deposit Stablecoins: Users deposit USDC into the vault.

- Position Allocation: 50% spot $HYPE : 50% shorts $HYPE on perps (1x leverage).

- Delta-Neutral Exposure: Earn HyperliquidX funding rates without relying on price movements.

2. Rewards

- Earnings: Funding rate yields + $HYPE + Harmonix Points.

- $HYPE Rewards: Available for the first month only & Distributed weekly.

👉 Reward Details below.

HYPE Delta-Neutral Vault

3. Risks & Costs:

To help users better understand the risks and costs associated with the vault, we’ve outlined the following:

• Deposit Costs:

  • Trading Fees: 0.03% per transaction on Hyperliquid. For both spot and perp trades: 0.03% x 2 = 0.06% trading fees.

  • Estimated Slippage: 0.02%.

  • Total Costs: 0.08% per deposit.

  Ensure you stay in the vault long enough to let funding rate earnings cover these fees before withdrawing.
• Spread Risk: The spread is the price difference between spot and perpetual futures. It can impact your PnL when closing positions:

  • Profit Scenario:

    • Entry: Short $HYPE at $26.20 (futures) vs. $26 (spot).

    • Exit: Spot remains $26, futures drop to $25.80 (spread narrows).

    • Outcome: Spread profit = +$0.40 per $HYPE.

  • Loss Scenario:

    • Entry: Short $HYPE at $26.20 vs. $26 (spot).

    • Exit: Spot rises to $28, futures at $28.50 (spread widens).

    • Outcome: Spread loss = -$0.30 per $HYPE.

    Positive funding rates can offset losses, but not always entirely. Therefore, ensure you stay in the vault long enough to let funding rate earnings cover these fees before withdrawing.