Yield Bearing Token

$HYPE Delta-Neutral Vault's YBT – haHYPE

Overview

The Harmonix Yield-Bearing Token (YBT) is an ERC-4626-compliant vault share token that represents a user’s position in the Harmonix $HYPE Delta-Neutral Vault.

When users deposit $HYPE into the vault, they receive haHYPE tokens in return. These tokens:

• Represent ownership of the vault’s underlying strategy,

• Accrue value automatically as the vault generates yield,

• Can be redeemed (after cooldown) for the user’s share of vault assets.

Token Properties

Property	Details
Name	Harmonix Yield-Bearing Token - HYPE
Symbol	haHYPE
Standard	ERC-4626
Chain	HyperEVM
Composability	Designed for integration across Hyperliquid ecosystem (Felix, HyperSwap, etc.)
Issued By	Harmonix Vault Smart Contract

How It Works

1. Deposit

Users deposit $HYPE into the Harmonix Delta-Neutral Vault via deposit functions.

2. Receive YBT

Users receive haHYPE based on current vault NAV and share valuation — your share in the vault is calculated according to the ERC-4626 logic.

3. Yield Accrual

The vault generates yield via:

• Positive perp funding rates on HyperCore,

• Arbitrage between feUSD ↔ USDC,

• Felix liquidation bonuses,

• Additional yield and points from HyperEVM money markets and DEXs,

• Points from HyperEVM ecosystem projects.

The yield increases the value per YBT — your token quantity remains constant, but each token becomes worth more over time.

4. Redeem / Withdraw

You can redeem your YBT for the underlying assets (in HYPE), subject to a maximum cooldown of 3 days after initiating withdrawal.

User Experience Highlights

Feature	Details
Auto-compounding	No action needed to claim or reinvest
Transferable	Standard ERC-4626 — can be sent to others
Cooldown Period	Up to 3 days before assets become withdrawable
Real-time NAV	Track vault value and share price via Harmonix dashboard
Rewards Compatibility	May be eligible for Harmonix Points, airdrops, etc.

YBT Roadmap

FAQ

🔄 Deposits & Withdrawals

Is there a lockup period?

No hard lockup, but withdrawals are subject to a cooldown period of up to 3 days from the time of request.

What assets do I receive when I redeem/withdraw?

You’ll receive yield in your depositing assets — typically $HYPE for now and stHYPE, kHYPE when it is live.

Can I cancel a withdrawal request during cooldown?

This feature may be added in future versions. Currently, once initiated, the withdrawal will complete after the cooldown.

🔗 Interoperability & Integration

Can I use YBT as collateral?

Not currently, but Harmonix is working toward enabling haHYPE to be used in major projects within HyperEVM.

Is YBT tradeable on DEXes?

Initial launch may not include liquidity pools. Over time, Harmonix plans to list YBTs on HyperEVM-native DEXes.

🎁 Rewards & Airdrops

Will I earn Harmonix Points while holding YBT?

Yes. Vault share ownership via YBT is recognized for Harmonix Points and may be used for tier tracking.

What if I transfer YBT to another wallet?

Transferred YBTs may lose eligibility for points or airdrops unless otherwise stated. Holding in your original wallet is safest for rewards.

🧮 Technical Clarifications

Why doesn’t my YBT balance increase?

Because ERC-4626 tokens don’t rebase. Your balance stays the same, but each share becomes redeemable for more assets.

Where can I see my current YBT value?

Via the Harmonix Dashboard, which displays vault NAV, share price, and your current estimated redeemable value.

💡 Summary

• haHYPE = Your passive, liquid share in the Harmonix Delta-Neutral Vault

• Accrues yield automatically through the vault strategy

• Redeemable for more value as vault grows — but can also lose value in rare down scenarios

• Follows ERC-4626 standard for full DeFi interoperability

• Subject to a 3-day withdrawal cooldown