# Hyperliquid HLP Vault Returns and Equity > Hyperliquid HLP vault returns and equity by day: realized return, drawdowns, depositors, sub-vault positions and the liquidations HLP took over on HyperCore. Markdown copy of https://voltfincrypto.com/apps/hyperliquid-hlp-vault **Question:** What has Hyperliquid's HLP vault returned, and how deep were its drawdowns? - Kind: Dashboard in Voltfin Vantage - Topic: [DeFi](https://voltfincrypto.com/topics/defi) - Chains: Hyperliquid - Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is. HLP, the Hyperliquidity Provider, is a vault owned by Hyperliquid's community rather than by a trader. Depositors put in USDC; the vault runs market-making strategies across Hyperliquid's perpetual markets through several sub-vaults and takes over the positions of accounts that are liquidated, closing them out over time. Its profit and loss is shared by depositors in proportion to their stake, after a short lock on each deposit. This dashboard reads HLP's state from HyperCore: account value, profit and loss, deposits, withdrawals and the positions of each sub-vault, all pinned to the L1 block they were read at. It turns them into a realized return, a drawdown history and a record of the liquidations HLP absorbed, so a reader can see how it behaved on the days that tested it, from quiet weeks to cascades of liquidations. ## Blueprint ### Returns HLP's equity, realized returns, drawdowns and daily profit and loss. - **HLP equity** (USD): HLP's account value at the latest read, across all sub-vaults. - **Return, 30 days** (%): The change in HLP's value per unit of equity over the last thirty days, deposits and withdrawals removed. - **Deepest drawdown** (%): The largest fall in value per unit from a previous high over the selected period. - **Depositors** (count): Addresses with a deposit in HLP at the latest read. - **Value per unit of equity** (USD): HLP's value per unit of deposited equity at each daily snapshot, the vault's equivalent of a fund's share price. - **Profit and loss by day** (USD): HLP's profit or loss each day, from the change in its account value net of deposits and withdrawals. ### Positions What HLP holds now and the liquidations it took over. - **Liquidations taken over, 30 days** (USD): Size of liquidated positions HLP's liquidator received over the last thirty days, at fill prices. - **Net exposure** (USD): HLP's long positions minus its short positions across all markets at the latest read, at mark prices. - **Equity by sub-vault** (USD): HLP's equity split between its sub-vaults at the latest read. - **Open positions**: Each market where HLP holds a position, with size, side, entry price, unrealized profit and the sub-vault holding it. Filters: Period (Last 30, 90 or 365 days, or since inception). ## How it will be measured - HLP's account value and profit and loss history come from HyperCore's vault details for the HLP vault address, read with the L1 block height and kept as daily snapshots at the first block after 00:00 UTC. - Deposits and withdrawals are the vault's ledger updates, so the return strips out money moving in and out: it is the change in value per unit of deposited equity, the way a fund's share price is measured. - Sub-vault positions come from each child vault's clearinghouse state: positions, margin used and unrealized profit by market. - Liquidations taken over by HLP are fills in which its liquidator sub-vault received a liquidated position, valued at the fill's mark price. - Drawdown is the fall in HLP's value per unit from its previous high, measured on daily snapshots and on hourly reads around large moves. ## Data it needs - `perps_markets_daily` (to build): Volume, open interest, funding rates and fees per market on on-chain perpetual exchanges, per day. - `yield_rates_daily` (to build): Supply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table. - `liquidations` (to build): Every liquidation on major lending markets and perp venues: collateral seized, debt repaid, liquidator, and the price at the time. - Source: HyperCore vaultDetails for the HLP vault: account value history, profit and loss and followers, with the L1 block height - Source: Vault ledger updates for deposits and withdrawals - Source: Clearinghouse state of each HLP sub-vault: positions, margin used and unrealized profit - Source: Liquidation fills received by HLP's liquidator sub-vault - Source: Daily snapshots at the first L1 block after 00:00 UTC, and hourly reads around large moves ## Questions ### What is HLP on Hyperliquid? The Hyperliquidity Provider, a protocol vault that anyone can deposit USDC into. It makes markets on Hyperliquid's perpetuals and takes over liquidated positions, and its depositors share the result. It charges no performance fee and has no single trader in charge. ### How is HLP's APR calculated? Hyperliquid shows an APR from recent profit and loss. This dashboard measures HLP's realized return over set periods from value per unit of equity, which removes deposits and withdrawals, and shows it beside that figure without projecting it forward. ### How long are HLP deposits locked? Each deposit is locked for four days from the time it is made before it can be withdrawn. The lock discourages deposits made only to catch a single large liquidation and leave. ### How does HLP handle liquidations? When an account falls below its maintenance margin and the order book cannot absorb its position, HLP's liquidator sub-vault takes the position over and closes it out over time. The positions page lists those takeovers and what they earned or lost. ### Can HLP lose money? Yes. HLP is a counterparty to traders, so it loses when its inherited or quoted positions move against it. Its drawdowns have come from liquidations it could not close at a profit and from markets where large traders pushed prices against its positions, as on the JELLY market in March 2025. ### Is HLP the same as the Assistance Fund? No. HLP is a vault owned by its depositors. The Assistance Fund is a separate protocol account that receives trading fees and buys HYPE on the market, and it has its own dashboard. ## Glossary - **Vault equity**: The value of a vault's account: its collateral plus the unrealized profit or loss of its open positions. - **Sub-vault**: A child vault through which HLP runs one strategy, such as market making on a group of markets or liquidations. - **Drawdown**: The fall in value per unit of equity from its previous high, a measure of how much a depositor could have lost. - **Lockup**: The period after each deposit during which it cannot be withdrawn; four days for HLP. ## Related apps - [Hyperliquid Revenue and HYPE Buybacks](https://voltfincrypto.com/apps/hyperliquid-revenue-buybacks) - [Hyperliquid Open Interest and Funding Rates](https://voltfincrypto.com/apps/hyperliquid-open-interest-funding) - [Hyperliquid Whale Tracker: Largest Open Positions](https://voltfincrypto.com/apps/hyperliquid-whale-tracker) - [DeFi Liquidations Tracker: Lending and Perp DEXs](https://voltfincrypto.com/apps/defi-liquidations-tracker) - [Perp DEX Funding Rates: BTC, ETH and Major Markets](https://voltfincrypto.com/apps/perp-dex-funding-rates) - [Perp DEX Volume and Market Share by Venue](https://voltfincrypto.com/apps/perp-dex-volume-market-share) Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F