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HLP Liquidator 4
B#186 of 249This strategy liquidates positions on low liquidity coins as soon as they become liquidatable. Once it acquires these positions, it exits the positions using a market making algorithm.
The advertised rate has been moving
Over 19 daily readings it has ranged from -0.03% to 0.41%, averaging 0.30%. The tile below shows today’s quote alone.
19 readings is 19 days, not a year. We began taking them on 2026-09-19 and this window grows with the record rather than standing in for a longer one.
Taking money
Open
TVL
$1.00M
Return
>-0.1%
0.1% of it earned above $1M, over 51 days
The venue advertises
0.0%
the share price implies 0.0% over 27 days, from 40 readings
Its depositors kept
Value and drawdown
This chart shows the last 30 days of a 324 day record; the whole-record figures on this page are measured over all of it, and the 30, 90 and 365-day figures over their own windows, dated below. The rest is the Analyst tierRange
Hover for values. Upper: vault value, with BTC indexed to the same starting capital. Lower: how far below its own peak it was.
The rate, and the seven things that qualify it
A quoted rate is one input, not a verdict. These are the same seven fields in the same order for every vault, so a high rate and a high rate nobody can withdraw from do not look alike.
- Current quoted rate
- 0.0%As the venue states it, from Hyperliquid. Passed on rather than adopted, and whether rewards are inside it is the next row.
- Rewards inside that rate
- No reward rate is published, so we cannot say whether the quote includes one.A published rate, not a verified payment. Promotional projections and amounts actually accrued are different things and this is the first.
- Realised return
- 0.0%over 27 daysDerived from the share price we read, over the window stated. Annualisation is secondary: the window is the measurement.
- Fee basis
- Inside the share priceA return derived from the share price is net of whatever the venue already deducted. Fees charged outside it are not in either number.
- Withdrawable now
- $999.9k100% of the vault
Profit, and what the value is made of
Value held less cumulative profit is the money people put in. The venue draws the two apart; the gap is the point.Range
Profit and loss since the vault opened, as the venue reports it. It ignores deposits and withdrawals: only trading moves this line.
Value heldNet money put in
Range
Solid: what the vault holds. Dashed: what depositors put in, net of withdrawals. Where the two rise together the growth was deposits, not performance.
Nobody has put money in or taken it out across this window, so the money put in is a flat line and the two charts above are the same curve at two heights. That is a fact about this vault rather than a repeated chart: everything its value did, it did by trading.
No strategy has been declared for this vault
Everything above is reconstructed from public data. A declaration is free, signed from this vault’s own key, and cannot be edited afterwards.Note 28
Evidence
What a risk decision about this vault can rest on
Six questions, and what we hold for each. This is not a score and there is no letter at the end of it: the answers are different kinds of thing and compressing them into one number would hide exactly the part a reader needs. Where we have nothing, the row says so.
- What does it hold or lend into?DeclaredUSDCThe venue names a deposit asset. What the vault actually holds behind it has not been read.
- How much could leave now?Measured$999.9kWhat the contract will pay out now, read from it. Not the same as what is idle.
- Who runs it, and what else have they run?MeasuredHLPA named operator with a record across every vault they run, including the ones that closed.
- What does it depend on?DeclaredHyperliquid on HyperliquidThe venue and the chain are known; what the strategy routes into underneath them has not been read.
Passport
Identity
Vault contract
0x2ed5c448…8308
NetworkHyperliquid
Platform
Hyperliquid
OperatorHLP0xdfc24b07…f303
Deposit asset
Who can move the money
Thinthe leader trades this capital and takes a cut of profit; they cannot withdraw it
- Leader (HLP)Trades this capital. Takes a cut of the profit and cannot withdraw the principal.
- no guardian and no timelock: the leader’s trades need nobody’s approval
Analyst tier
Detail is hidden, not absentHow well it executes
Built from 232 individual fills. Two strategies with identical signals can differ by hundreds of basis points purely in how they get filled, taker share, fee rate, slippage. This is the part of a result that is operational competence rather than market view, and it is what tells you whether a good year was skill or a good venue.
See what unlocksAlready a customer? Sign inHow this vault behaves
from 232 fills over 121.31 daysTiming indicates discretionary management, confidence 68%.
- · No strong automation signature in the timing.
Overnight activity 0%
Hour-of-day evenness 22%
Cadence regularity 0%
Clock alignment 11%
Fills per day 1.9
Instruments 5
Timing only. This says nothing about whether the strategy is any good, a losing bot is still a bot.
How the capacity estimate was reached
- Impact is inferred from this strategy’s own realised cost, not measured against a book.
- A 10% participation ceiling is applied where venue volume is known.
- Trade size is converted to capital using the strategy’s own capital-to-trade-size ratio.
- Capacity is capped at 50× the largest trade actually observed, beyond that we are extrapolating.
- Measured edge exceeded 100bps per trade and was clipped, above that it is directional luck, not repeatable alpha.
| Instrument | Edge | Taker | Median trade | Limit |
|---|---|---|---|---|
| JTO | 212.3bps | 100% | $178.00 | Edge 212.3bps against 7.3bps of realised cost. |
| MORPHO | 424.8bps | 100% | $295.00 | Limited by market share: 10% of 5M daily volume across 179 trades a day. |
Who is in it
Money in and out
Ledger read 42 hours agoAnalyst tier
Detail is hidden, not absentWho is in this vault, and how much of it is one wallet
A vault that is eighty per cent one depositor is a vault whose price can be reset by a single withdrawal, and whose headline TVL says almost nothing about whether anyone else believes in it. Concentration is the risk a return figure never shows, and it moves before the return line does.
See what unlocksAlready a customer? Sign inWhat changed the value
nothing decomposed yetThe section above says money moved. This says what the movement WAS. A vault grows because deposits arrived, or because the trading worked, or because it was paid to hold a position, and a size figure renders all three identically.
Nothing can be decomposed for this vault yet: 57 days are held back because a reader has not covered them.
- 1 day: fills have been walked, but not over these days
- 1 day: one end of the day has no position snapshot
- 1 day: the funding ledger has been walked, but not over these days
- 1 day: the funding ledger has never been walked for this vault
What is still missing
- Operator cohort. We show what the venue still exposes; strategies deleted before we began observing are invisible, and only pre-registration can make a cohort provably complete.
- Gross-to-net waterfall. Returns are venue-reported and not yet decomposed into fees, funding and slippage.
- Off-chain exposure. Anything held on a centralised exchange is invisible to us, so the risk shown is a floor.