Yield Aggregator · Review
ActiveHLP0 Review 2026: Tokenized Hyperliquid HLP Yield and Its Risks
HLP0 is a yield token on Arbitrum that wraps Hyperliquid's HLP vault shares and can be moved across chains. Its zero-fee pitch is attractive, but the lack of audits and a reported dispute over fund handling call for caution.
By the DappsAtlas editorial team · Updated
DappsAtlas score
4.5/10
Weak
Our verdict on HLP0
4.5/10HLP0 suits experienced DeFi users who already want exposure to the Hyperliquidity Provider vault and would like a transferable, cross-chain token with a zero-fee pitch. The main strength is convenience: one deposit gives a token that can be lent or farmed elsewhere. The main caveat is trust. There are no listed audits, the project's fund handling drew criticism in 2025, and advertised yields vary widely. Treat it as a small, high-risk position.
Score breakdown
How HLP0 scores
- Security
- 3.0/10
- Ease of use
- 7.0/10
- Fees
- 7.0/10
- Features
- 6.0/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is HLP0?
HLP0 is a DeFi yield product on Arbitrum. Users deposit USDC and receive HLP0, a token that represents shares of the Hyperliquidity Provider (HLP) vault. It first appeared in mid-2025 and is described by its own docs as a zero-fee public good built by HLP users.
The pitch is convenience and extra yield. A plain HLP position is hard to use elsewhere, while HLP0 is a transferable token that works across chains through LayerZero's OFT standard and can be placed in lending or farming strategies.
The product is small, with TVL under $400,000 and no listed audits. A news report from August 2025 said the project faced backlash after depositor funds were reportedly withdrawn from a multisig wallet and bridged to other DeFi protocols. The project's own description of active liquidity management and yield farming points the same way. Users should weigh that custody question carefully.
How HLP0 works
You deposit USDC on Arbitrum into the HLP0 app. According to the homepage, the deposited USDC goes directly into the Hyperliquidity Provider (HLP) vault, a community vault tied to Hyperliquid's trading venue. In return you receive HLP0, a tokenized representation of your HLP shares.
Because HLP0 follows LayerZero's OFT standard, it can be bridged to other chains without a separate wrapped token. The project says holders can use HLP0 in lending or farming on other DeFi protocols to earn extra yield on top of the base HLP return.
The documentation also says the project manages liquidity actively and farms yield to improve on base HLP returns. The homepage shows an oracle-based HLP0 price, which was not populated when the page was captured.
6 features
Key features
01
USDC to HLP0 minting
Deposit USDC on Arbitrum and receive HLP0, a token representing your share of the Hyperliquidity Provider vault.
02
Interest-bearing token
HLP0 is described as an interest-bearing token whose value grows with vault returns. A DEX post also mentions live rebases.
03
Native cross-chain via OFT
The token follows LayerZero's OFT standard, so it can be bridged between supported chains without a separate wrapped version.
04
Mint, redeem and bridge
The app has Mint, Redeem, Bridge and Yield tabs, along with Dashboard, Points and Analytics pages.
05
DeFi composability
HLP0 can be put to work in lending or farming on other DeFi protocols for extra yield on top of the base HLP return.
06
Zero-fee positioning
Documentation and a DEX post describe the product as zero-fee, built for HLP users, with active liquidity management to boost base yield.
Pros and cons
What we like
- Turns HLP vault shares into a transferable token that can move across chains.
- Documentation and a DEX post describe it as zero-fee.
- Simple mint and redeem flow with a clear 100 USDC minimum.
- The token can be used in other DeFi protocols for extra yield.
- Fully on-chain interface with a dashboard and analytics pages.
Watch out for
- Funds go into a vault managed by the project, so users carry custody and counterparty risk on top of the underlying HLP risk.
- A news report from August 2025 said the project faced backlash over moving depositor funds out of a multisig wallet and bridging them to other DeFi protocols.
- No audits are listed for the project.
- Advertised yields vary widely between sources, from about 9.7% to about 32.8% APR, and no rate is guaranteed.
- TVL is small, at under $400,000, so liquidity and market depth may be thin.
- The team and legal entity behind the project are not named.
HLP0 fees
The project's documentation and a DEX post describe HLP0 as zero-fee. Public sources do not list any mint, redeem or performance charges, so users should confirm current terms in the docs.
Users will still pay Arbitrum network gas, and bridging between chains may carry its own costs. The underlying HLP vault's returns also depend on its trading results, which can be negative.
Is HLP0 safe?
No audits are listed for HLP0, and public sources do not name the team or any legal entity. The token is created by depositing into a vault the project controls, so users depend on the project's wallets, contracts and operational choices.
A news report from August 2025 said HLP0 was accused of drawing depositor funds from a multisig wallet and bridging them to DeFi protocols, which drew criticism. Users should read the project's own explanation. The underlying HLP vault also carries trading and market risk, and the bridge layer adds smart-contract risk. Only use funds you can afford to lose.
7 steps
How to get started with HLP0
- 1
Read the project's documentation, including how funds are held and how redemptions work.
- 2
Check the report from August 2025 about fund movements and the project's response.
- 3
Get USDC on Arbitrum and a compatible wallet with a little ETH for gas.
- 4
Connect your wallet to the HLP0 site and open the Mint tab.
- 5
Enter at least 100 USDC, the minimum deposit shown, and confirm the transaction.
- 6
Use the Dashboard to follow your position and the Redeem tab to exit.
- 7
Start with a small amount and review the oracle and APR figures before adding more.
Who HLP0 is for
HLP0 is for experienced DeFi users comfortable with vault risk, bridge risk and a small, unaudited protocol. It is not suited to anyone who needs guaranteed returns or simple custody.
HLP0 FAQs
What is HLP0?
HLP0 is an interest-bearing token that represents shares of the Hyperliquidity Provider (HLP) vault. You deposit USDC on Arbitrum and receive HLP0 in return. It uses LayerZero's OFT standard so it can move between chains.
Does HLP0 charge fees?
The project's documentation describes HLP0 as a zero-fee public good, and a post from a DEX that lists the token says it has zero fees. Underlying HLP vault economics, gas and bridging costs still apply. Check the docs for the current terms.
What APR does HLP0 pay?
Yield figures vary by source and over time. One third-party page cites roughly 9.68% APR and a post on the project's X account cites roughly 32.8%. The homepage shows a live figure that was not populated when the page was captured. Treat all rates as variable and not guaranteed.
What is the minimum deposit?
The minimum deposit shown on the mint form is 100 USDC. The deposit is made in USDC on Arbitrum.
Is HLP0 safe?
No audits are listed for HLP0. A news report from August 2025 said the project was criticised for drawing depositor funds from a multisig wallet and bridging them to DeFi protocols. Read the project's response and docs before depositing anything you cannot afford to lose.
What can I do with HLP0 after minting?
The project says HLP0 can be used to lend or farm across other DeFi protocols to earn extra yield. It is also described as natively cross-chain through LayerZero's OFT standard, so a bridge feature is built into the app.
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How we checked
Sources
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