Yield Aggregator · Review
ActiveHyperWave Review 2026: Yield Vaults on HyperEVM
HyperWave offers automated yield vaults on HyperEVM, including hwHLP, hwHYPE and hwUSD. It is a young, small protocol tied closely to Hyperliquid, so users should weigh the concentrated risk.
By the DappsAtlas editorial team · Updated
DappsAtlas score
6.3/10
Mixed
Our verdict on HyperWave
6.3/10HyperWave suits DeFi users already active on Hyperliquid who want automated yield on HYPE or HLP exposure without lock-ups or manual rebalancing. Its main strength is a focused product set with usable vault tokens. The main caveat is concentration: it is small, young, tied to one ecosystem, and does not publish fees or strategy detail in the sources reviewed. Check audits and vault terms first.
Score breakdown
How HyperWave scores
- Security
- 5.5/10
- Ease of use
- 7.0/10
- Fees
- n/a
- Features
- 6.5/10
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 HyperWave?
HyperWave is a yield protocol built around Hyperliquid. Its app offers automated vaults on HyperEVM called hwHLP, hwHYPE and hwUSD. The homepage says they have no lock-up and no manual rebalancing.
DefiLlama lists it in the Yield category on Hyperliquid, Arbitrum, Base and Ethereum, with about 1.03 million USD in TVL and a 3.2 percent seven-day rise. It has been listed since July 2025, has two audits listed and uses the HWAVE token.
The project also describes a larger plan, the House of Payments, an onchain forex layer that reroutes global payments onto Hyperliquid. Public sources treat this as something being built, so the vaults are the part users can evaluate today.
How HyperWave works
HyperWave runs vaults on HyperEVM, the smart-contract layer of Hyperliquid. A user deposits an asset and receives a vault token that represents their share. The vault's strategy then runs automatically, so the user does not rebalance by hand.
hwHLP is described as a tokenized form of the HLP vault. HLP is Hyperliquid's community liquidity vault, which supports market making and liquidations on the exchange. hwHYPE is aimed at earning a risk-adjusted return on HYPE. hwUSD is also listed, but the project does not explain its strategy.
Because the vault tokens are meant to remain usable across HyperEVM DeFi, a holder may be able to use them elsewhere while still earning yield. Returns depend on the underlying strategy, so yields can fall and losses are possible.
6 features
Key features
01
Automated yield vaults
The homepage lists three automated vaults on HyperEVM: hwHLP, hwHYPE and hwUSD, so users do not manage positions by hand.
02
Tokenized HLP vault
hwHLP is described as a tokenized form of the HLP vault, giving a transferable receipt for that exposure.
03
HYPE yield vault
hwHYPE is a vault built to deliver the best risk-adjusted return on deposited HYPE.
04
No lock-up, no rebalancing
The site states there is no lock-up and no manual rebalancing for vault deposits.
05
Composable positions
Vault positions are described as usable across HyperEVM DeFi, so the receipt tokens may serve in other apps.
06
House of Payments vision
The project says it is building an onchain forex layer that reroutes global payments onto Hyperliquid. This is a stated roadmap goal.
Pros and cons
What we like
- Clear set of three vaults on HyperEVM for HYPE, HLP exposure and a USD product
- No lock-up and no manual rebalancing, according to the homepage
- Vault tokens are meant to stay usable across HyperEVM DeFi
- Two audits are listed on DefiLlama
- Support through Discord tickets and email
- Multi-chain listing across Hyperliquid, Arbitrum, Base and Ethereum
Watch out for
- Depends heavily on Hyperliquid and HyperEVM, so a problem on that stack affects every vault
- Strategy details, allocation logic and risk limits are not described publicly available
- Fees are not published in the sources reviewed
- TVL is around 1 million USD, which is small and may mean limited liquidity depth
- Listed since July 2025, so the track record is short
- The forex and payments plan is a stated goal, not something public sources show as live
HyperWave fees
HyperWave's fees are not published publicly reviewed. That includes any management, performance, deposit or withdrawal fees on the vaults.
Users should check the vault pages in the app and any official documentation before depositing. Network gas on HyperEVM, Arbitrum, Base or Ethereum applies on top of any protocol fees.
Is HyperWave safe?
DefiLlama lists two audits, but the auditors, dates and findings are not public. Users should look up the reports and check whether the deployed contracts match what was audited.
Vaults carry smart-contract risk, strategy risk and dependence on Hyperliquid. hwHLP in particular inherits the risks of the HLP vault. The project does not mention incidents or regulatory status, and nothing here is financial advice. Only deposit what you can afford to lose.
6 steps
How to get started with HyperWave
- 1
Confirm the official app address from the project's verified channels, to avoid copycat sites.
- 2
Set up a wallet that supports HyperEVM and fund it with the asset for your chosen vault, such as HYPE or a stablecoin.
- 3
Read the vault page for hwHLP, hwHYPE or hwUSD, including strategy, fees and withdrawal terms.
- 4
Start with a small deposit to learn how deposits and withdrawals work.
- 5
Hold the receipt token and track the position in the app.
- 6
Use the Discord ticket or email support listed on the site if you have problems.
Who HyperWave is for
HyperWave is for crypto users who already hold HYPE or use Hyperliquid and want passive yield through vaults. It is less suited to people who need a long track record, published fee tables or exposure outside the Hyperliquid ecosystem.
HyperWave FAQs
What is HyperWave?
HyperWave is a yield protocol on Hyperliquid's HyperEVM. It runs automated vaults named hwHLP, hwHYPE and hwUSD, and describes a longer-term plan for an onchain forex and payments layer.
Does HyperWave have lock-ups?
The homepage says there is no lock-up and no manual rebalancing, and that positions stay usable across HyperEVM DeFi. Check the app for current withdrawal terms before depositing.
What are hwHLP and hwHYPE?
hwHLP is described as a tokenized form of the HLP vault, which is Hyperliquid's liquidity vault. hwHYPE is a vault aimed at the best risk-adjusted return on HYPE.
Is HyperWave audited?
DefiLlama lists two audits for HyperWave, but the project does not name the auditors or the scope. An audit lowers risk but does not remove smart-contract, market or platform risk.
Does HyperWave have a token?
Public sources list HWAVE as the project's token. They do not describe its utility, supply or distribution, so check official documentation before relying on it.
Which chains does HyperWave support?
DefiLlama shows HyperWave on Hyperliquid, Arbitrum, Base and Ethereum. The homepage focuses on vaults on HyperEVM.
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How we checked
Sources
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