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Keiko Finance Review 2026: Borrowing on Hyperliquid

Keiko Finance is a small CDP-style borrowing protocol on Hyperliquid that lets users borrow the KEI stablecoin against HYPE-ecosystem assets. Usage is very low, so it suits only experimental users who accept high protocol risk.

Hyperliquid L1

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

4.8/10

Weak

Visit Keiko Finance

Our verdict on Keiko Finance

4.8/10

Keiko Finance is a niche CDP protocol for borrowers who hold Hyperliquid ecosystem assets and want to take out KEI loans without selling them. Its main strengths are a clear 2.5% base rate and user-set collateral ratios. The main caveat is scale: with only about $228 in TVL, liquidity is thin, the track record is short, and volatile collateral raises liquidation risk. Treat it as experimental and size positions accordingly.

Score breakdown

How Keiko Finance scores

Security: 4.5/10
Ease of use: 6.5/10
Fees: 6.0/10
Features: 5.5/10

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 Keiko Finance?

Keiko Finance is a permissionless borrowing protocol on Hyperliquid. It lets users borrow against Hyperliquid ecosystem assets, with dynamic interest rates and liquidation ratios.

The homepage lists HYPER, PURR, wHLP and HFUN as collateral, pitches predictable interest rates and a 2.5% base rate, and describes a redemption mechanism called the Adjusted Redemption Score. It also links to audit reports, documentation, Discord and Twitter.

The protocol appears on a DeFi tracker as a CDP project listed since March 2025. Its TVL is about $228, down 4.4% over seven days, so activity is minimal. No protocol token is listed.

How Keiko Finance works

Keiko is a collateralized debt position (CDP) protocol. You lock supported assets in a vault and borrow the KEI token against them. If the value of your collateral falls too close to the debt, the position can be liquidated.

Each vault has a minimum collateral ratio chosen by the user, and the interest rate depends on it. The homepage states a 2.5% base rate, with the rate adjusting to the ratio. A higher ratio means more safety margin.

Redemptions let KEI holders swap their tokens back for collateral from vaults. Keiko says its redemption order is set by an Adjusted Redemption Score (ARS), which it describes as new. Exact details are in the docs.

7 features

Key features

Hyperliquid-native collateral

Users can borrow against Hyperliquid ecosystem tokens such as HYPER, PURR, wHLP and HFUN, keeping exposure to those assets while taking out a loan.

Dynamic interest rates

A 2.5% base rate is stated, and the rate shifts with the collateral ratio you choose, so users can trade safety margin for cost.

Adjustable collateral ratio

Users pick a minimum collateral ratio, with 150% shown as the homepage example, and can optimize it for better rates.

Adjusted Redemption Score

Vault redemptions use a mechanism the project calls the Adjusted Redemption Score (ARS), described as an improvement on standard redemption designs.

KEI borrowing

The protocol borrows out KEI, shown as the borrowed asset on the homepage, against deposited collateral.

Permissionless access

Anyone with a compatible wallet can open a position without an approval process, per the permissionless description.

Published audits

The site links to audit reports and the tracker lists two audits.

Pros and cons

What we like

Focused on Hyperliquid ecosystem assets, including wrapped HLP
Clear 2.5% base interest rate stated on the homepage
User-selectable collateral ratio lets borrowers trade safety for lower rates
Audit reports are linked, and two audits are listed on the tracker
Permissionless design with no account or approval process described

Watch out for

Very small TVL of about $228 on the tracker, which points to little usage and thin liquidity
Tied to a single chain (Hyperliquid), so it carries that ecosystem's risks
Collateral includes volatile assets such as a memecoin (PURR) and HFUN, which raises liquidation risk
The team, audit firm names and audit dates are not stated on the homepage
The redemption mechanism (ARS) is new and has little track record
No hands-on or independent usage data on how well liquidations work at low liquidity

Keiko Finance fees

The homepage states a 2.5% base interest rate, with the final rate adjusting based on the collateral ratio you choose. Other costs such as origination fees, redemption fees or liquidation penalties are not published on the homepage.

Users also pay network gas on Hyperliquid. Check the docs and the app's position screen for exact fees before opening a vault.

Is Keiko Finance safe?

The homepage says security is a priority and links to audit reports, and the tracker lists two audits. The auditors' names, dates and scope are not on the homepage, so read the reports yourself. Audits reduce but do not remove smart-contract risk.

With roughly $228 in TVL, liquidations and redemptions may work poorly in a stress event, and one bad position could matter a lot. Collateral such as PURR (a memecoin) is volatile. The protocol is non-custodial in design, so you keep control of your wallet but bear the full risk of liquidation. No incidents are reported in the sources, but the track record is short. This is not financial advice.

6 steps

How to get started with Keiko Finance

1
Read the docs and the audit reports linked from the homepage.
2
Set up a wallet compatible with Hyperliquid and fund it with a supported collateral asset such as HYPER, PURR, wHLP or HFUN.
3
Open the app and connect your wallet.
4
Choose a collateral amount and a minimum collateral ratio, keeping a wide buffer above the 150% minimum.
5
Review the interest rate and liquidation terms shown for your position, then borrow KEI.
6
Monitor your collateral ratio and repay or add collateral if prices fall.

Open Keiko Finance

Who Keiko Finance is for

Keiko suits experienced DeFi users who already hold Hyperliquid ecosystem tokens, understand CDP liquidation mechanics and are willing to test a very small, early-stage protocol. It is not suited to beginners or anyone who needs deep liquidity.

Keiko Finance FAQs

What is Keiko Finance?

Keiko Finance is a permissionless borrowing protocol on Hyperliquid. Users deposit supported assets as collateral and borrow against them, with interest rates and liquidation ratios that adjust dynamically.

What can I use as collateral on Keiko?

The homepage lists HYPER (the Hyperliquid L1 token), PURR, wHLP (wrapped HLP) and HFUN as collateral, and also shows an HLP deposit option. The full list of supported assets is in the app and docs.

What interest rate does Keiko charge?

The homepage cites a 2.5% base rate, with interest adjusting based on your collateral ratio. Choosing a higher minimum collateral ratio (MCR) can lead to better rates. The homepage shows a 150% minimum collateral ratio in its example.

Is Keiko Finance audited?

The homepage links to audit reports, and the tracker lists two audits. The auditors' names and findings are not stated on the homepage, so read the reports directly. An audit does not remove smart-contract risk.

Does Keiko Finance have a token?

The tracker lists no governance or protocol token for Keiko Finance. Public reporting shows a different token named KEIKO with a near-zero price, which does not appear to be tied to this protocol, so check carefully before buying anything.

Which blockchain does Keiko run on?

Yes. The protocol is built on Hyperliquid and the tracker shows only that chain. You need a compatible wallet and assets on Hyperliquid to use it.

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