Hyperwave

Hyperwave is a protocol building an onchain forex layer on Hyperliquid, starting with Hyperwave HLP (hwHLP) — the first liquid yield-bearing token representing deposits into the Hyperliquidity Provider Vault (HLP) on HyperEVM and beyond. It tokenizes HLP (Hypercore liquidity provider) positions, bringing the yield generated in Hypercore directly into the HyperEVM ecosystem so users can mint, redeem, bridge, and integrate a composable liquid HLP position.

Here is how holders of hwHLP (a token that represents a stake in Hyperliquid's liquidity pool) earn yield:

Step by step, the money flows like this:

1. Users deposit stablecoins (USDT0, USDe, or USDhl) into the hwHLP vault contract.
2. Hyperwave's strategists swap those stablecoins for USDC on Hypercore's spot orderbook.
3. That USDC goes into the Hyperliquidity Provider Vault (HLP) on Hyperliquid. The HLP vault itself earns yield from two sources: providing liquidity on Hypercore, and from general trading activity on the network.
4. An on-chain oracle regularly checks the HLP vault's value and updates the hwHLP token price accordingly. As the vault earns yield, the token's underlying value (net asset value) rises — and that increase is captured in the token price.

Fees and withdrawal timing

• Hyperwave charges a 10% performance fee on gains. This is built into the vault's management fee structure in a way that is mathematically the same as a straight performance fee, and it can be verified on-chain.
• No mint or redeem fees — those are 0% according to the app interface.
• When you want to redeem (cash out) your hwHLP tokens, expect a roughly 5-day waiting period.

The big picture

This design takes the yield that HLP earns from Hyperliquid's community-driven liquidity markets and makes it usable within the HyperEVM ecosystem. Because hwHLP is a liquid, composable token, it can be minted, redeemed, bridged, and integrated with other apps — something that was not possible with a raw HLP vault position on its own.