How Hyperliquid's HLP Vault Turns Market Chaos Into Profit

HLP’s Profit Bursts and Notable Incidents Hyperliquid’s community-owned market-making vault, HLP, has generated $136.9M in cumulative profit since its May 2023 launch, growing total value locked from zero to a peak of $603.9M in September 2025. While TVL has swung between roughly $150M and $600M across repeated boom-bust cycles, cumulative PnL has climbed in a near-staircase pattern, long flat stretches punctuated by sharp jumps that tend to arrive precisely when market volatility is at its peak. Two of those jumps account for a disproportionate share of the vault’s lifetime earnings.