Hyperliquid 金库： 用 USDC 赚取被动收入
充值 USDC into Hyperliquid vaults and earn 8-25%+ APY from automated market-making strategies. No lock period, no KYC, fully on-chain. The DeFi alternative to 中心化 交易所 earn products.
4% lifetime 手续费折扣 — also applies to vault 充值s/提现s
什么是 Hyperliquid 金库？
Hyperliquid Vaults are pooled investment vehicles where users 充值 USDC and earn returns from automated 交易 strategies. Think of them as the DeFi equivalent of hedge funds or yield products — but fully transparent, on-chain, and 非托管.
Unlike traditional earn products on 中心化 交易所s (like Binance Earn or OKX Earn), Hyperliquid vaults provide full transparency: you can see every trade the vault makes, verify returns on-chain, and withdraw at any time without KYC.
$500M+
金库总价值
8-25%
HLP历史年化收益率
0
锁定期（HLP）
100%
链上透明
Hyperliquid 金库的工作原理
The vault mechanism is straightforward: you 充值 USDC, the vault uses that capital for automated 交易 strategies, and you earn a share of the profits proportional to your 充值.
You 充值 USDC
Transfer USDC from your Hyperliquid 交易 balance into a vault. You receive vault shares representing your proportional ownership.
金库执行策略
The vault deploys your USDC in automated strategies — typically market-making (providing 流动性 on both buy and sell sides of the 订单簿). The vault earns from bid-ask spreads, 清算 flows, and 交易手续费s.
收益自动累积
您在金库中的份额会随着利润的累积而增长。无需手动领取 — 余额会自动更新。收益会随着利润被金库再投资而复利增长。
随时提款
对于 HLP 金库，您可以随时提取 USDC 及累积收益。您的份额会被销毁，USDC 将返回到您的 Hyperliquid 余额中。无罚金、无锁仓期。
Hyperliquid 金库类型
Hyperliquid 提供三类金库，各有不同的风险特征、策略和潜在收益。
HLP (Hyperliquidity Provider)
The flagship vault of Hyperliquid. HLP acts as the main market maker on the platform — providing liquidity to all trading pairs, absorbing liquidation flows, and earning from bid-ask spreads. It is the backbone of Hyperliquid's deep liquidity.
HLP historically returns 8-25% APY depending on market conditions. During high-volume periods (bull markets), returns are higher because more trading activity means more fees collected. During quiet markets, returns decrease. The vault has had negative quarters during extreme volatility.
BLP (Bespoke Liquidity Provider)
Custom vaults that implement specific trading strategies beyond simple market-making. BLP vaults can focus on particular markets, use more aggressive strategies, or employ delta-neutral approaches. Higher potential returns but also higher risk.
BLP vaults are operated by whitelisted participants who deploy custom strategies. Returns vary dramatically: some achieve 30-40% APY while others may lose capital. Each BLP vault has its own parameters for deposits, withdrawals, and management fees. Always review the strategy before depositing.
Community Vaults
Third-party managed vaults created by community members and professional traders. These vaults run diverse strategies — from momentum trading to arbitrage. Quality varies significantly; research the vault manager's track record before depositing.
Community vaults are permissionless — anyone can create one. This means some are excellent and some are poor. Look for vaults with: long track records (6+ months), large TVL (more depositors = more confidence), transparent strategies, and reasonable management fees (below 20%). Never put all your capital in a single community vault.
金库收益计算器
Estimate your potential returns from Hyperliquid vaults. Adjust the 充值 amount, APY, and investment period to see projected earnings with and without compounding.
每日收益
+$2.05
每月收益
+$62.50
年度收益
+$750.00
总收益
+$803.77
最终价值
$5,803.77
复利加成
+$53.77
These are estimates based on the APY you entered. Actual vault returns are NOT guaranteed and fluctuate with market conditions. Past performance does not predict future results. The HLP vault has had negative months during high 波动性.
各金库类型风险等级
| 金库类型 | 风险等级 | 主要风险 | 适合人群 |
|---|---|---|---|
| HLP | 中等风险 | Market-making losses, extreme 波动性 | 大多数用户、长期被动收入 |
| BLP | 高风险 | 策略特定风险、管理者风险、锁仓期 | 了解策略的有经验用户 |
| 社区 | 高风险 | 管理者信任风险、策略风险、质量参差不齐 | 高级用户、分散配置 |
How to 充值 into a Vault (分步)
连接钱包并充值账户
Visit app.hyperliquid.xyz/join/TRADEOFF4 and connect your 钱包. 充值 USDC into your Hyperliquid account (see our Hyperliquid 交易 Guide for detailed instructions on bridging USDC).
进入金库页面
点击 Hyperliquid 顶部导航菜单中的金库。您将看到所有可用金库的列表，包括当前年化收益率、总锁仓量和历史表现。
选择您的金库
For beginners, we recommend starting with the HLP vault — it is the most established, has the deepest 流动性, and no lock period. Click on the vault to see detailed performance data, strategy description, and current positions.
Enter 充值 Amount
Enter the amount of USDC you want to 充值. Start with a small amount (e.g., $100-500) until you are comfortable with how vaults work. You can always add more later.
确认并监控
Click "充值" and confirm the transaction. Your 充值 is processed instantly. Go to your 投资组合 to see your vault positions and track earnings. Returns accrue automatically — no need to claim or reinvest.
4% 手续费折扣 applied with TRADEOFF4
HLP 金库历史表现
以下是 HLP 金库的季度表现。请注意，收益不保证，历史表现不代表未来结果。
| 期间 | HLP 回报率 | 平台交易量 |
|---|---|---|
| Q1 2025 | +12.4% | $180B |
| Q2 2025 | +8.7% | $210B |
| Q3 2025 | -2.1% | $145B |
| Q4 2025 | +18.6% | $260B |
| Q1 2026 | +9.3% | $290B |
* Sample data for illustration purposes. Actual returns vary. Check Hyperliquid for 实时 vault performance.
Vaults vs 质押 vs Lending
加密货币中有很多赚取被动收入的方式。以下是 Hyperliquid 金库与其他热门方式的对比：
Hyperliquid 金库
- 8-25% 年化收益率（浮动）
- 无锁定期（HLP）
- 非托管, on-chain
- 可能出现负收益月份
- 智能合约风险
Proof-of-Stake 质押
- 3-8% 年化收益率（更稳定）
- 协议级别的安全性
- Often has un质押 period (7-28 days)
- Exposed to 代币 price risk
- 削减风险（罕见但可能发生）
DeFi 借贷（Aave、Compound）
- 2-8% 年化收益率（浮动）
- 久经考验的协议
- 随时提款
- 收益低于金库
- Smart contract + 预言机 risk
金库对比：HLP 对比 BLP 对比 Binance 理财 对比 OKX 理财
Compare Hyperliquid vaults with 中心化 交易所 earn products side by side. Hyperliquid offers higher yields and full transparency, while CEX products offer simplicity and regulatory compliance.
| 功能 | HLP | BLP | Binance Earn | OKX Earn |
|---|---|---|---|---|
| Typical APY | 8-25% | 5-40% | 1-10% | 1-12% |
| Minimum Deposit | $1 | Varies | $1 | $1 |
| Lock Period | None | Varies | 0-120 days | 0-90 days |
| KYC Required | No | No | Yes | Yes |
| Custody | Non-Custodial | Non-Custodial | Custodial | Custodial |
| Risk Type | Market Making | Strategy-based | Lending/Staking | Lending/Staking |
| Withdrawal | Instant | May have delay | Flexible/Locked | Flexible/Locked |
| Transparency | Fully On-Chain | On-Chain | Opaque | Opaque |
提现 Process and Timing
HLP Vault: Instant 提现
前往金库 > HLP > 提款。输入金额并确认。USDC 将立即返回到您的 Hyperliquid 余额中。无手续费、无罚金、无等待期。
BLP/社区金库：可能有延迟
Some BLP and community vaults have 提现 queues or cooldown periods. Check the specific vault terms before 充值ing. Delays range from instant to several days depending on the strategy.
Withdrawing to Your 钱包
After vault 提现, your USDC is in your Hyperliquid balance. To move it to your 钱包: go to 投资组合 > Withdraw > enter amount. USDC goes to Arbitrum. From there you can hold it, swap, or send to a CEX.
金库收益的税务影响
金库收益在大多数司法管辖区通常需要纳税。以下是您需要了解的信息：
收益所得税
在美国、欧盟和大多数国家，金库收益被视为普通收入，按您的边际所得税税率征税。您在收到收入时（即金库中收益累积时）就需要纳税，而非仅在提款时。
记录保存
Keep detailed records of all 充值s, 提现s, and earnings. Since Hyperliquid is on-chain, all transactions are publicly verifiable. Crypto tax software can automatically track your vault activity.
咨询税务专业人士
Tax laws for DeFi yield are complex and vary by jurisdiction. This is not tax advice. Consider consulting a crypto-savvy 税务专业人士 or using tools like Koinly for automated tax reporting.
安全注意事项
非托管 Architecture
Hyperliquid is 非托管 — your funds are secured by 智能合约s on the Hyperliquid L1 chain, not held by a company. This eliminates 交易所 hacking or insolvency risk (unlike FTX, Celsius, etc.).
智能合约 Risk
As with any DeFi protocol, 智能合约 bugs or exploits are possible. Hyperliquid has been operating since 2023 without security incidents and processes $200B+ monthly volume, but the risk is never zero. Do not 充值 more than you can afford to lose.
钱包 Security Best Practices
Use a 硬件钱包 (like Ledger or Trezor) for large 充值s. Never share your seed phrase. Use a separate 钱包 for DeFi interactions, keeping your main holdings in cold storage. 获取 Ledger | 获取 Trezor
分散投资
Do not put all your capital in a single vault or platform. Spread across Hyperliquid vaults, 质押, and CEX earn products to reduce single-point-of-failure risk. Consider using Binance Earn or OKX Earn for a portion of your 投资组合.
在 Hyperliquid 上开始赚取被动收入
充值 USDC into Hyperliquid vaults and earn 8-25%+ APY. No KYC, no lock period, fully on-chain. Use code TRADEOFF4 for 4% lifetime discount on all fees.
常见问题
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阅读更多 →风险提示
Hyperliquid vaults are investment products with variable returns. The HLP vault has historically delivered 8-25% APY, but has also experienced negative quarters during extreme market 波动性. Vault returns are NOT guaranteed and you may lose some or all of your 充值ed capital.
This guide is for educational purposes only and does not constitute 投资建议. Always conduct your own research (DYOR), never invest more than you can afford to lose, and consider consulting a qualified 金融顾问. Smart contract risk exists with all DeFi protocols.