# HLPe Trading provides three main sources of revenue: funding rates, market making, and liquidations. HyENA Liquidity Provider Vault (HLPe) delivers the whole stack in a single primitive. HLPe is created to help users participate in fee streams generated from HyENA. Depositors share in the vault PnL and receive a portion of HyENA trading fees, alongside rewards on USDe held in the vault. HLPe is managed through a HyperEVM vault deployed by [Upshift](https://www.upshift.finance/). User deposits on HyperEVM are routed to HyperCore where the vault strategist executes trades via a Fordefi MPC wallet. Deposited funds are subject to a 7-day redemption period, enabling the vault strategist to optimize for vault performance while managing liquidity requirements. #### Launch Timing HLPe will launch in phases. The first phase will be a guarded launch with conservative deposit caps, allowing the team to validate execution, risk controls, and fee capture before scaling. During this period, performance may be more muted as the vault address scales into higher fee tiers and liquidity builds. Subject to performance and a cautious risk review, HLPe will then progress into subsequent phases with progressively higher caps and broader access, ultimately opening to the public while preserving a focus on stability and performance. #### Rewards Holding HLPe is rewarded with 5x Upshift points and 70x Ethena Points for Ethena’s [Season 5 points program](https://app.ethena.fi/overview). For the two months following HLPe launch, Ethena is applying 70x Ethena Points to HLPe. The HLPe vault strategist address is also eligible for [Boosted APR Rewards](/boosted-rewards.md), which will ultimately be distributed to depositors. HLPe's address is not eligible for HyENA points. #### **Fees** The vault strategist accrues management and performance fees: * The vault strategist shall receive a management fee of 0.2% annually of the TVL under management, capped at USD500,000 per annum. * The vault strategist shall receive 20% of net trading profits above a hurdle rate of 8% annualized, calculated, and paid monthly with a high-water mark provision. Performance fees are subject to clawback provisions for risk limit breaches. #### **Co-investment** Vault strategists are required to co-invest in HLPe to align incentives. At launch, the vault strategist will invest $5M in HLPe, with co-investment scaling up alongside TVL. #### **Vault Strategist** The chosen vault strategist for HLPe is Qualia, a trading firm active across other chains and backed by a large Chicago trading firm. #### **Addresses and Audits** HLPe is an ERC-20 deployed on HyperEVM. [Token address](https://hyperevmscan.io/address/0x54a98ff45a7dbdf30c54e32fd330d3ea582a5559): `0x54a98ff45a7dbdf30c54e32fd330d3ea582a5559`. The vault infrastructure is deployed by Upshift. View relevant [Upshift smart contract audits here](https://docs.upshift.finance/architecture/smart-contract-audits). --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.hyena.trade/hlpe.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.