Hyperdrive

Name

Hyperdrive

Legal name

Hyperdrive

Website

https://hyperdrive.fi

Company type

Private

Founded year

2025

Operating status

Operating

Ownership category

akta.pro rank

Product category

Decentralized Finance (DeFi) Protocol

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (525990)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Decentralized Lending Protocols (DeFi Money Markets) (FSADAFAB)

akta.pro secondary industries

Staking, Restaking & Liquid Staking Finance (LST/LRT, validator markets) (FSAPAEAH), Tokenized Collateral & On-Chain Credit Infrastructure (Collateral Mgmt, Liquidations) (FSAGAMAK), Liquid Staking & Restaking Protocols (FSADAMAE)

Keywords

• Decentralized lending
• Liquid staking
• DeFi money market
• Yield strategies
• Stablecoin borrowing

Headquarters

HQ city

Delaware

HQ country

United States

HQ region

North America

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Infrastructure, Personnel, Marketing or Sales, Operations

Revenue model

1. Stablecoin Money Market Interest Spread: Hyperdrive generates revenue by facilitating stablecoin lending and borrowing. Interest rate spreads between borrowers and lenders form the core revenue mechanism of the protocol. The platform lists APY rates for USDC, USDH, USDT, USDe, USDhl, and HYPE, indicating a multi-asset lending market.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Hyperdrive is a decentralized finance protocol built on Hyperliquid's HyperCore that provides a Money Market for stablecoin lending and borrowing, HYPE LST for liquid staking of the HYPE token, Liquid HLP for using Hyperliquidity Provider positions as collateral with leverage, and an automated Earn product for one-click yield strategies. The protocol serves crypto-native DeFi users seeking capital efficiency and yield on assets held within the Hyperliquid ecosystem.

Product overview

Hyperdrive is a unified DeFi platform operating as Hyperliquid's premier stablecoin money market. The platform comprises four interconnected core products: Money Market (for supplying and borrowing stablecoins), HYPE LST (liquid staking for $HYPE tokens), Liquid HLP (HLP collateral and leverage functionality), and Earn (automated yield strategies). Together, these products form the foundational layer for making everything on HyperCore liquid, enabling users to earn yield, access leverage, and optimize their crypto asset allocation within a single ecosystem.

Differentiator

Problem solved

Functional benefit

Brands

• HYPE LST: Liquid stake $HYPE token allowing users to earn staking rewards while using it as collateral in DeFi.
• Money Market
• Liquid HLP
• Earn

Products and services

• Money Market Stablecoin lending and borrowing pools where users can supply stablecoins to earn variable yield or borrow stablecoins against crypto collateral at algorithmically determined interest rates. Targeted at crypto-native DeFi users seeking on-chain credit markets within the Hyperliquid ecosystem.
• HYPE LST Liquid staking token product that allows users to stake the native HYPE token and receive a tradable liquid staking derivative, enabling users to earn staking yield while maintaining liquidity for use across DeFi. Built for HYPE holders seeking capital-efficient staking exposure.
• Liquid HLP Product that wraps Hyperliquidity Provider (HLP) vault positions into a usable collateral form, allowing users to take leverage against their HLP exposure. Designed for users participating in Hyperliquid's HLP vault who want additional leverage on those positions.
• Earn Automated one-click yield strategies that route user deposits into optimized combinations of Hyperdrive's lending, staking, and HLP products to maximize risk-adjusted returns. Targeted at DeFi users who want yield without manually managing positions across multiple Hyperdrive primitives.

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Lido: Largest liquid staking protocol (stETH). Comparable as a liquid staking token provider — analogous to Hyperdrive's HYPE LST product — though at much greater scale and across multiple chains.
• Sky (formerly MakerDAO): Decentralized stablecoin and lending ecosystem (DAI/USDS, Spark). Comparable as a broad DeFi incumbent with stablecoin issuance and lending — relevant competitive context for Hyperdrive's stablecoin focus.

Direct peers

• Compound: Pioneer DeFi money market offering algorithmic interest rates on crypto collateral. Directly comparable as a permissionless lending protocol, with similar interest-rate-spread revenue model.
• Spark Protocol: Sky/MakerDAO's lending product offering DAI/USDS borrowing against crypto collateral. Comparable DeFi money market with deep stablecoin liquidity, though tied to the Maker/Sky ecosystem rather than Hyperliquid.
• Aave: The largest decentralized lending/money market protocol across multiple chains. Directly comparable as a stablecoin lending and borrowing platform, though operating across many L2s and L1s rather than chain-native to Hyperliquid.
• Morpho: Optimized lending layer built on top of Aave/Compound and increasingly as a standalone money market. Comparable as a next-generation DeFi lending protocol targeting better capital efficiency — directly relevant to Hyperdrive's collateral utility focus.
• Radiant: Omnichain money market enabling cross-chain lending and borrowing. Directly comparable as a DeFi money market with similar cross-asset collateral mechanics, though omnichain rather than chain-native.

Emerging players

• Eigenpie: Liquid restaking protocol on EigenLayer. Comparable as a liquid staking/restaking primitive offering yield-bearing collateral — adjacent to Hyperdrive's HYPE LST product category.
• Pendle: Yield tokenization and trading protocol enabling users to separate and trade yield. Comparable as adjacent DeFi yield infrastructure — addresses the same 'yield optimization' user need as Hyperdrive's Earn product.

Others

• Hyperliquid: The underlying perpetual futures DEX and L1 on which Hyperdrive is built. Not a competitor but the primary ecosystem partner — Hyperdrive's success is structurally tied to Hyperliquid's growth and token utility (HYPE, HLP).

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/hyperdrivedefi

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hyperdrive