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How to evaluate a Hyperliquid vault

Short, opinionated guides written for people deciding where to put real money. No hype, no referral links.

Basics

What is a Hyperliquid vault?

How vaults work, who runs them, where the money sits, and what you are actually agreeing to when you deposit.

5 min read

Risk

Reading drawdown properly

Maximum drawdown, current drawdown, recovery time and why the worst loss so far is rarely the worst loss possible.

5 min read

Selection

Why headline APR is the worst way to pick a vault

APR extrapolates a short, lucky window into a year. Here is what it hides and what to read instead.

6 min read

Manager alignment: the cheapest due diligence there is

Why the manager's own stake, fee structure and follower base tell you more than any performance chart.

4 min read

A practical checklist for evaluating a vault

The order to read the numbers in, and the disqualifiers worth acting on immediately.

5 min read

Portfolio

Combining vaults: what diversification can and cannot do

Blending strategies reduces risk only when they lose money at different times. How to check that before you commit.

6 min read

Want the exact formulas?

Every score on this site is documented, including the weights and their limitations.

Read the methodology →