What is Hyperwave hwHLP?
Hyperwave hwHLP is a liquid yield-bearing token that represents exposure to HLP on HyperEVM. In simpler terms, it's a token that gives you access to the yields generated by the HLP vault, which powers market making and liquidation on the Hyperliquid exchange.
By holding HLP (or its liquid representation, hwHLP), users earn a share of trading fees from the Hyperliquid exchange – currently generating around 9.1% APY. However, through Pendle's fixed yield mechanism, you can lock in a much higher 19.6% fixed APY.
How to Get Started with hwHLP on Pendle
Follow these steps to start earning fixed yield with hwHLP:
1. Connect to Pendle
Connect your wallet (make sure you're on Ethereum mainnet)
2. Choose Your Position Type
You have two options:
PT hwHLP (Principal Token): Earns you 19.6% fixed APY, convertible to USDC at maturity
YT hwHLP (Yield Token): Gives you the ongoing yield and Wave Points until maturity
3. Deposit Funds
Select the amount of USDC you want to invest
The Pendle Router will automatically find the best route between native minting and DEX swapping
Confirm the transaction in your wallet
4. Monitor Your Position
Track your earnings through the Pendle dashboard
Remember that PT hwHLP will be worth 1 USDC at maturity (September 25, 2025)
5. Claiming or Withdrawing (Optional)
For early withdrawal: Use Pendle's trading interface to swap your tokens
For native withdrawal: Visit Hyperwave's hwHLP page (note that redemption will only be available on HyperEVM)
Fixed Yield Rewards
PT hwHLP: 19.6% fixed APY until September 25, 2025
At maturity, each PT hwHLP will be worth 1 USDC
Variable Yield & Points
YT hwHLP: Variable yield (currently ~9.1% APY) from Hyperliquid exchange fees
Wave Points: 4X boost on Wave Points (exclusive to Pendle users)
Distribution Method
Fixed yield accrues in the token value automatically
Variable yield and points accrue according to Hyperwave's distribution schedule
Connect & Learn More
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FAQs
What is HLP and how does it generate yield?
HLP is the liquidity provider token for Hyperliquid exchange. It generates yield through trading fees, market making, and liquidations on the exchange, currently producing around 9.1% APY.
What's the difference between PT hwHLP and YT hwHLP?
PT (Principal Token) gives you a fixed 19.6% APY until maturity, while YT (Yield Token) gives you the variable yield from the underlying asset plus Wave Points.
Can I withdraw before the maturity date?
Yes, you can sell your PT or YT tokens on Pendle at any time. However, the price will fluctuate based on market conditions. For native withdrawal, you'll need to use the Hyperwave platform and note that redemption is only available on HyperEVM
.
What happens at maturity on September 25, 2025?
At maturity, each PT hwHLP will be redeemable for 1 USDC. YT tokens will cease to generate yield after this date.
Is there any minimum investment amount?
There's no official minimum, but you should consider Ethereum gas fees when determining your investment amount to ensure it's economically viable.
How are the Wave Points distributed and what can I do with them?
Wave Points are Hyperwave's loyalty program. With the 4X boost, you'll earn points at four times the normal rate. These points may be used for governance, airdrops, or other benefits within the Hyperwave ecosystem.
