Harmonix
Harmonix transforms idle capital into productive liquidity for the Hyperliquid ecosystem through automated strategies and composable yield tokens.
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The Vision
After FTX's collapse, Harmonix emerged with a clear mission: build a decentralized hedge fund where users maintain full control while accessing institutional-grade strategies. Unlike Alameda which extracted value, Harmonix reinforces the ecosystem it operates in.
Founded by Frank Dang (6 years investment banking, built $50M TVL aggregator) and Bean Nguyen (10 years in tech, quantitative model developer), the team brings traditional finance expertise to DeFi innovation. Starting in 2020 with quantitative models for Bean's Singapore team, they evolved to pioneer the Option Wheel strategy on Deribit in 2022 before focusing on Hyperliquid.
Core principle: Every dollar deposited strengthens Hyperliquid's liquidity infrastructure while generating sustainable yield for users.
Core Products
USDC-HYPE Delta Neutral Vault (Live on HyperCore)
The flagship vault delivering 8-15% APY on stablecoins - one of the highest sustainable yields in DeFi.
What is Delta-Neutral? A strategy that earns yield without betting on price direction. You're market neutral - making money whether prices go up or down through funding rate capture.
How your money works: • Deposit USDC → Strategy buys spot HYPE + opens equal short position • Earn from positive funding rates (longs pay shorts) • Withdraw anytime with your principal + accumulated yield
Real costs to consider: • Entry: ~0.08% (trading fees + slippage) • Performance fee: 10% on profits only • Key insight: Stay deposited at least 2 weeks to offset entry costs
Track performance: Live Dashboard | Source: Strategy Details
$HYPE Vault on HyperEVM (Launching July 2025)
The next evolution: deposit HYPE, receive haHYPE - a yield-bearing token that grows in value automatically.
The delta-neutral strategy in action:
You deposit 100 HYPE
Vault uses HYPE as collateral on Felix Protocol to borrow feUSD
Converts feUSD → USDC for the hedging strategy
Capital splits for perfect balance:
50% shorts HYPE on HyperCore (earning funding rates)
50% buys back HYPE for deployment in HyperEVM DeFi
Result: Zero price exposure, pure yield generation
What you earn:
Funding rate yield: 10-15% APR from the short position
DeFi protocol yields: From staking and liquidity provision across HyperEVM
Arbitrage opportunities: feUSD ↔ USDC price differences captured automatically
Felix liquidation bonuses: Additional HYPE rewards when prices decline
Ecosystem points: Felix, Harmonix, and partner protocol rewards
Future haHYPE strategies: Additional yield from looping mechanisms
Fees (only charged at withdrawal): • Management: 1% annually (pro-rated) • Performance: 10% on net profits • Key insight: Stay at least 7 days to ensure yield covers fees
Track performance: Live Dashboard | Source: Yield Sources | Kitty Tuto
Understanding haHYPE (Yield-Bearing Token)
When you deposit into the HYPE vault, you receive haHYPE - think of it as a receipt that grows in value.
Key benefits for users:
Auto-compounding: No need to claim or restake - value increases automatically (your haHYPE balance stays the same)
Transferable: Send to friends, trade on DEXs, or use in other protocols
Collateral potential: Soon usable for borrowing across HyperEVM
Flexible withdrawals: Request anytime (processing time 1-3 days)
Planned integrations: • Liquidity pools on Hyperswap (haHYPE/HYPE pairs) • Borrowing markets on Timeswap and Hyperlend • Yield tokenization on Napier Finance
Track haHYPE: YBT Properties
Staking Solutions
HyperCore: Validator Staking
Harmonix curates the best validators for HYPE staking with enhanced rewards:
Selected Validators & Rewards: • Alphaticks - 0% commission + 3× Harmonix Points (best for maximum yield) • ValiDAO - Standard APY + 2× Harmonix Points + exclusive ValiDAO Points • HypurrCollective x Nansen - Community validator + Nansen analytics rewards • ASXN - Algorithm-focused validator with research benefits
Current staking APY: ~2.2% base + additional point multipliers
HyperEVM: Liquid Staking & DeFi
Access liquid staking through stHYPE (StakedHype) - stake your HYPE while maintaining liquidity for DeFi activities. Soon, kHYPE (Kinetiq) will offer additional staking options.
How stHYPE enhances your yield: Once you receive stHYPE tokens, use them across HyperEVM protocols:
Felix - Use stHYPE as collateral to borrow feUSD
Hyperlend - Lend your stHYPE for additional APY
Hyperswap - Provide liquidity in stHYPE pools
Valantis - Access specialized stHYPE AMM strategies
HypurrFi - Create leveraged positions with isolated lending markets
One-click access: Harmonix aggregates these opportunities in a single interface.
Security & Protection
Audits completed: 3 (Verichains x2, Shieldify) | Upcoming audits: Zenith and Code4Arena before token launch
Smart contract design: Non-upgradeable core logic prevents tampering
Fund protection: Multi-signature controls and automated risk monitoring
User control: Permissionless deposits and withdrawals - your funds, your keys
Harmonix Points: Your Proof of Contribution
Season 2 is live (March 4) with enhanced rewards:
Points earned through vault deposits, staking, and protocol usage
Tiered system: Bronze, Silver, Gold, Diamond (top 2% get 50% fee rebates)
Loyalty bonus for Season 1 participants + time-weighted rewards
Future utility: NFT rewards, performance fee rebates, early access to features
Points formula rewards both deposit size and time commitment - early users maintain their advantage while new participants can climb the ranks.
Full details on Season 2 | Season 2 Announcement
Roadmap Highlights
July 2025: HYPE Vault launch with $5M cap + haHYPE distribution Q3 2025: BTC & ETH vaults via HyperUnit + instant withdrawals Q4 2025: Developer SDK for external builders + native lending market
Coming later in 2025: Spot Swap feature, Curator System (community strategies), GameFi pets
Full 2025 Roadmap | Extended Vision
Resources & Further Reading
Team: @christophorusan | @harmonixintern
The Bottom Line
Harmonix creates a liquidity loop where user profits strengthen Hyperliquid:
Every deposit increases open interest on HyperCore
Strategies deepen liquidity across Felix, Hyperlend, and Hyperswap
YBTs like haHYPE become shared collateral reducing bridged asset dependency
Result: Sustainable yields that compound within the ecosystem
The endgame: Liquidity that works for users AND the protocol - positioned to win through alignment, not extraction.
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