Perpflow is a HyperEVM DeFi protocol that lets users earn yield from perps funding rates using automated delta-neutral strategies, meaning there’s no price exposure. It’s gaining traction while the Hyperliquid ecosystem expands, and also offers HYPE Saver, a leveraged staking product that loops liquid-staked HYPE for amplified APYs, all of which means users can easily deposit assets, adjust leverage, and earn yield.
With the Hyperliquid blockchain HyperEVM gaining momentum, and perps trading volumes on Hyperliquid surging, a protocol called Perpflow is emerging as a profitable platform for turning funding volatility into real yield. The project pitches itself as a simple way to harvest returns without taking on price risk, and has also added a leveraged HYPE staking product that’s attracting attention.
So, let’s take a look at the state of DeFi on HyperEVM, before walking through how you can earn yield on Perpflow.
Hyperliquid and HyperEVM DeFi
HyperEVM is a general use blockchain, while the Hyperliquid perps trading DEX operates on a separate network called HyperCore, and both sit on top of the HyperBFT consensus mechanism, creating the Hyperliquid stack.
Hyperliquid has grown into one of the most important perps venues around, with monthly volume hitting a new high of $398 billion in August, while at the same time, Hyperliquid’s DeFi layer has reached a TVL of almost $2.5 billion.
What Is Perpflow?
Built to optimize returns, Perpflow automates delta-neutral yield strategies. In practice, that means you deposit assets and the protocol handles the mechanics of the strategy, opening a long spot position and a short perps position in equal size so that your position stays market neutral–it doesn’t matter which way prices move–while collecting yield from perps funding rates.
Perpflow has a current TVL of over $4 million, and is notably user-friendly, as the app takes care of execution, leveraging, and position monitoring, which makes the whole process much more accessible than if you were managing it all yourself.
Also, Perpflow has rolled out HYPE Saver, a product that lets users loop liquid-staked HYPE through lending markets on HyperEVM. The effect of this is leveraged staking, so users pick up the base HYPE yield plus returns from borrow-and-restake loops, which has the effect of amplifying the APYs on offer.
As with any DeFi protocol, the usual risk considerations apply. These include smart contract risks and the possibility of frontend attacks, while there are also hazards related to funding rate fluctuations, market volatility, and the possibility of liquidation when using leverage. Please check the Perpflow docs for further information on risks.
How to Use Perpflow
To get started, visit the Perpflow site and there are two options you can click through to: the HYPE Saver side, or the Perpflow Legacy side, so let’s go through each of those.
Perpflow Legacy
If you click on the Perpflow Legacy side, you’ll get to the Earn flow, which is where you’ll be earning yield from funding rates through those delta-neutral strategies, and here you’ll be depositing in USDC (and earning USDC returns), while you can also be earning various kinds of points, depending on which strategies you use.
Connect your wallet, and then as an example, if…
