Rewards Program

As mentioned in the USDhl Architecture page, every USDhl is backed 1:1 by M, a wholesale dollar collateralized by short‑term U.S. Treasuries. The 4%+ annualized yield generated by these short-term treasuries can be used at complete discretion.

100% of revenues are currently utilized as ecosystem incentives. Effectively, this pays users additional yield for their activities on Hyperliquid.

Designated Venues & Weights

Venue group	Allocation	Sub‑venues	Distribution rule
HyperCore	50 %	USDhl/USDC spot market	Rewards distributed pro‑rata to each address' volume. Maker volume is 3× weighted relative to taker volume.
HyperEVM	50 %	HYPE <> USDhl Hyperswap feUSD <> USDhl Hyperswap USDT0 <> USDhl Hyperswap HYPE <> USDhl KittenSwap USDT0 <> USDhl Kittenswap USDhl Vanilla Lending	Rewards distributed pro‑rata to each LP’s share of the pool’s 14‑day average TVL.

Weights are applied at the group level first (50 % / 50 %), then within each pool according to the stated rule.

Distribution Mechanics

• Payout timing: Rewards are claimable every two weeks via the Felix platform here.

• Transparency: HYPE purchases will be done via this address 0x2157f54f7a745c772e686aa691fa590b49171ec9.