Pool Types
HyperAMM offers two pool types that determine your exposure as a liquidity provider: NEUTRAL and BULL. Both earn trading fees, but differ in how they manage price exposure.
NEUTRAL Pools
NEUTRAL pools provide stablecoin exposure (delta-neutral). Your position maintains a constant USD value regardless of token price movements.
How NEUTRAL Works
The protocol creates a delta-neutral position by shorting the token on HyperCore perpetuals, canceling out the spot exposure on EVM.
Example: NEUTRAL UETH/USDC position worth 300 USD
| Component | Allocation | Exposure |
|---|---|---|
| UETH spot on EVM | 100 USD (1/3) | +1/3 ETH exposure |
| USDC on EVM | 100 USD (1/3) | Neutral |
| USDC on Core + short UETH perp | 100 USD (1/3) | -1/3 ETH exposure |
| Net exposure | 300 USD | Zero (delta-neutral) |
The spot long and perp short cancel out, leaving you with pure USD exposure.
NEUTRAL Revenue
- Trading fees from swaps
- Funding fees when the funding rate is positive (similar to Ethena's model — longs pay shorts)
Best For
- Users who want yield without directional risk
- Users who want stablecoin-denominated returns
BULL Pools
BULL pools provide token exposure (delta-1). Your position moves 1:1 with the token price — like holding the token, but also earning trading fees.
How BULL Works
The protocol creates additional long exposure on HyperCore perpetuals, amplifying the spot position to achieve full delta-1 exposure.
Example: BULL UETH/USDC position worth 300 USD
| Component | Allocation | Exposure |
|---|---|---|
| UETH spot on EVM | 100 USD (1/3) | +1/3 ETH exposure |
| USDC on EVM | 100 USD (1/3) | Neutral |
| USDC on Core + long UETH perp | 100 USD (1/3) | +2/3 ETH exposure |
| Net exposure | 300 USD | +1x ETH (delta-1) |
BULL Revenue
- Trading fees from swaps
BULL Cost
- Funding fees when the funding rate is positive (longs pay shorts)
Best For
- Users who are long on the token and want to earn additional yield
- Users who would hold the token anyway
Choosing a Pool Type
| NEUTRAL | BULL | |
|---|---|---|
| Price exposure | None (USD) | 1:1 with token |
| Trading fees | Yes | Yes |
| Funding fees | Earns (when positive) | Pays (when positive) |
| Risk profile | Lower | Higher |
| Think of it as | "Earn yield in stables" | "Hold token + earn fees" |
Next Steps
- Liquidity Pools — LP mechanics, LP tokens, and APY
- How to Provide Liquidity — Step-by-step deposit guide