# What is the HLP?

HLP is comprised of two market-making strategies and a liquidation strategy. The result is a vault that makes trades around the spread, like a market maker, without attempting to take directional risk. The vault trades "against" traders on the HyperLiquid Core DEX. Generally, the vault is very profitable, but it does sometimes take losses. The owner of the vault is the consensus of the validators for HyperLiquid Core.  \
\
The vault receives its yield from two sources - \
1\) Market-Making on HyperLiquid Core Perp markets\
2\) A portion of all fees generated on HyperLiquid Core\
\
**Useful Links -** 

{% embed url="<https://hyperliquid.gitbook.io/hyperliquid-docs/vaults/protocol-vaults>" %}
Vault Info
{% endembed %}

{% embed url="<https://preview.dl.llama.fi/protocol/hyperliquid-hlp>" %}
Vault TVL
{% endembed %}

{% embed url="<https://app.hyperliquid.xyz/vaults/0xdfc24b077bc1425ad1dea75bcb6f8158e10df303>" %}
Vault Stats
{% endembed %}

{% embed url="<https://data.asxn.xyz/dashboard/hl-risk-metrics>" %}
Vault Analytics&#x20;
{% endembed %}


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