Two leaderboards — part 4: the benchmark and the graveyard
Two things the native board quietly mixes into one list distort how you read it: the protocol's own house vault, and the survivorship of the vaults that already died. Our board separates both.
Two things the native board mixes into a single list quietly distort your read: the protocol's own vault, and the ghosts of the ones that already died. Our board treats both differently — on purpose.
HLP is a benchmark, not a peer
The native leaderboard ranks HLP — Hyperliquid's own house vault — right among the user vaults. But HLP isn't a trader you "follow"; it's the house, market-making and liquidating across the exchange. Comparing a user vault's APR to HLP's as if they're the same kind of thing misleads in both directions. Our board marks the whole HLP family as "Benchmark" and hides it by default (one toggle brings it back). The point is to compare like with like — and to use HLP as the bar a user vault has to beat, not as a competitor in the same race.
The graveyard the default view hides
Two of every three vaults that ever existed are dead, and a leaderboard, by nature, shows you the living. That survivorship makes the whole activity look far safer than it is — you're browsing a winners' gallery and mistaking it for the field. Our board is explicit about it and, in its recommendation views, filters out the closed and the dormant so a frozen corpse can't masquerade as an opportunity. (The survivors review is the flip side: what it actually means to have lived.)
Parent and child
Some vaults are sub-strategies of a parent — HLP's children, for instance. They're related by construction, so counting them as independent names is double-counting. Our board reads the relationship instead of treating siblings as strangers, which matters the moment you care about real diversification.
The contrast
The native board is complete and neutral: benchmark, dead, and alive all in one ranking. Ours separates the benchmark, buries the dead, and surfaces the living, investable user vaults — because "complete" and "useful for choosing" are not the same thing. Completeness is the venue's job; curation is ours.
← Part 3: profiles & Fit | Part 5: from leaderboard to one holding →
Nothing here is financial advice.