Welcome to Delpho

These docs are under active development. Some values and sections are still being finalized ahead of public launch and will be updated soon.

USDV is a crypto-collateralized stablecoin and sUSDV is a variable-yield asset. sUSDV yield is not fixed: it can fall to zero, or accrue negatively, during sustained negative funding. USDV can deviate from $1 under stress. Read the Risk chapter before allocating.

Delpho is Hyperliquid's balance-sheet layer. Delpho lets holders of HYPE, kHYPE, USDC, and USDT mint USDV against collateral with per-collateral launch parameters: 80% maximum LTV for USDC/USDT and 65% maximum LTV for HYPE/kHYPE with 0% borrow APR. USDV can be staked into sUSDV, the yield-bearing version, where holders receive yield captured from a hedged funding strategy on Hyperliquid perps.

Where to start

• Holding USDC or USDT and want delta-neutral yield? See Mint USDV with USDC or USDT.

• Holding HYPE or kHYPE and want dollar liquidity? See Mint USDV with HYPE or kHYPE.

• Holding USDV and want yield? See Stake USDV to sUSDV.

• New to Delpho? Start with Delpho 101.

• Assessing risk before allocating? Read the Risk chapter.

• Building on Delpho? Go to For developers.

What makes Delpho different

• 0% borrow APR on minted USDV.

• Retained directionality: HYPE and kHYPE collateral preserves the user's original long exposure.

• Same-chain execution via CoreWriter. No bridges or centralized exchanges required.

• Treasury-first redemptions to defend the peg without unwinding the structural hedge.

Long-form context

For the thesis behind the protocol design, read the Delpho Explained series:

• Part 1: The Basics

• Part 2: The Yield Engine

• Part 3: The Risk Architecture (forthcoming)

• Part 4: Composability and the Productive-Money Thesis (forthcoming)