> For the complete documentation index, see [llms.txt](https://delpho.gitbook.io/delpho-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://delpho.gitbook.io/delpho-docs/resources/glossary.md).

# Glossary

| Term                              | Definition                                                                                                                                                                                                                                                                                                                                    |
| --------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **USDV**                          | Hyperliquid-native dollar stablecoin issued by Delpho against collateral.                                                                                                                                                                                                                                                                     |
| **sUSDV**                         | Staked yield-bearing form of USDV. Receives funding income from the protocol's hedged position.                                                                                                                                                                                                                                               |
| **CDP**                           | Collateralized debt position. The user posts collateral, mints debt against it, and pays back the debt to recover the collateral.                                                                                                                                                                                                             |
| **LTV**                           | Loan-to-value ratio. The size of the debt as a percentage of the collateral value. At launch: 65% for HYPE and kHYPE, 80% for USDC and USDT.                                                                                                                                                                                                  |
| **Liquidation threshold**         | The collateral ratio at which a position becomes liquidatable. At launch: 80% for HYPE and kHYPE, 90% for USDC and USDT.                                                                                                                                                                                                                      |
| **Treasury-absorbed liquidation** | Delpho's liquidation model. A position crossing the liquidation threshold is bought out by the protocol treasury rather than auctioned to third-party liquidators. The borrower pays a total liquidation penalty of about 10%: 9% to the treasury, a capped 1% to the permissionless caller. The borrower keeps the rest of their collateral. |
| **Funding rate**                  | The periodic payment between long and short holders of a perpetual contract that anchors the perp price to spot. Paid hourly on Hyperliquid.                                                                                                                                                                                                  |
| **Delta-neutral**                 | A position structured so the net directional exposure to the underlying asset is approximately zero.                                                                                                                                                                                                                                          |
| **Hedged carry trade**            | A trade where the directional exposure of one leg is offset by another leg, leaving the funding spread as the income line. The structure of Delpho's yield engine.                                                                                                                                                                            |
| **CoreWriter**                    | The HyperCore precompile that lets HyperEVM smart contracts atomically read and modify HyperCore state. Removes the need for bridges in Delpho's rebalance loop.                                                                                                                                                                              |
| **HyperCore**                     | Hyperliquid's exchange and matching engine. Holds perpetual positions and margin state.                                                                                                                                                                                                                                                       |
| **HyperEVM**                      | Hyperliquid's EVM-compatible execution layer. Holds Delpho's smart contracts.                                                                                                                                                                                                                                                                 |
| **HYPE**                          | The native asset of Hyperliquid. Eligible collateral for USDV.                                                                                                                                                                                                                                                                                |
| **kHYPE**                         | Liquid-staked HYPE issued by Kinetiq. Eligible collateral for USDV.                                                                                                                                                                                                                                                                           |
| **beHYPE**                        | Another liquid-staked HYPE variant. Coming as collateral shortly after launch.                                                                                                                                                                                                                                                                |
| **ADL**                           | Auto-deleverage. Hyperliquid's mechanism for reducing positions during forced liquidation cascades. The October 10, 2025 ADL event drove HYPE perp funding to -1,650% annualized.                                                                                                                                                             |
| **Auto-deleverage (Delpho)**      | Opt-in protection on Delpho borrow positions. Its de-leverage rule unstakes the user's sUSDV and repays USDV as the position's LTV rises toward the liquidation threshold. Distinct from Hyperliquid's ADL, the venue's own forced-deleveraging mechanism.                                                                                    |
| **Treasury reserve**              | A buffer accumulated by the protocol during positive funding windows to absorb redemptions and smooth income variability.                                                                                                                                                                                                                     |
| **Anchor account**                | An institutional allocator providing $25M-$100M+ of high-quality supply to the protocol early.                                                                                                                                                                                                                                                |
| **Balance-sheet layer**           | The strategic positioning of Delpho. Hyperliquid's layer for turning liquid collateral into productive dollars.                                                                                                                                                                                                                               |
| **Onchain**                       | One word, no hyphen, by convention.                                                                                                                                                                                                                                                                                                           |

For deeper terminology related to risk, see the [Risk](/delpho-docs/risk.md) chapter. For protocol-specific parameter definitions, see [Parameters](/delpho-docs/parameters.md).