> 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/using-delpho/mint-usdv-with-hype-or-khype.md).

# Mint USDV with HYPE or kHYPE

This page walks through depositing HYPE or kHYPE and minting USDV against it.

For current LTV, liquidation threshold, and liquidation fees, see [Parameters](/delpho-docs/parameters.md).

## Steps

1. **Connect wallet** to the Delpho dapp.
2. **Select HYPE or kHYPE** as the collateral type. If you do not have kHYPE, you can stake HYPE through Kinetiq first.
3. **Enter the amount** you want to deposit. The dapp shows the maximum USDV you can mint at the current LTV for that collateral. The minimum mint is 50 USDV. See [Parameters](/delpho-docs/parameters.md) for the live values.
4. **Choose the LTV you want.** You can mint less than the maximum to leave headroom against HYPE drawdowns. At the maximum 65% LTV, HYPE would have to fall roughly 18% before liquidation occurs. At 50% LTV, the headroom expands to roughly 37%.
5. **Approve** the token if you have not used Delpho before. This is a one-time approval per asset.
6. **Optionally enable auto-deleverage**. If turned on, the protocol will automatically unstake your sUSDV and repay USDV as your LTV approaches the liquidation threshold, keeping you out of liquidation. Requires holding sUSDV. Recommended for users who do not actively monitor positions.
7. **Deposit and mint** in a single transaction. The dapp shows your new position with health factor.

## What you keep

* Your **directional exposure to HYPE** is preserved by the protocol's hedged position. If HYPE rallies you still benefit. If HYPE sells off you still feel that.
* You hold **USDV**, the dollar liquidity created by the mint.
* You pay **0% borrow** for as long as the position is open.

## Why kHYPE collateral

Using kHYPE rather than HYPE has a small advantage: the kHYPE position continues to earn HYPE staking yield while it is locked as Delpho collateral. The user receives:

* Continued kHYPE staking yield on the collateral.
* Dollar liquidity through USDV.
* Optional sUSDV yield if the USDV is staked.
* Preserved directional exposure to HYPE.

## What to watch

* **Health factor:** visible in the dapp. As HYPE moves, your LTV moves. A health factor approaching 1.0 means liquidation is near. See [Manage your borrow position](/delpho-docs/using-delpho/manage-your-borrow-position.md).
* **Liquidation threshold:** 80% LTV at launch.
* **What happens at liquidation:** if your position crosses the threshold without sufficient auto-deleverage capacity, the treasury absorbs the position. You pay a total liquidation penalty of about 10%: 9% to the treasury, a capped 1% to the caller. You keep the rest of your collateral. See Liquidations for the full mechanic. See [Liquidations](/delpho-docs/how-delpho-works/liquidations.md) for the full mechanic.
* **Auto-deleverage status:** if you opted in, your LTV will be brought down automatically before liquidation triggers.
* **kHYPE/HYPE peg** can move slightly. The protocol uses an oracle for kHYPE valuation that accounts for the staking accrual.

## Where to go next

* [Minting USDV](/delpho-docs/how-delpho-works/minting-usdv.md) - the mechanics behind the mint flow.