Harmonix Vault OS, Built for the House of Finance

Harmonix Finance
@harmonixfi · Sep 19
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Hyperliquid is becoming a House of Finance: spot, RWA perps on HIP3, outcome markets on HIP4, portfolio margin. A House of Finance needs a new Vault OS. The only native way to pool capital is still the 2023 vault. Harmonix is building the Vault OS for HyperCore.

Why Hyperliquid Needs a Vault OS

Native vaults hold $286.5M. Hyperliquid carries $14.43B of open interest, 50 times more, and HIP3 markets already make up about 28% of it.

  • More capital, more markets. A Vault OS lets deposits reach HIP3 and HIP4, where the exchange grows fastest.
  • More activity, more fees. Hyperliquid earned about $922M in fees over the past 12 months.
  • Fees feed HYPE. The Assistance Fund buys HYPE with those fees and holds 47.3M HYPE, about $4.4B.

The gap is infrastructure. HyperCore needs a vault layer that matches the exchange it has grown into since native vaults launched in 2023.

What Stronger Vault Infra Needs

Stronger vault infra needs four things.

  • Reach every market. A vault should hold spot, HIP3/HIP4, and perps together, not perps alone.
  • Put idle capital to work. Idle capital should route into portfolio margin/HyperEVM instead of sitting unused.
  • Make shares a standard token. Shares should run on ERC4626, so holders own something they can transfer and use elsewhere, not just a withdrawal queue.
  • Be safe enough to scale. Audits, timelock, multisig, and pause controls should be sized for real capital from the start.

We Already Run It: haUSDC

haUSDC is the Vault OS already at work: a live HyperEVM vault reaching HyperCore through CoreWriter, with exposure to 5 HIP3 markets and portfolio margin activity today. Shares run on an ERC4626 base, and withdrawals move onchain end to end. The contracts have passed 3 audits, with a 24h timelock and a 3/5 multisig governing admin actions. NAV is tracked independently by Octav.

Opening It to Strategists

We are turning the infrastructure that runs haUSDC into a layer other curators can launch vaults on. A curator brings the strategy. Harmonix handles the shares, the accounting, the withdrawals, the security, and the market access underneath it.

  • HIP3 from day one. Curator vaults reach HIP3 markets through the same CoreWriter path haUSDC runs in production.
  • Spot, being built. Spot access for curator vaults extends that same path.
  • Idle capital working. Collateral the strategy is not using routes into portfolio margin.
  • ERC4626 shares. A curator’s holders get a token they can move, not just a balance waiting on a queue.

The goal is a curator vault that can hold strategies a native HyperCore vault was never built to hold.

If You Run One of These Strategies

If your strategy needs spot alongside perps, HIP3 exposure, or a route into portfolio margin, and a native vault cannot hold it, we want to talk. Curators building on Hyperliquid: reach out to Harmonix, on X or by DM.