Hyperliquid vault “Long HYPE & BTC, Short Garbage” posts 638% APY with $3.03M TVL

A Hyperliquid vault called “Long HYPE & BTC, Short Garbage” recorded a 638% APY over the past month while holding about $3.03 million in total value locked. The strategy runs 70% HYPE and 30% BTC on the long side and shorts a basket of at least 10 high-FDV, high-emission coins, with shorts representing roughly 60% of notional exposure. The article notes the approach is an aggressive leveraged long-short trade and not a low-risk yield product.