NeutraFi
Documentation

How Neutral works

Neutral is a non-custodial way to earn Hyperliquid's funding-rate yield without taking a bet on price. You keep your crypto in your own wallet — we never hold your funds. This page explains exactly what happens, how to use it, and the real risks.

The idea in 30 seconds

What it does

A delta-neutral position holds two equal, opposite legs on the same asset:

  • Long spot— you buy the asset (e.g. HYPE) on Hyperliquid's spot market.
  • Short perp— you short an equal size of the same asset's perpetual future.

Because the two legs are equal and opposite, your exposure to the asset's pricenets to about zero — if it goes up, the long gains what the short loses, and vice-versa. What you're left with is the funding rate: a recurring payment that longs and shorts exchange on perps. When funding is positive, the short side (you) receives it. That payment is your yield.

You're not betting on the price going up or down. You're harvesting the funding rate while staying price-neutral.
Step by step

How to use it

  1. 1
    Connect your wallet
    Click Connect Wallet (top right). MetaMask, Rabby, and Coinbase Wallet work out of the box. Your funds stay in your own Hyperliquid account the whole time.
  2. 2
    Enable trading (one time)
    You sign two one-time approvals in your wallet: one authorizes our agent to place orders on your behalf, the other approves the small trade fee. These are signatures, not transfers — no funds move. After this, opening positions needs no further approval prompts.
  3. 3
    Fund both wallets
    Hyperliquid keeps USDC in two places: a Spot wallet (funds the long leg) and a Perp wallet (margin for the short). You need USDC in both. Use the Spot ⇄ Perp button to move USDC between them in one click.
  4. 4
    Open a position
    On Neutral or Markets, pick an asset and an amount, then confirm. You sign once; the app opens the matched spot-long + perp-short pair in your own account.
  5. 5
    Or use a Vault (basket)
    Prefer not to pick? A Vault is a curated basket: choose a theme and amount, and it opens the best few delta-neutral positions for you — each in your own wallet, one signature per leg.
  6. 6
    Watch it earn — and close when you want
    Your positions show live funding earned and realized APR. Funding is variable and can turn negative; when it does, it's surfaced in your dashboard and you decide when to close. Closing settles funds back to your Spot USDC in seconds. Nothing auto-closes.
What we can and can't do

Custody & fees

Non-custodial
Your USDC and positions live in your own Hyperliquid account. We never take custody.
Agent can only trade
We use an agent wallet that can place orders you authorized — it can never withdraw or transfer your funds.
0% performance fee
We take no cut of your yield. Our revenue is a small builder fee (0.10%) charged by Hyperliquid per trade.
You stay in control
Close any position yourself anytime — from here, or directly in Hyperliquid's own UI. Revoke our agent on Hyperliquid to cut us off entirely.
Chain-verifiable

How earnings are calculated

The “You've earned”figure is the sum of real funding payments credited to your wallet, read straight from Hyperliquid's on-chain userFunding ledger — not an estimate. Realized APR is that figure annualized over how long the position has actually been open:

realized APR = funding earned ÷ position size ÷ age (in years) × 100

You can verify any of it yourself against Hyperliquid's public API — the numbers reconcile to the exact cent. Because it's based on real settled funding, a brand-new position shows a realized APR only after it's earned enough to be meaningful; before that you see the current funding rate.

Note: the earnings figure is funding only. A delta-neutral position also has small spot-vs-perp price PnL that mostly cancels out.

The honest version

Risks

  • Funding can turn negative. When it does, the short side paysinstead of earning. It's surfaced in your dashboard, but nothing auto-closes — you may lose if it moves against you before you close.
  • Not fully hedged in the extreme. Fees, small size mismatches, and price drift between the two legs mean the hedge isn't perfect. Delta-neutral reduces price risk; it doesn't eliminate all risk.
  • Hyperliquid platform risk. If Hyperliquid itself has an issue, we can't help — but neither can any other app built on it. Your funds are on your own account.
  • This is beta.Start small. Funding income is also generally taxable — that's on you.
Quick answers

FAQ

Do I have to sign a signature every time?+

No. The two “enable trading” approvals are one-time per wallet (they live on Hyperliquid). A read “login” signature is cached for 24 hours — disconnecting and reconnecting the same wallet within that window does not prompt you again.

Can you take my money?+

No. The agent can only place trades you authorized; it cannot withdraw or transfer. Your USDC never leaves your own Hyperliquid account.

How do I stop using it entirely?+

Close your positions (here or in Hyperliquid's UI), then revoke our agent's approval on Hyperliquid. That fully cuts our access.

Why 'consistency' instead of the highest APR?+

A flashy high headline APR is often a one-off funding spike that can't be sustained (and sometimes flips negative). Vaults rank assets by how consistently funding stays positive with low volatility, net of fees — the steadier earner compounds; the spiky one can lose.

Is the APR a promise?+

No. APR shown is historical — what recent (or your position's actual) funding earned. Funding changes hourly and can go negative. Treat every number as backward-looking, not a forecast.

What does it cost?+

0% performance fee. The only charge is Hyperliquid's built-in builder fee of 0.10% per trade.

Open a position →Browse vaults →Verify on-chain →