The opportunity
Perp vault yield is a different animal. Hyperliquid (HLP), Jupiter (JLP), GMX (GLP/GM) and dYdX all run perpetual-futures exchanges where traders bet on price with leverage. Each exchange has a backstop vault — you deposit USDC or a token basket, and you earn the trading fees + funding-rate spread + most of the time, the net PnL of the traders losing money to the house. Headline APYs are often the highest in DeFi (20–80%) because trading fees compound aggressively.
