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Project Mewler

The pun of “Project Mewler” is an unofficial name for the partnership. HypurrFi has a cat-theme from intitial launch, and Euler (pronounced Oiler) has long been mistakenly pronounced as Yoo-ler. Mew-ler is a fun reference to both. Season Mew.
HypurrFi Markets are the Hyperliquid EVM implementation of Euler’s modular lending architecture delivered through our partnership with Euler Finance. There are no contract changes from the Euler stack. The only difference in implementation is that HypurrFi’s risk management and curator partners are responsible for asset listing, market cponfiguration, and deployment. HypurrFi will modify the front-end experience of the Euler Market stack to connect to existing and future HypurrFi and Hyperliquid feature sets. HypurrFi Markets define collateral and borrowing relationships between various asset pairs, and are the building block for HypurrFi Earn Vaults where curators deploy user-deposited capital into markets for strategies that lend, borrow, provide liquidity, trade, or conduct other activities that generate returns paid out to Earn depositors. When HypurrFi Markets are linked, the parameters determine capital efficiency (LTV), risk isolation, and available borrowing routes. HypurrFi partners with Objective Labs on consultation for HypurrFi Markets parameters. With the underlying Euler Vault Kit (EVK) and Ethereum Vault Connector (EVC), developers can build everything from simple isolated lending pairs to advanced multi-collateral, cross-collateralised clusters. Anyone can create HypurrFi Markets and Earn Vaults, however HypurrFi allows only select markets to be featured on the front-end application.

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Assets

HypurrFi Markets launch with large liquidity assets on Hyperliquid EVM in partnership with Clearstar. Additional pairs and assets will be listed as liquidity and demand for trading grows, with special attention to assets and pairs in the Legacy Isolated Markets product and new assets looking to bootstrap liquidity on Hyperliquid. Please reach out to the HypurrFi team in official channels to inquire about listing a new market.

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Common Market Designs

The benefit of Euler Markets is their modularity and composability with a massive variety of asset configurations. This enables highly customized markets for sophisticated trading and yield strategies with dramatic increases in capital efficiency. Below are examples of possible market designs. Please refer to the comprehensive Euler Finance documentation and whitepaper for a full write-up of the power of modular market design.

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Simple collateral–debt pairs

The simplest HypurrFi Market consists of two assets: one lending asset and one collateral asset. This structure mirrors Isolated Markets and keeps risk locked within the pair, but is less capital-efficient and fragments liquidity.

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Collateral–debt pairs with rehypothecation

A more advanced version allows assets to use each other as collateral. Collateral assets can be used to borrow a lending asset, and the lending assets can also be collateral to borrow from the other paired asset. This increases capital efficiency because collateral generates yield while backing loans. This structure is similar to the Pooled Markets model with a different set of assets that may not fit into the Pooled Market risk requirements, for example LHYPE is a looped derivative of HYPE, wstHYPE, kHYPE, and beHYPE. It is highly risky to put the derivative asset itself into the pool with its reference assets. However, LHYPE could be paired with a wide variety of stablecoins or other uncorrelated assets in a smaller pooled model and still access the HypurrFi Market liquidity.

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Fully customisable markets

HypurrFi Markets allow developers to combine vaults in any configuration. Builders can use vaults from existing markets, add new vaults, create custom collateral routes, or implement bespoke hooks and logic. This flexibility supports experimentation and market structures tailored to specific risk, liquidity, or strategy needs. In the Euler stack, the EVK (Euler Vault Kit) is the core building block for HypurrFi Markets. EVK vaults are extended ERC-4626 vaults that act as passive lending pools. They accept ERC-20 token deposits, support borrowing against supplied collateral, and serve as the core components used to construct custom HypurrFi Markets.

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Creating a Market

Market creators can deploy HypurrFi Markets through the Creator Tools suite. This includes configuring vault parameters, connecting vaults using the EVC, defining collateral behavior, adding advanced logic, and setting risk controls. The EVK + EVC architecture enables developers to construct isolated markets, multi-asset systems, or entirely novel lending structures within the HypurrFi ecosystem. For a detailed builder write-up, please refer to the Euler Repository: Euler Vault Kit