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What Are HypurrFi Markets?

HypurrFi Markets (also known as Mewler in the community) are the Hyperliquid EVM implementation of Euler’s modular lending architecture, delivered through our partnership with Euler Finance. No contract changes from the Euler stack — HypurrFi’s risk management and curator partners handle asset listing, market configuration, and deployment.
  • HypurrFi Prime — isolated lending markets with one risk profile and asset range
  • HypurrFi Yield — isolated lending markets with a different risk profile and asset range
Both Prime and Yield are isolated lending markets that work the same way — same Euler V2 technology, just configured with different risk parameters and asset pairs. Earn Vaults are a separate product where curators route your deposits into Prime or Yield markets to generate yield (see Earn Vaults). HypurrFi Markets define collateral and borrowing relationships between asset pairs. When markets are linked, parameters determine capital efficiency (LTV), risk isolation, and available borrowing routes. HypurrFi partners with Clearstar Labs for independent risk curation and market parameter oversight.

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How to Borrow (HypurrFi Prime)

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1. Choose Your Collateral

Browse the available markets and select the asset you want to use as collateral (e.g., HYPE, wstHYPE, ETH). Each market shows the collateral assets accepted and the terms (LTV, liquidation threshold).

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2. Select a Market

Choose which market to deposit into. Markets are asset pairs — your collateral asset paired with a borrow asset. Look at:
  • LTV — how much you can borrow relative to your collateral
  • Liquidation LTV — the threshold where your position becomes at risk
  • Borrow APY — the interest rate you’ll pay
  • Available liquidity — how much is available to borrow

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3. Deposit Collateral

  1. Click into your chosen market
  2. Enter the amount of collateral to deposit
  3. Approve the token if this is your first time
  4. Confirm the deposit transaction

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4. Borrow

  1. Use the Borrow tool to select which asset you want to borrow
  2. Enter the amount — stay well within your LTV limit to maintain a healthy position
  3. Review your health score and liquidation price
  4. Confirm the borrow transaction
The borrowed amount is sent to your wallet. Interest accrues on your debt continuously.

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5. Monitor & Manage

  • Health score > 1.0 means your position is safe
  • Health score approaching 1.0 means you should add collateral or repay debt
  • Health score < 1.0 means your position can be liquidated
To close your position: repay your debt, then withdraw your collateral.

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How to Earn

There are two ways to earn yield on HypurrFi Markets:

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Option 1: Earn Vaults (Curated Strategies)

Deposit into Earn Vaults where professional curators route your funds into Prime or Yield markets based on yield and risk tolerance. See the Earn Vaults page for details.

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Option 2: Lend Directly to Markets

Supply assets directly to Prime or Yield lending markets to earn interest from borrowers:
  1. Browse available markets and find one where your asset is the borrow asset
  2. Click into the market and select Lend
  3. Enter the amount to supply
  4. Confirm the transaction
You earn the supply APY as borrowers pay interest. You can withdraw at any time, subject to available liquidity in the market.

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Assets

HypurrFi Markets launch with large liquidity assets on Hyperliquid EVM. Additional pairs and assets are listed as liquidity and demand grows. Reach out to the HypurrFi team in official channels to inquire about listing a new market.

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Market Designs

HypurrFi Markets are modular and composable. Common configurations include:
  • Simple collateral–debt pairs — one collateral asset, one borrow asset. Risk stays locked within the pair.
  • Rehypothecation pairs — assets can serve as both collateral and borrow targets, increasing capital efficiency.
  • Custom multi-vault clusters — multiple vaults linked together for sophisticated strategies.

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Creating a Market

Anyone can create HypurrFi Markets and Earn Vaults, however only select markets are featured on the HypurrFi front-end.
For developers: See the Developer Overview for setup instructions and the HypurrFi Markets Agent Reference for contract addresses, vault creation, and integration examples.