Lenders deposit assets into HyperLend and earn interest paid by borrowers (supply-side fees); the protocol keeps a share of that interest as revenue, set per reserve by the reserve factor.

HyperLend is a non-custodial lending protocol on HyperEVM. Core Pools are an Aave v3.2 friendly fork (pooled lending); Isolated Pools are a FraxLend v3 fork (isolated pair markets).

HPL tokenholders own and govern HyperLend, the credit and liquidity layer for the Hyperliquid ecosystem.

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Lending

HyperLend

# P/F ratio (fully diluted) Methodology

## Overview

P/F ratio (fully diluted) measures the fully diluted market cap relative to annualized fees. It shows how highly the project is valued relative to the activity users are willing to pay for, regardless of whether the project monetizes.

${market_cap_fully_diluted} / (rolling_avg(${fees}, 30) * 365)

Fully diluted market cap relative to annualized fees.

HyperLendHPL

P/F ratio (fully diluted)

P/F ratio (fully diluted)

Competitive landscape