Project X · Hyperliquid L1

UBTC-USDC (0.3%)

Overview

The Project X UBTC-USDC pool on Hyperliquid L1 is a liquidity position for trading the UBTC-USDC pair, where providers earn fees from trades executed against their pooled liquidity. The protocol generates yield by charging trading fees and distributing them among liquidity providers based on their share of the pool. This pool competes with other venues offering similar pairs on the same chain.

The total APY is 4.29%, consisting solely of base yield as there are no additional reward incentives. Over the past week, the APY has dropped by 27.90% and over the last month it increased by 0.36%, placing the current rate below the 30-day average of 17.01%. This trend suggests that trading activity on this pair is currently lower compared to recent historical levels.

TVL stands at $44,466 with a slight decrease over the past week, indicating some stability given its relatively small size. Primary exposure for liquidity providers includes impermanent loss risk due to price fluctuations of UBTC and USDC. Additionally, the pool's liquidity depth is influenced by trading volume on Project X, which affects fee generation potential.

Composed 2026-05-22 from the structured data above. See methodology for the full pipeline.

Risk profile

• Smart contract risk

  Funds are deposited into a smart contract. A bug or exploit in the contract could lead to total loss. Audits reduce, but do not eliminate, this risk. Check the protocol page for audit history.

• Impermanent loss

  This pool holds multiple assets, so price divergence between them can reduce your USD value below what holding the assets separately would yield.

• Yield variability

  Current APY is 69.64%; 30-day mean is 12.58%. Yields can change as TVL and incentive emissions change.

• DefiLlama yield prediction

  DefiLlama's model classifies this pool's yield as "Down" with 99% confidence based on historical patterns.

These notes are derived from the pool's structured data, not editorial advice. See our methodology.