> ## Documentation Index
> Fetch the complete documentation index at: https://docs.liquid.trade/llms.txt
> Use this file to discover all available pages before exploring further.

# What is Liquid Earn?

> Liquid Earn puts idle USDC to work in two programs: the Gauntlet vault and Hyperliquid's HLP vault.

Liquid Earn is a set of programs that put your idle USDC to work. You deposit into a vault, the vault runs a strategy, and your share of the result is your yield. Yield varies and isn't guaranteed.

## The two programs

<CardGroup cols={2}>
  <Card title="Gauntlet vault" icon="vault" href="/earn/gauntlet">
    A lending-strategy vault curated by Gauntlet. Minimum deposit \$1, new deposits lock for 1 hour.
  </Card>

  <Card title="HLP vault" icon="water" href="/earn/hlp">
    Hyperliquid's protocol vault: market making and liquidations. Minimum deposit \$5, 4-day lock, can lose money.
  </Card>
</CardGroup>

| | Gauntlet | HLP |
| - | - | - |
| Strategy | Lending strategy curated by Gauntlet, on Arbitrum | Market making and liquidations on Hyperliquid |
| Risk | Strategy and smart contract risk | Can lose money in sharp market moves, plus smart contract risk |
| Lock | New deposits lock for 1 hour | 4 days after your latest deposit |
| Minimum | \$1 deposit | \$5 deposit, \$10 withdrawal |
| In the app | Home › **For You** › **Earn** › **Liquid LP Vault** | Home › **For You** › **Earn** › **HLP Vault** |

## How vaults work

A vault is an on-chain pooled account. When you deposit:

* Your funds are pooled with other depositors.
* The vault runs its strategy, such as lending or market making.
* You share in the vault's profit and loss (PnL) in proportion to your share of the pool.
* You take on the strategy's risk. Vaults can lose money.

On Hyperliquid's standard user-run vaults, the vault leader takes a 10% share of profits. That profit share does not apply to protocol vaults like [HLP](/earn/hlp).

## Open Earn

<Tabs>
  <Tab title="iOS">
    On **Home**, open **For You** and scroll to **Earn**. Each row shows its current APY. Tap **Liquid LP Vault** (Gauntlet) or **HLP Vault** (Hyperliquid).
  </Tab>

  <Tab title="Web">
    Click **Earn** in the top bar for the Gauntlet vault. For HLP, use the **Still using the classic Vaults?** link at the bottom of the Earn page.
  </Tab>
</Tabs>

<Warning>Earn is not a bank account and isn't insured. Depositing is not passive savings: past performance doesn't guarantee future returns, and you can lose part or all of your deposit.</Warning>


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