mxHYPE

mxHYPE is the HYPE-denominated product in the Monetrix system. It works the same way as USDM, with HYPE in place of USDC:

• mxHYPE: minted 1:1 from native HYPE. Holding mxHYPE alone does not earn yield.
• smxHYPE: received when you stake mxHYPE. Holding smxHYPE does earn yield, because the smxHYPE → mxHYPE exchange rate grows over time.

mxHYPE is not a stable token. 1 mxHYPE always redeems for 1 HYPE, so its value in dollars moves with the HYPE price. Yield is paid in HYPE on top of that. If you want a dollar-stable position, use USDM instead.

What you need

• A Web3 wallet connected to Hyperliquid EVM (HyperEVM).
• Some native HYPE on HyperEVM. This is the gas token itself, not a wrapped version.
• Keep a little extra HYPE for gas; minting spends the amount you enter plus the transaction fee.

The full flow

HYPE ──► (Mint)   ──► mxHYPE
                       │
                       ▼
                     (Stake)   ──► smxHYPE    ← yield grows here
                       │
                       ▼
                     (Unstake + cooldown) ──► mxHYPE
                       │
                       ▼
                     (Redeem + cooldown)  ──► HYPE

Three important things:

• Minting and redeeming both use a 1:1 rate between HYPE and mxHYPE. You don't gain or lose HYPE in the mint/redeem steps.
• Staking is where yield accrues. smxHYPE's exchange rate to mxHYPE increases over time.
• Both unstaking and redeeming have cooldown periods set by the protocol. You request → wait → claim. Each also offers an Instant option for a small fee when the protocol's buffer has liquidity.

How the yield is generated

Your HYPE principal is never sold or hedged. It stays in the vault as HYPE, which is why mxHYPE always redeems 1:1.

On top of that principal, the vault runs a funding-capture position on Hyperliquid:

1. The deposited HYPE is posted as collateral under Hyperliquid's Portfolio Margin.
2. Against that collateral, the vault borrows USDC through Hyperliquid's borrow/lend pool.
3. The borrowed USDC funds an equal HYPE spot long and HYPE perpetual short. The pair has no net price risk; it exists to collect the funding rate that long speculators pay to shorts.
4. Net funding, after borrowing costs, is earned in USDC, converted back into HYPE, and injected into the smxHYPE exchange rate once a day.

So the value of your position moves with the HYPE price (from the principal), and grows in HYPE terms (from the funding leg). Nothing about the funding leg changes your 1:1 claim on HYPE.

Where to find it

Open the Monetrix app and pick mxHYPE in the navigation. The layout is the same as USDM: the mxHYPE tab holds Mint and Redeem, the Earn tab holds Stake and Unstake, with HYPE, mxHYPE, and smxHYPE substituted in. The sidebar shows the remaining Capacity in HYPE.

Quick steps

1. Mint mxHYPE: send HYPE, receive mxHYPE 1:1 (1 transaction, no approval needed).
2. Stake mxHYPE: approve mxHYPE to smxHYPE, stake to receive smxHYPE (2 transactions). Yield starts accruing.
3. Hold: the smxHYPE/mxHYPE exchange rate is updated daily as protocol earnings settle.
4. Unstake: request to unwind your smxHYPE back to mxHYPE. Cooldown starts. When it's ready, Claim.
5. Redeem mxHYPE: request to redeem mxHYPE back to HYPE. A second cooldown starts. When it's ready, Claim.

Read next

• Mint mxHYPE: step by step.
• Stake mxHYPE: how yield actually works.
• FAQ: short answers to common questions.