Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$186.74Buyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Sep 2026 | $186.74 | -- | -- | -- |
| Aug 2026 | $794.25 | -- | -- | -- |
| Jul 2026 | $146.88 | -- | -- | -- |
| Jun 2026 | $609.24 | -- | -- | -- |
| May 2026 | $1.01K | -- | -- | -- |
| Apr 2026 | $508 | -- | -- | -- |
Comparison
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People
About Liminal
Liminal is a yield protocol built on Hyperliquid, focused on generating returns through delta-neutral strategies. Its core business involves two products: Tokenized, where users deposit stablecoins to mint yield-bearing tokens like limUSD and xBTC, and Customized, which allows users to run their own delta-neutral strategies with self-custody on a Hyperliquid sub-account.
The core competitive advantage lies in its delta-neutral approach—simultaneously holding long spot and short perpetual positions to neutralize price direction risk, capturing structural yields from funding rates, staking rewards, and lending markets. This differs from directional trading protocols, as returns are driven by market structure rather than price speculation. Additionally, its cross-chain composability (e.g., using limUSD as collateral on Aave or providing liquidity on AMMs) and transparent fee model (performance fee plus builder fee) enhance its appeal.
The market pain point addressed is the low yield on idle stablecoins and the complexity of executing delta-neutral strategies independently. Liminal automates execution, rebalancing, and liquidation management, lowering the barrier for retail users while maintaining full custody transparency in Customized mode.
In the past six months (March–September 2026), Liminal launched portfolio margin, improving capital efficiency and boosting yields. Its TVL reached $180M+, with reported APYs of 30% for xHYPE, 17% for limUSD, and 15% for xBTC. The protocol also expanded its yield sources across Hyperliquid perps, Felix, HyperLend, Morpho, and BLP. No major negative incidents were reported, though delta-neutral strategies may face basis risk during extreme market volatility.
Over the past six months (2026-03-04 to 2026-09-04), Liminal, the yield protocol on Hyperliquid, has achieved several key milestones. The launch of xLEND, a lending-based xToken, expanded its product line beyond the existing xHYPE, xBTC, and xETH, which capture delta-neutral funding yields. xTokens are now available across Ethereum, Arbitrum, and soon Solana via LayerZero's OFT standard, enhancing composability. TVL reached $66 million with over 14,000 unique depositors, and the protocol generated approximately $200,000 in fees, with annualized revenue projected at $1.2 million.
Looking ahead, Liminal's roadmap focuses on deeper integration with Hyperliquid's HIP-3, enabling new markets and yield-bearing collateral like USDe and syrupUSDC. A partnership with Ethena aims to launch hUSDe, a synthetic dollar for delta-neutral strategies. Future plans include portfolio margin and a unified trading account (UTA) model to improve capital efficiency and reduce liquidation risks. The overarching vision is to transform complex delta-neutral strategies into simple, liquid, composable assets, positioning Liminal as a core layer for scalable yield generation across the Hyperliquid ecosystem.
Co-founder includes Jack Marsh (CTO). He graduated from University of Exeter with a degree in Computer Science, worked as a backend engineer at Thought Machine, then founded DeFlux Payments, and is now co-founder and CTO of Liminal.
Information on other core executives is not publicly available.