Introduction
Helm lets users deposit BTC to earn trading fees without impermanent loss while the pool provides deep, concentrated spot liquidity. HyperAMM, Helm's purpose-built zero IL AMM, makes this possible together with Hyperliquid's deep perpetual liquidity.
Unlike reserve-curve AMMs, Helm prices swaps from the HyperCore oracle and hedges pool inventory through HyperCore perps. LPs can provide single-sided liquidity while the protocol automatically manages directional exposure.
What Helm Does
Helm combines three pieces into one liquidity system:
- Oracle-priced spot liquidity — Swaps are quoted from the HyperCore oracle instead of an x*y=k reserve curve.
- HyperCore hedging — Inventory changes are hedged through Hyperliquid perpetuals so LPs are not passively taking AMM inventory risk.
- Single-sided LP positions — Users deposit one asset into a pool and receive LP tokens while keepers handle routing, rebalancing, and hedge maintenance.
Who Uses Helm
| User | Goal | Start here |
|---|---|---|
| Liquidity providers | Deposit BTC or other supported assets and earn trading fees without impermanent loss | Provide liquidity |
| Traders | Execute larger spot trades against deep, concentrated liquidity with oracle-based pricing | Swap on Helm |
How It Works
- Liquidity enters HyperAMM — LPs deposit a single token into a NEUTRAL or BULL pool.
- The pool is split across systems — Helm keeps liquidity across HyperEVM spot pools and HyperCore perp collateral.
- Swaps use oracle pricing — Trades execute against spot liquidity using HyperCore market data and dynamic fees.
- Exposure is hedged — Each swap submits a matching hedge request through Hyperliquid's EVM-to-Core integration.
Core Concepts
- No reserve curve pricing — Pool balances do not define the swap price.
- Zero IL target — Helm hedges pool inventory so LP returns are driven by fees and pool mechanics, not classic AMM impermanent loss.
- Concentrated liquidity without manual ranges — LPs get concentrated spot depth without managing ticks or active ranges themselves.
Explore the Docs
| Section | What it covers |
|---|---|
| How It Works | System architecture, deposit lifecycle, swap lifecycle, withdrawals, pool types, and keepers |
| Oracles | How Helm prices swaps and LP accounting without a bonding curve |
| Pool Types | NEUTRAL and BULL pool exposure models |
| Liquidity Pools | Pool composition, single-sided deposits, LP tokens, APY, and supply caps |
| Dynamic Fees | Fee components and how fees respond to imbalance and execution conditions |
| Withdrawal Queue | Queued and instant withdrawal behavior |
| Security & Risks | Smart contract, oracle, hedging, market, and withdrawal risks |
Start Here
- How It Works — Architecture and execution flow
- Quick Start — Start using Helm