Raga Delta Neutral Vault
Raga Finance’s Delta-Neutral Vaults are built natively on Hyperliquid’s HyperEVM, leveraging the full performance of the HyperCore order-book engine through CoreWriter integration. This architecture allows Raga to execute complex hedging strategies in a fully on-chain, transparent, and non-custodial manner, without relying on centralized market makers or opaque execution layers.
Why We Built on HyperEVM?
When Hyperliquid launched HyperEVM on top of HyperCore, it unlocked a new design space for DeFi automation. Traditional delta-neutral platforms such as Ethena, Liminal, or HarmonixFi face three persistent limitations:
Centralized dependencies – execution or hedging handled by off-chain systems.
Opaque risk management – users can’t verify real-time hedging activity.
Fragmented yields – no efficient cross-chain method to optimize yield differentials.
HyperEVM and CoreWriter solve these issues by combining HyperCore’s on-chain liquidity with EVM composability, allowing Raga to:
Execute hedged positions directly on HyperCore.
Read and verify real-time vault state transparently on-chain.
Deploy vaults that autonomously rebalance exposure across multiple ecosystems like Berachain or Hemi, while shorting on Hyperliquid.
How Raga Leverage Corewriter?
Raga’s delta-neutral vaults combine long and short exposures to eliminate market risk while capturing yield differentials:
User deposits stablecoins into the vault.
The vault splits the capital:
Long leg: Buys or stakes the target asset (e.g., HYPE, BTC, or BERA) to earn staking yield.
Short leg: Opens an equal short perpetual position on Hyperliquid to hedge price exposure.
CoreWriter executes these actions programmatically on HyperCore, ensuring atomic, on-chain transparency.
The vault continuously monitors funding rates, staking yields, and collateral efficiency to maximize neutral yield.
Example:
Backtesting the data for HYPE:
HYPE staking yield ≈ 2 % APR
Short funding rate ≈ 25 % APR → Net neutral yield ≈ 14.5 % APR (without taking directional risk).
CoreWriter Integration
The CoreWriter precompiled contract (address 0x3333333333333333333333333333333333333333) is the bridge between HyperEVM logic and HyperCore execution.
Every vault action like opening a short, transferring collateral, or closing a position is encoded and sent through CoreWriter to be executed by HyperCore validators.
Action Encoding Format:
abi.encodePacked(
bytes1(0x01), // Encoding version
bytes3(actionId), // Action type identifier
abi.encode(data) // ABI-encoded payload
)Example: Sending funds from HyperEVM to HyperCore:
abi.encodePacked(bytes1(0x01), bytes3(6), abi.encode(destination, tokenId, weiAmt))Each transaction:
Emits an event that validators read and execute in the next Core block.
Takes at least one small block (~1 sec) to relay.
Requires state verification to ensure success (Raga runs a lightweight oracle to confirm execution).
This system design keeps execution transparent, verifiable, and non-custodial.
What We Learned
Latency awareness – CoreWriter calls are not atomic, requiring careful queue management.
Cross-chain consistency – when transferring assets between HyperEVM and HyperCore, the balance momentarily disappears (~1 sec). The vault’s state machine accounts for this.
Resilience – occasional CoreWriter failures require off-chain watchers and retry logic for robustness.
Despite these challenges, HyperEVM’s unified consensus, dual-block system, and direct Core access make it the most suitable environment for high-frequency, liquidity-intensive DeFi strategies.
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