Borrow without fear of liquidation.

Amaranth puts a perp hedge on your loan. Borrow against your HYPE, switch the hedge on, and the protocol shorts your collateral on HyperCore, so when price falls, the short pays for it.

First, on HyperEVMHedged loans on the leading lendersThen, on ElysiumAmaranth markets open
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I. The storm

Markets can crash in an afternoon.

You borrowed against your HYPE. On an ordinary lending market, one deep drop and your collateral is sold to repay the loan.

HYPE0.0%
Collateral0.0%
Loan0.0%
II. The mirror

Your collateral, mirrored on HyperCore.

Turn on the hedge and Amaranth opens a matching short in a HyperCore account the protocol controls. What your collateral loses, its reflection gains back.

Collateral−40.0%
Short+40.0%
Your position0.0%
III. In bloom

The flower that never fades.

The amaranth grows in the Elysian fields and never wilts. Neither should your loan. Hedged borrowing starts on the leading HyperEVM lenders, then Amaranth's own markets open on Elysium.

TodayBuilding
FirstHyperEVM lenders
ThenElysium markets

Lending has always had one fear. A single red candle, and everything you put up is gone. Amaranth was planted to take that fear away.

For holders

Keep your HYPE for staking, votes or airdrops, and still get dollars. No lying awake over a wick.

For partial hedgers

Hedge half. Keep half your upside, and push the price that would liquidate you much further down.

For basis traders

Hedge fully and the position is price-neutral. Shorts usually earn funding, which offsets what you pay to borrow.

What ships when

Two seasons, one field.

Amaranth starts as a hedge on top of HyperEVM's largest lenders, so there is deep liquidity from day one. Then Amaranth's own markets open on Elysium, where lenders supply directly and the hedged share of a loan earns a higher limit.

First, on HyperEVMSeason one

Hedged borrowing

  • iBorrow USDC against HYPE on HyperEVM's leading lenders, through Amaranth
  • iiA hedge dial on every loan, from none to full
  • iiiA protocol-owned short on HyperCore for each hedged loan
  • ivThe short's profit pays down your loan, keeping it away from liquidation
Then, on ElysiumSeason two

Amaranth markets

  • iLend USDC directly in Amaranth markets as they open
  • iiBorrow against HYPE and kHYPE in isolated markets
  • iiiHigher borrowing limits on the hedged share
  • ivThe hedge switches on once Elysium can reach HyperCore
How a hedged loan works

Two legs that cancel out.

Your collateral sits in the lending market. Its mirror, a short of the same size, lives in a HyperCore account that Amaranth controls. Your position counts both.

Detail of the Amaranth fresco: crimson amaranth plumes against a lapis sky
Amaranth caudatus, from the Amaranth fresco.
i

Deposit

Put up 1,000 HYPE at $10, so $10,000 of collateral.

ii

Set the hedge

Pick a ratio. At 100%, Amaranth shorts 1,000 HYPE on HyperCore, with the margin paid from your own loan.

iii

Price falls 40%

Collateral loses $4,000, the short gains $4,000, and your position is still worth about $10,000.

iv

The short repays you

Keepers use the short's profit to pay down your loan. When price rises, they top up its margin instead.

The hedge dial

Turn the dial. Watch the danger recede.

The more of your collateral you hedge, the further price has to fall before your loan is at risk. Fully hedged, price alone can't reach it.

Liquidation without a hedgeClosea deep drop liquidates it
With a 50% hedgeFarprice has to fall much further

Lower on the line means price has to fall further before the loan is at risk.

Why it protects lenders

If the short sat in your own account, lenders could never reach it. So every hedged loan gets its own HyperCore account, owned by an Amaranth contract.

The market counts that account's equity whenever it checks your health, and on liquidation it can close the short and bring the equity home. That is what lets the hedge protect the loan, and in Amaranth markets, earn it a higher limit. The hedge removes price risk; it adds venue and execution risk, and we price that in.

Auto-deleveragingDetected onchain. The position falls back to the standard limit while the short is reopened.
Fast pumpsShorts run at low leverage with early top-ups, redundant keepers and paid public top-ups.
Negative fundingFunding counts toward your equity. Hedged limits are capped per asset.
Thin perp marketsOnly assets with deep Hyperliquid perps can be hedged, with caps tied to open interest.
Spot and perp driftHedged limits are haircut by observed basis, priced from the same market.
Roadmap

Planted now, blooming in order.

  1. Now

    Hedge engine

    Contracts that own HyperCore accounts, open and close shorts, move margin and read positions, built and tested on HyperEVM first.

  2. Coming soon

    The full suite

    Hedge baskets you weight yourself, strategies that adapt to the market, options on Derive, and an assistant that suggests the hedge.

Coming soon

A hedge that reads the weather.

The best hedge for a position changes with the market. Amaranth grows from one short per loan into a full kit for traders, with the choices in your hands and a recommendation beside each one.

Hedge baskets

Pick the other side

Choose which assets to short against a position and how much weight each one carries. A long on one coin can be hedged with a basket of the coins that move with it.

Recommended strategies

The hedge that fits today

Amaranth reads how assets move together, funding and volatility, then suggests the basket and size that cover your position best. The suggestion updates as conditions change.

Options on Derive

Puts and calls, chosen for you

Protect a position with options as well as perps. An assistant recommends the put or call, the strike and the expiry, and explains why before you confirm.

Questions

Before you borrow.

Can I really never be liquidated?

A fully hedged position can't be liquidated by price moves alone, as long as keepers keep the short's margin in its band. You can still be liquidated if interest builds past your limit, if funding stays negative for a long time, or if HyperCore closes the short and it isn't reopened in time.

Is the hedge live today?

Not yet. It launches first on HyperEVM, on top of the leading lenders there. On Elysium, Amaranth markets open at mainnet and the hedge follows once Elysium contracts can trade on HyperCore, which Kinetiq plans for about four weeks after mainnet.

Where does the money I borrow come from?

At launch, from the lender your loan sits on. Amaranth opens and manages the position for you and adds the hedge on top. On Elysium, it comes from lenders who supply directly to Amaranth markets.

Who pays for the short's margin?

You do, from your own loan. The margin is borrowed alongside your loan and sent straight to your hedge account, so it adds to your debt and to your equity at the same time.

What happens when price goes up?

Your collateral gains and the short loses about the same amount. Keepers borrow a little more against the larger collateral to top up the short's margin, so it stays far from its own liquidation.

Why Elysium?

Elysium is Kinetiq's Layer 2 for Hyperliquid. It uses HYPE for gas, settles to HyperEVM, and is adding direct access to HyperCore, which a lending market with a built-in perp hedge needs.

Stay in bloom.

One note when hedged borrowing goes live, and one when Amaranth markets open on Elysium. Nothing else.