Ask about Delpho · freeProtocol Information
Delpho is a CDP protocol on HyperEVM. Users deposit collateral to mint USDV, an overcollateralized stablecoin, at 0% interest. The protocol runs delta-neutral positions on Hyperliquid's perpetual markets and streams the resulting funding yield to sUSDV stakers.
Audits:
Methodology
TVL: TVL includes collateral in the stable and HYPE market vaults, read via totalCollateral, and PSM stablecoin reserves, measured as token balances held by the PSM plus totalDeployedByExecutors. Supported collateral tokens are enumerated from each market config provider (getAllSupportedTokens). Vault totals already include buffer, allocated, and executor-deployed collateral. USDV (minted debt) and sUSDV (staked USDV) are excluded to avoid double-counting.View code on GitHubCompetitors
Delpho history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Aug 4, 2026 to Oct 27, 2026.
All-time high TVL: $592,324 on Aug 15, 2026. All-time low TVL: $213,474 on Aug 6, 2026.
Daily TVL, Sep 28, 2026 to Oct 27, 2026
| Date | TVL |
|---|---|
| Sep 28, 2026 | $518,922 |
| Sep 29, 2026 | $513,152 |
| Sep 30, 2026 | $504,128 |
| Oct 1, 2026 | $504,086 |
| Oct 2, 2026 | $504,144 |
| Oct 3, 2026 | $372,441 |
| Oct 4, 2026 | $367,337 |
| Oct 5, 2026 | $323,051 |
| Oct 6, 2026 | $318,407 |
| Oct 7, 2026 | $318,387 |
| Oct 8, 2026 | $318,322 |
| Oct 9, 2026 | $330,279 |
| Oct 10, 2026 | $346,560 |
| Oct 11, 2026 | $347,683 |
| Oct 12, 2026 | $347,674 |
| Oct 13, 2026 | $351,964 |
| Oct 14, 2026 | $299,786 |
| Oct 15, 2026 | $331,738 |
| Oct 16, 2026 | $331,695 |
| Oct 17, 2026 | $331,736 |
| Oct 18, 2026 | $347,694 |
| Oct 19, 2026 | $353,698 |
| Oct 20, 2026 | $375,814 |
| Oct 21, 2026 | $571,470 |
| Oct 22, 2026 | $576,570 |
| Oct 23, 2026 | $574,714 |
| Oct 24, 2026 | $574,162 |
| Oct 25, 2026 | $580,231 |
| Oct 26, 2026 | $580,323 |
| Oct 27, 2026 | $590,882 |
TVL at each month end, Aug 2026 to Oct 2026
| Date | TVL |
|---|---|
| Aug 31, 2026 | $503,221 |
| Sep 30, 2026 | $504,128 |
| Oct 27, 2026 (latest) | $590,882 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/delpho
Frequently asked questions
What is Delpho's TVL?
As of Oct 27, 2026, Delpho has $583,914 in total value locked. TVL has increased 11.2% over the past 30 days.
What chains does Delpho operate on?
Delpho operates on Hyperliquid L1. Hyperliquid L1 holds the largest share at 100%.
How does Delpho's TVL compare to similar protocols?
Among CDP protocols tracked by DefiLlama, Delpho ranks #46 by TVL. The category holds $7.368b across 200 protocols, and Delpho accounts for <0.1% of that total. Similar protocols include Reservoir Protocol, Felix CDP, Parallel Protocol V3, Hyperstable CDP, HypeZion Finance, Keiko Finance, Sky Lending, USDD, Liquity V1, and crvUSD.