Effective immediately, stHYPE YTs can be used to access Hyperliquid Staking Tier Discounts on Valantis Prime, with leverage.
Traders can buy between 10 and 10,000 stHYPE YTs on Pendle for a fraction of the capital as direct staking, and immediately receive the Trading Fee discount that corresponds to staking 10 to 10,000 HYPE.
The Trading Fee discount reduces fees for the YT holder across all Hyperliquid Spot, Perps, Hip-3, and HIP-4 markets. For the first time, this utility has become tokenized and tradeable.
A YT is priced on the yield and utility of the underlying, not the principal. stHYPE YTs have now become a way to price and trade the cost of a Hyperliquid Trading Fee Discount.
Live today: Traders can access discounts by paying a premium to HYPE stakers. HYPE stakers can collect a premium by minting stHYPE PTs and giving up their Trading Fee Discount to YT holders.
| YTs held | Equivalent staked HYPE | Hyperliquid fee discount |
|---|---|---|
| 10 | 10 | 5% |
| 100 | 100 | 10% |
| 1,000 | 1,000 | 15% |
| 10,000 | 10,000 | 20% |
Normal stHYPE holders remain unaffected, Pendle & Valantis Prime ensures that no discount is duplicated, and there is a 1-1 relationship between PTs outsourcing their discounts, and YTs renting discounts on leverage.
A marketplace for Staking Discounts
In effect, this creates a marketplace for Staking Discounts.
stHYPE PTs monetize their HYPE Staking Tier Discount by selling YTs to traders at a premium. That premium shows up as a fixed yield on PT that sits above what stHYPE pays natively.
Traders pay that premium to access fee discounts with far lower HYPE requirements.
stHYPE PTs are not eligible for Staking Discounts, because they are selling the right to lower fees to YT holders. Pendle enforces a perfect balance in this marketplace: every YT corresponds to exactly one PT, and every PT/YT pair has exactly one stHYPE locked behind it. The HYPE never leaves staking and the discount can never be duplicated. Only who holds it changes.
Immediate actions
Traders
Traders can purchase stHYPE YTs on Pendle and open a Trading Discount today at prime.valantis.xyz for significantly lower HYPE holding requirements.
stHYPE holders
stHYPE holders can collect a premium and earn extra HYPE yield by selling their fee discount to traders: mint PT and YT from stHYPE on Pendle, keep the PT, sell the YT. The PT gives up its Trading Discount in the process and is paid for it up front.
Pendle LPs
Pendle LPs can earn swap fees from the volatility as the market discovers the price of a Trading Fee Discount. This is a novel use case of Pendle, we anticipate volatility overtime as the market learns the price it.
Expiry
Traders who buy YTs early lock in the cost of their discount through expiry.
This market expires on 28 January 2027. YTs count toward your holding requirement until then and not after. A follow-on market will be available for rolling positions ahead of expiry.
At expiry, traders using YTs for their discount must either roll into the new market’s YTs or hold enough stHYPE to meet their tier. Otherwise the discount is wound down under Prime’s standard process.
Why Pendle
Pendle was created to separate a yield-bearing token into two parts: the principal (PT) and the yield (YT). This created a marketplace where users could trade volatile yield on tokens like USDe, locking in a fixed rate on one side and speculating on the floating rate on the other.
Pendle later became the venue for trading points. When holding a token earned points, PTs were effectively selling their points to YTs, and the YT price became the market’s quote for what those points were worth.
Valantis and stHYPE are pushing Pendle into a third use case: tokenizing token utility, starting with Hyperliquid Trading Fee Discounts for staking. Any right that comes from holding a token can now be separated from the token and priced on its own.
Hyperliquid pushed the frontier of token design by tying execution costs to staked HYPE. stHYPE and Valantis Prime carry that utility into a liquid staking receipt, and Pendle now provides an exact marketplace for it. House all Finance.
