Grvt Liquidity Provider (GLP) is a delta-neutral market-making strategy that runs on Grvt's privacy-first, capital-productive DEX. Users deposit USDT, the strategy provides liquidity across Grvt's perpetual markets, and yield flows back to depositors. Three things make GLP distinct:
It's strategy-based, not pool-based. GLP is a vault that runs a trading strategy designed and managed by professionals, closer to investing in a quant fund than to depositing into an AMM.
It's delta-neutral by design. The strategy is constructed to neutralize directional exposure. Returns come from market-making spreads and funding flows, not from being long or short any underlying asset.
There are no performance fees and no management fees. Most institutional strategies charge 2-and-20 or some variant of carry. GLP doesn't.
The strategy is run in partnership with a veteran global trading team with over 40 years of combined market-making and risk-management experience. Over a six-month live trading period, GLP produced a Sharpe ratio of 7.6, a measure of risk-adjusted return that, for context, would put it well above what most traditional hedge funds publish.
What are some products similar to GLP?
Protocol vaults that run market-making and liquidation strategies on behalf of the protocol are similar to GLP. Hyperliquid's HLP is the canonical example. These tend to be more market-neutral but vary in transparency about strategy.
GLP vs HLP vs GLV vs JLP: a side-by-side comparison
Here's how the four products compare across the dimensions LPs care about most. Note: GMX's older GLP was retired in the GMX V2 migration; the active GMX LP product today is GLV (GMX Liquidity Vaults), so that's what we benchmark against.
Ready to put your USDT to work? Invest in GLP on Grvt →
GLP is an investment product. Like any market-making strategy, it carries risk. Past performance, including the strategy's six-month Sharpe ratio of 7.6, is not a guarantee of future returns. Review the strategy's philosophy, risk management, and historical performance carefully before depositing.