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Product analysis

Hyperliquid cover,
coverage and gaps.

Cover for the perps DEX Hyperliquid (a bundle of bridge, perps and HLP): but the two real loss paths, a bridge multisig failure and HLP losses (like JELLY 2025), are excluded. The most expensive cover in the set.

Raccoon Score 58/100 Limited

Who this is for: Hyperliquid depositors (incl. HLP) protecting bridged funds

Verdict

The scope is unusually broad: five designated protocols, and the annex even re-includes the Bridge, which most covers exclude. On a perps venue the oracle and liquidation covered events genuinely fit, unlike on an AMM. But the annex carves out the two most likely loss modes: a Bridge multisig or MPC failure (the main way a bridge is lost) is excluded, and the HLP vault is covered only when it does not operate as intended, so the vault losing money on a bad position is out. The March 2025 JELLY incident showed exactly this: a manipulated market forced a ~$13.5M HLP loss, and a small validator set reached quorum in about two minutes to override the oracle and settle positions. Neither the vault loss nor the validator intervention is a covered exploit. At roughly {phrase:minPricePct} per year (live), this is among the most expensive listings in the set: the underwriters own verdict on the risk.

Confidence: medium 6 red flags As of 2026-07-22

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COVERRACCOON

Independent analysis of DeFi cover. We read the terms nobody else opens.

© 2026 Cover Raccoon. Analyses are dated snapshots with sources, not insurance advice and not a recommendation. Terms can change; the provider wording always governs.