$11M TVL at ~8% APY is early, but limUSD is packaging Hyperliquid carry into ERC-4626 collateral right as portfolio margin makes idle quote assets and spot/perp basis more capital-efficient. Pendle already having ~$2.3M of limUSD liquidity on HyperEVM means the market can start pricing the yield curve instead of just farming vault share appreciation. If HIP-3/HIP-4 push more non-crypto markets onto HyperCore, the winners are wrappers with deep liquidity and allocator discipline; the pain trade is APY compression plus everyone finding out the same funding basket can unwind at once.

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