Growi HF vs. HyperGrowth: dois dos maiores cofres de usuários, dois investidores diferentes
Um é um veterano transparente de dois anos que executa uma estratégia quantitativa estável. O outro é um novato de alta octanagem — retornos deslumbrantes, drawdowns de 40%, quase nenhuma divulgação. Mesmo placar, investidores opostos. O confronto direto, com as provas.
The vaults page turns everything into a number race — biggest APR, biggest TVL, top of the list. It's the wrong way to choose. To show why, I pulled the full on-chain record of two of the largest user vaults on Hyperliquid, ran them through the same lens, and asked the only question that matters: not "which is better," but "better for whom?" They sit near each other on the leaderboard. They are not for the same person.
The one-line verdict: Growi HF is the steady, transparent two-year veteran — the closest thing here to an "income" vault. HyperGrowth posts far higher risk-adjusted returns, but over a short, mostly-up life, with 40% drawdowns and almost no strategy disclosure. One is a core holding; the other is a convexity bet for aggressive capital only.
What each one actually does
A vault is a pooled account run by one trader — if that's new to you, start with how a Hyperliquid vault works. The difference between these two starts with how much they're willing to tell you.
Growi HF is open about itself: a quantitative, mean-reversion strategy trading every coin on Hyperliquid, fully automated, targeting over 50% a year, with a stated backtest behind it (@growihf, vault page). You can agree or disagree with the approach, but you know what it is.
HyperGrowth, run by Systemic Strategies, tells you almost nothing — its description is a single Twitter link (@SystemicStratHL, vault page). Its sibling vault runs grid strategies (long low-inflation coins, short high-inflation ones), so HyperGrowth is likely systematic too — but you're trusting a black box. That opacity is itself a risk, and it costs HyperGrowth on the scorecard below.
The receipts
| Metric | Growi HF | HyperGrowth |
|---|---|---|
| True account value (on-chain) | ~$8.4M | ~$11.4M |
| Age (on-chain history) | ~23 months | ~9 months |
| Leader stake | 5.0% (the floor) | 6.2% |
| Performance fee | 10% | 10% |
| Annualized return (lifetime) | ~55% | ~360% |
| Max drawdown | ~15% | ~40% |
| Calmar (return ÷ drawdown) | ~3.6 | ~8.9 |
| Positive periods | 74% | 53% |
| Worst single stretch | −14% | −21% |
| Largest single depositor | 21% | 8% |
| Current portfolio leverage | ~1.0x (19 positions) | ~0.6x (34 positions) |
| Strategy disclosure | Stated | A Twitter link |
One receipt worth pausing on: HyperGrowth's public depositor list adds up to about $8.3M, but its real on-chain account value is ~$11.4M. The public list caps at 100 depositors, so the number you see can understate the truth. Always check the chain, not the screenshot.
Reading the risk
Drawdown — the worst window. The number that matters more than return: how deep was the hole? Growi's worst was ~15%; HyperGrowth's ~40%. If a 40% paper loss would make you sell at the bottom, HyperGrowth's headline return is irrelevant to you.
Leverage — less scary than it looks. Both books are prudent at the portfolio level: Growi runs about 1.0x gross across 19 coins, HyperGrowth about 0.6x across 34. The alarming "40x" and "25x" labels on individual positions are per-asset margin settings, not actual exposure. Neither vault is a leverage blow-up waiting to happen right now — the risk is strategy volatility, not reckless gearing.
Leader alignment — both thin. Growi's leader holds exactly 5%, the legal minimum and the weakest skin-in-the-game allowed. HyperGrowth's 6.2% is barely better. Neither is a leader betting big alongside you.
Survivorship — the cheapest filter. Two of every three Hyperliquid vaults are already dead. Growi has ~2 years on-chain; HyperGrowth has ~9, mostly during a rising market. A brilliant record that has never seen a real downturn is a hypothesis, not a track record.
Concentration & custody. Growi's top depositor holds 21% — if they leave, the vault feels it. HyperGrowth's depositors are well spread (top holder 8%). And both are legacy HyperCore vaults: your money sits inside the vault, not your wallet — the standard vault trade-off covered in what can go wrong.
The indicator that lies the most here: APR
On the app today, Growi HF shows a slightly negative recent APR while its lifetime return annualizes to about +55%. HyperGrowth flashes a ~265% APR. Pick on the badge alone and you'd dump the proven veteran during a soft month and pile into the newcomer at the top of its run. APR annualizes a short recent window — it tells you about last month, dressed up as a yearly rate. Treat it as a mood ring, not a verdict.
So which one is for you?
Income / preservation: Growi HF. Lower drawdown, high consistency, a two-year record, and a strategy you can actually read. The caveats: the leader sits at the 5% floor, and it's in a soft patch. (And 15% drawdowns still mean this is not a savings account.)
Aggressive / convexity: HyperGrowth. The risk-adjusted numbers are genuinely excellent and the book is prudently diversified — but you're accepting 40% drawdowns, a sub-one-year history, and a strategy you can't see. Size it small.
Balanced: lean on Growi for a transparent, proven core, and treat HyperGrowth as a small convex sleeve — never the foundation.
O resultado final
Neither is "the best vault," because there's no such thing. Growi HF is a vault you can largely understand and that has survived; HyperGrowth is a bet on an operator you can't see, with a short, dazzling record. Your risk tolerance makes the call — not the leaderboard.
Figures computed from Hyperliquid's public API and our twice-daily snapshots. The public depositor list caps at 100, so on-screen TVL can understate the real account value. Lifetime-annualized returns extrapolate each vault's own history and say nothing about the future — especially for a vault that hasn't lived through a downturn. Both are legacy HyperCore vaults. Nothing here is financial advice — it's one trader showing his work.