Introduction

xTokens are Liminal’s tokenized & cross-chain product line: omnichain OFTs tokens that represent a share in a pooled delta-neutral strategies running on Hyperliquid for a specific asset.

Instead of each user running their own strategy, capital is aggregated into one institutional grade, delta-neutral carry trade line per asset (e.g. HYPE, BTC, ETH). Users deposit stablecoins into this pooled strategy and receive yield-bearing xTokens in return. As the underlying strategy earns funding and other yield, each xToken (e.g. $xHYPE, $xBTC, $xETH) automatically increases in value over time.

Each xToken maps to one underlying asset market:

• $xHYPE → delta-neutral strategy on $HYPE

• $xBTC → delta-neutral strategy on $BTC

• $xETH → delta-neutral strategy on $ETH

• …and more as new markets are added.

Thanks to a hub-and-spoke architecture (powered by LayerZero), xTokens are natively cross-chain:

• Users can mint xTokens by depositing stablecoins from any supported chain (HyperEVM, Arbitrum, Ethereum etc.).

• They receive an OFT xToken on the chain of their choice, while the strategy itself is managed on Hypercore/HyperEVM.

• xTokens can move freely between supported chains, so users can mint on one chain, bridge, and use them on another.

Because xTokens are omnichain OFTs, they are:

• Liquid: easy to trade or exit.

• Transferable: move between wallets and chains.

• Composable: plug directly into DeFi primitives (collateral, liquidity pools, lending markets, yield derivatives, and more).

In short, xTokens turn Liminal’s delta-neutral funding strategies on Hyperliquid into cross-chain, plug-and-play yield primitives that can be held passively or actively integrated into DeFi across multiple ecosystems.