Delpho is a CDP protocol built on HyperEVM, the smart contract layer of the Hyperliquid blockchain. Users deposit collateral to mint USDV, an overcollateralized, USD-pegged stablecoin, at 0% borrowing cost. The protocol deploys collateral into delta-neutral positions on Hyperliquid, where funding payments from perpetual futures markets accrue to the protocol. USDV holders can stake into sUSDV, whose exchange rate against USDV rises as this yield accrues.