Are HyperCore and HyperEVM separate networks? Where do funds come from?

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They're two parts of the same Hyperliquid blockchain (one set of validators, one consensus) — two execution environments:

  • HyperCore — the native trading engine (your Hyperliquid account, the order book, native vaults). Not an EVM you point a wallet RPC at.
  • HyperEVM — the EVM chain (#999) you add to your wallet, where smart contracts run.

They're linked, and assets can move between them. Where each receives funds from:

  • HyperCore — from Arbitrum (Hyperliquid's bridge on-ramp), and from HyperEVM (internal transfer).
  • HyperEVM — from HyperCore (the internal Core↔EVM transfer), and directly from other chains (Arbitrum, Ethereum, …) through a cross-chain bridge that targets HyperEVM.

For depositing into a vault, what matters is simply having USDC (and a little HYPE for gas) on HyperEVM.