Hyperliquid's ecosystem treasury HLP just pulled in a major win—trader Garrett Bullish's liquidation handed the fund approximately 15 million USD in gains. That's a massive 5.8% return in a single event, translating into an annualized return rate hovering around 110% for treasury participants. The move highlights HLP's revenue model, where liquidations flowing through the ecosystem directly benefit depositors. Currently, HLP maintains an impressive long position in ETH worth roughly 230 million USD, keeping the treasury deeply exposed to Ethereum's upside. For investors tracking decentralized treasury mechanisms, this liquidation cascade demonstrates how protocol-level events can generate outsized returns for HLP participants.