Energy above hull (Ehull, in eV/atom) measures how far a material is from the thermodynamic convex hull — the set of most stable phases at each composition in a chemical system.
Ehull is the single most important stability metric in computational materials science. Screening for Ehull < 0.05 eV/atom is a standard first filter when searching for synthesizable candidate materials.
The convex hull is constructed from formation energies of all known phases in a chemical system. Ehull is the energy difference between a material and the hull at its composition. The Materials Project computes this using the full database of known phases.