kip vs sleep late

kip is a noun but sleep late is not a noun.

Word	Noun	Adjective	Verb	Adverb
kip	Yes	No	Yes	No
sleep late	No	No	Yes	No

As verbs, sleep late is a hyponym of kip; that is, sleep late is a word with a more specific, narrower meaning than kip:

kip (noun)	sleep late (noun)
a gymnastic exercise performed starting from a position with the legs over the upper body and moving to an erect position by arching the back and swinging the legs out and down while forcing the chest upright
the basic unit of money in Laos
sleep

kip (verb)	sleep late (verb)
be asleep	sleep later than usual or customary