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Nominally independent vaults are often in the same trade. When the market moves against them they do not leave one by one — they leave together, through the same liquidity, turning a controlled loss into a cascade. This page measures how much of that is happening, and is honest about how much of it we can see. Click an instrument to see exactly which vaults hold it.
| Instrument | Risk | Vaults | Gross | Net | Skew | Open interest | Coverage | Top vault | Market cap | 24h volume | Days to exit |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BTC | low | 227 | $45.16M | $16.23M | 36% | $3.04B | 1.06% $32.31M of gross covered | 24% | $1585.67B | $52.29B | <0.1 |
| SOL | watch | 198 | $34.17M | −$28.53M | 83% | $478.36M | 0.46% $2.21M of gross covered | 22% | $56.51B | $5.28B | <0.1 |
| ETH | low | 197 | $25.68M | $2.27M | 9% | $1.76B | 0.90% $15.89M of gross covered | 24% | $299.55B | $21.09B | <0.1 |
| HYPE | watch | 92 | $17.07M | $16.04M | 94% | $1.91B | 0.89% $16.97M of gross covered | 30% | $17.33B | $1.01B | <0.1 |
| XMR | high | 27 | $8.65M | $7.97M | 92% | $75.05M | 11.53% | 87% | $8.31B | $114.77M | 0.1 |
| LINK | high | 43 | $5.39M | $5.07M | 94% | $79.15M | 6.81% | 75% | $8.70B | $525.83M | <0.1 |
| ZEC | low | 57 | $5.28M | −$2.92M | 55% | $492.57M | 1.07% | 60% | $13.92B | $1.26B | <0.1 |
| XRP | watch | 54 | $4.21M | −$3.64M | 86% | $263.75M | 1.60% | 55% | $92.76B | $6.02B | <0.1 |
| AAVE | watch | 41 | $3.33M | $3.29M | 99% | $97.66M | 3.41% | 40% | $2.08B | $581.27M | <0.1 |
| PUMP | low | 45 | $2.26M | $1.03M | 46% | $186.74M | 1.21% | 53% | $1.87B | $299.25M | <0.1 |
| NEAR | low | 49 | $1.63M | $1.20M | 74% | $92.86M | 1.75% | 42% | $2.55B | $434.05M | <0.1 |
| WLD | watch | 34 | $1.13M | −$978.1k | 86% | $30.70M | 3.69% | 36% | $1.46B | $230.32M | <0.1 |
| AERO | watch | 23 | $1.08M | $102.3k | 9% | $15.16M | 7.15% | 47% | $535.79M | $104.51M | <0.1 |
| LIT | low | 32 | $1.04M | $777.9k | 75% | $151.63M | 0.69% | 43% | $866.95M* | $191.56M | <0.1 |
| PENDLE | high | 27 | $1.02M | $853.2k | 84% | $7.07M | 14.39% | 60% | $303.25M | $71.91M | <0.1 |
| PAXG | watch | 27 | $1.01M | $911.3k | 91% | $26.28M | 3.66% $961.9k of gross covered | 34% | $2.01B | $208.09M | <0.1 |
| SUI | low | 37 | $970.9k | −$445.4k | 46% | $29.11M | 3.34% | 23% | $3.29B | $751.14M | <0.1 |
| BNB | low | 39 | $967.1k | $622.6k | 64% | $50.36M | 1.92% | 49% | $93.78B | $1.23B | <0.1 |
| kPEPE | watch | 31 | $850.6k | $699.1k | 82% | $26.93M | 3.16% | 56% | $1.70B | $471.35M | <0.1 |
| LDO | watch | 19 | $823.2k | $602.5k | 73% | $10.33M | 7.97% | 71% | $312.63M | $53.65M | <0.1 |
| TRUMP | low | 37 | $813.4k | −$352.1k | 43% | $20.42M | 3.98% | 33% | $610.91M | $599.94M | <0.1 |
| POL | high | 28 | $780.0k | $645.5k | 83% | $3.85M | 20.27% | 69% | $1.21B | $137.26M | <0.1 |
| CRV | low | 29 | $680.6k | −$472.0k | 69% | $16.27M | 4.18% | 30% | $515.50M | $69.93M | <0.1 |
| LTC | low | 31 | $664.6k | −$111.5k | 17% | $18.90M | 3.52% | 44% | $4.01B | $459.60M | <0.1 |
| VVV | low | 26 | $651.2k | −$227.4k | 35% | $27.87M | 2.34% | 46% | $802.97M | $28.16M | <0.1 |
| ZRO | low | 27 | $628.7k | −$458.8k | 73% | $38.04M | 1.65% | 57% | $386.18M | $54.94M | <0.1 |
| UNI | low | 37 | $615.8k | $421.7k | 68% | $27.12M | 2.27% | 39% | $2.69B | $460.33M | <0.1 |
| WLFI | high | 25 | $599.4k | −$556.1k | 93% | $11.10M | 5.40% | 67% | $1.84B | $66.38M | <0.1 |
| ARB | high | 22 | $586.5k | −$490.2k | 84% | $4.20M | 13.97% | 76% | $650.78M | $85.84M | <0.1 |
| AVAX | low | 35 | $573.3k | −$309.5k | 54% | $15.83M | 3.62% | 47% | $3.26B | $289.37M | <0.1 |
| BERA | high | 13 | $571.2k | −$472.7k | 83% | $1.53M | 37.28% | 61% | $59.46M | $12.58M | <0.1 |
| GRASS | watch | 20 | $570.2k | −$415.4k | 73% | $9.69M | 5.88% | 53% | $235.31M | $41.35M | <0.1 |
| ENA | low | 40 | $563.4k | −$269.9k | 48% | $50.64M | 1.11% | 24% | $1.51B | $702.93M | <0.1 |
| ETHFI | low | 26 | $540.9k | −$200.3k | 37% | $16.16M | 3.35% | 49% | $638.28M | $106.24M | <0.1 |
| DOGE | low | 50 | $539.6k | $414.0k | 77% | $72.00M | 0.75% | 21% | $13.97B | $1.10B | <0.1 |
| ADA | low | 39 | $522.0k | −$14.7k | 3% | $36.02M | 1.45% | 23% | $8.29B | $596.36M | <0.1 |
| ATOM | high | 26 | $499.8k | −$481.1k | 96% | $2.22M | 22.54% | 68% | $814.35M | $36.86M | <0.1 |
| TAO | low | 34 | $492.3k | −$363.1k | 74% | $41.53M | 1.19% | 52% | $2.32B | $238.75M | <0.1 |
| TIA | high | 18 | $479.8k | −$417.4k | 87% | $1.49M | 32.17% | 58% | $358.16M | $38.24M | <0.1 |
| XLM | low | 23 | $477.9k | $359.9k | 75% | $13.23M | 3.61% | 77% | $6.70B | $289.86M | <0.1 |
Vaults entering a crowd went on to underperform matched vaults that did not by -135281.76% at the worst point of the following 20 days. Shuffling the event dates produces a path that extreme 26% of the time, so this is not yet distinguishable from noise.
| Day | Entered a crowd | Matched controls | Difference | Events |
|---|---|---|---|---|
| -5 | 1347.03% | 887.77% | 459.26% | 119 |
| -4 | 1071.39% | 205.99% | 865.40% | 119 |
| -3 | 450.37% | 71.20% | 379.17% | 119 |
| -2 | 292.07% | 28.83% | 263.24% | 119 |
| -1 | 36.11% | 6.62% | 29.49% | 119 |
| +1 | 62.24% | 0.66% | 61.58% | 119 |
| +2 | 3663.23% | 12.43% | 3650.79% | 119 |
| +3 | 15637.06% | 3359.97% | 12277.09% | 119 |
| +4 | 44341.31% | 28647.83% | 15693.48% | 120 |
| +5 | 81299.32% | 111480.06% | -30180.74% | 120 |
| +6 | 125772.40% | 261054.16% | -135281.76% | 120 |
| +7 | 940495.95% | 448420.52% | 492075.43% | 121 |
| +8 | 90033927.05% | 734160.48% | 89299766.57% | 121 |
| +9 | 11896849066.26% | 1870513.00% | 11894978553.26% | 121 |
| +10 | 12111414679.95% | 4240060.65% | 12107174619.29% | 121 |
| +11 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +12 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +13 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +14 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +15 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +16 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +17 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +18 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +19 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |
| +20 | 13141975834.85% | 5300688.32% | 13136675146.53% | 121 |