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FKA - FK Capital Alpha Fund
BThe objective is to generate alpha from prevailing market volatility by simultaneously maintaining a hedged structure of long and short positions.
Taking money
Open
TVL
$56.8k
Return
16.7%
over observed history
Recent
—
30d · 90d
Max drawdown
4.2%
peak to trough
Sortino
—
return per unit of downside risk
History
7d
803 observations
Confidence
2%
in these metrics
Value and drawdown
Range
Hover for values. Upper: vault value, with BTC indexed to the same starting capital. Lower: how far below its own peak it was.
No strategy has been declared for this vault
Everything above is reconstructed from public data. A declaration is free, signed from this vault’s own key, and cannot be edited afterwards.Note 28
Passport
Identity
Vault contract0x4a01f109…1a00
Network
Hyperliquid
PlatformHyperliquid
OperatorFKA0xfd13e2cb…4831
Deposit assetUSDC
Created on-chain2026-01-13
First observed by us2026-08-11
Statuslive
What is deciding
unregisteredStrategy versionNot attested — the operator has not bound this record to a specific version
Model providerNot attested — no model declared
ModelNot attested — no model declared
System prompt hashNot attested — no prompt commitment
Policy hashNot attested — no policy commitment
Inferred modemodel assisted (100% confidence)
These fields are empty because nobody has attested them, not because we failed to find them. An operator who registers gets a record that provably cannot be edited after the fact — and a grade no unregistered strategy can reach.
How much to trust this
Provenance gradeBReal capital, readable at the venue — but the operator’s full cohort is unproven.
Machine-managedNot established
Metric confidence2%65 observations over 7 days
RankingNot ranked — insufficient history
Alignment and capacity
Operator’s own share5.6%
Commission10%
Depositor wallets17
Concentration0.20 · largest holder 33%
Estimated capacity$2.84M ($1.42M–$5.68M) · floor
Net flow 30d$0.00
Where the return came from
Gross realised−$12.0k
Trading fees−$229.87
Funding paid−$940.71
Net realised−$13.2k
Unrealised$11.2k
Total−$2.0k
That is -3.47% on the capital the strategy currently runs.
- Slippage is not separated: without a book snapshot at fill time it cannot be measured, so it remains inside gross rather than being estimated.
- Funding is differenced across position snapshots, so it is a flow over the window rather than a level: it counts what changed hands while we were watching and nothing before that. Intervals where a position closed and reopened are refused rather than guessed, which makes the figure a floor.
- Gross realised PnL is not positive, so the cost ratio is not meaningful.
Computed from 580 recorded fills and the funding on currently open positions. It covers the window we have observed, not the vault’s whole life.
How well it executes
from 580 fills over 143.9 daysTaker share 95% by value
Fee rate 4.34bps
Daily turnover $3.7k
Annual fee drag 1.0%
- · Almost entirely taker flow: this strategy pays the spread on nearly every trade, so its edge has to clear that first.
How this vault behaves
from 580 fills over 143.9 daysTiming indicates model assisted management, confidence 100%.
- · Activity spread evenly across all 24 hours (evenness 0.922).
Overnight activity 39%
Hour-of-day evenness 92%
Cadence regularity 0%
Clock alignment 30%
Fills per day 4
Instruments 18
Timing only. This says nothing about whether the strategy is any good — a losing bot is still a bot.
The venue overrode this book
The venue overrode this book: auto-deleveraged once. Most recently 2026-04-02, in XPL.
Observed, not modelled — the venue labelled these itself. A liquidation is a margin failure; an auto-deleverage is the venue closing part of a solvent book because the other side failed; a settlement is the market itself ending.
Current exposure
7 positions · $73.4k gross · 1.3x the vault's capital| Instrument | Side | Notional | Share | Entry | Unrealised | Leverage |
|---|---|---|---|---|---|---|
| BTC | long | $46.9k | 64% | 67289 | $6.9k | 40x |
| ETH | long | $6.5k | 9% | 1922.4 | $1.5k | 25x |
| AERO | long | $5.2k | 7% | 0.519927 | $244.95 | 3x |
| ETHFI | long | $5.0k | 7% | 0.61634 | $40.58 | 5x |
| XMR | long | $4.4k | 6% | 450.973 | -$83.24 | 5x |
| WLFI | short | $2.5k | 3% | 0.100062 | $1.8k | 5x |
| TRUMP | short | $2.9k | 4% | 3.02664 | $804.53 | 10x |
Snapshot taken 2026-08-24 23:31 UTC. A strategy that flips intraday can look flat at every snapshot and still carry risk in between. Click an instrument to see every other vault holding it.
How the capacity estimate was reached
- 5 of 9 instruments showed no positive edge.
- Impact is inferred from this strategy’s own realised cost, not measured against a book.
- A 10% participation ceiling is applied where venue volume is known.
- Trade size is converted to capital using the strategy’s own capital-to-trade-size ratio.
- Capacity is capped at 50× the largest trade actually observed — beyond that we are extrapolating.
- Measured edge exceeded 100bps per trade and was clipped — above that it is directional luck, not repeatable alpha.
- Capped at 50x current capital; beyond that the estimate is unfalsifiable.
- At least one instrument hit the observed-size cap, so the total is a floor rather than an estimate.
| Instrument | Edge | Taker | Median trade | Limit |
|---|---|---|---|---|
| HYPE | 188.6bps | 34% | $238.00 | Edge 188.6bps against 5.2bps of realised cost. |
| ENA | 537.5bps | 14% | $59.00 | Edge 537.5bps against 3.6bps of realised cost. |
| WLD | 1345.5bps | 20% | $68.00 | Edge 1345.5bps against 4.1bps of realised cost. |
| DYDX | 796.9bps | 100% | $55.00 | Limited by market share: 10% of 0M daily volume across 11 trades a day. |
| BTC | -330.1bps | 100% | $204.00 | No positive edge observed — capacity is not the binding constraint here. |
| ETHFI | -4.5bps | 100% | $32.00 | No positive edge observed — capacity is not the binding constraint here. |
| LIT | -1394.6bps | 97% | $199.00 | No positive edge observed — capacity is not the binding constraint here. |
| KAITO | -2080.1bps | 78% | $226.00 | No positive edge observed — capacity is not the binding constraint here. |
Who is in it
as at 2026-08-24 13:38Largest wallet
32.5%
Top five
86.5%
Concentration
0.196
Wallets seen
16
| # | Wallet | Deposited | Share | All-time P&L | In for |
|---|---|---|---|---|---|
| 1 | 0xf1e34bdf…32f5 | $18.3k | 32.5% | -$11.7k | 222d |
| 2 | 0x11edc7f5…cb27 | $11.7k | 20.8% | $1.7k | 198d |
| 3 | 0x0172b59e…ba5c | $9.1k | 16.2% | -$5.8k | 212d |
| 4 | 0x0527a836…9fdb | $4.9k | 8.8% | -$2.8k | 222d |
| 5 | 0x964e196a…1b5b | $4.6k | 8.1% | -$423.89 | 201d |
| 6 | Leader | $3.1k | 5.6% | -$1.9k | 222d |
| 7 | 0x884a79e2…a18b | $2.7k | 4.8% | -$2.3k | 222d |
| 8 | 0xd9eb5126…0db0 | $1.0k | 1.8% | -$857.56 | 222d |
| 9 | 0xd30feb69…d103 | $646.14 | 1.1% | -$549.74 | 222d |
| 10 | 0x1d3d1b28…3ac8 | $106.88 | 0.2% | $6.88 | 137d |
| 11 | 0xb4d47c1f…1d0f | $0.25 | 0.0% | -$1.72 | 130d |
| 12 | 0xe920e6c0…5b62 | $0.01 | 0.0% | $0.65 | 118d |
| 13 | 0x60a5d9ea…45a1 | $0.00 | 0.0% | -$10.60 | 163d |
| 14 | 0xb6513dd5…8ae8 | $0.00 | 0.0% | -$65.25 | 222d |
| 15 | 0xdbbdd3d6…7892 | $0.00 | 0.0% | -$141.93 | 222d |
| 16 | 0x546d7e35…fae1 | $0.00 | 0.0% | -$21.40 | 221d |
Shares are of the capital we can observe, not of reported TVL ($56.8k) — dividing by a total that includes wallets outside our sample would understate every share and make concentration look better than it is.
Money in and out
Ledger read 10 hours agoIn
$79.8k
36 deposits
Out
$0.00
0 withdrawals
Net
$79.8k
140.5% of TVL
Window
168d
last 36 movements
| When | Type | Amount | Of vault | Transaction |
|---|---|---|---|---|
| 2026-06-30 13:47 | deposit | $6.96 | 0.01% | 0x0d769618…e99e |
| 2026-06-28 13:27 | deposit | $232.75 | 0.41% | 0x401d08bd…2085 |
| 2026-05-15 12:21 | deposit | $26.69 | 0.05% | 0x9a26b2b7…b181 |
| 2026-05-05 15:05 | deposit | $5.00 | 0.01% | 0x0a5aaccd…c22d |
| 2026-04-27 17:12 | deposit | $17.97 | 0.03% | 0xe2eff4b0…d0fa |
| 2026-04-16 08:22 | deposit | $21.24 | 0.04% | 0x465fd2f4…8eab |
| 2026-04-08 22:42 | deposit | $100.00 | 0.18% | 0x070592a7…aeea |
| 2026-04-08 21:02 | deposit | $108.94 | 0.19% | 0x8ba541e8…17b4 |
| 2026-03-17 19:50 | deposit | $41.41 | 0.07% | 0x3cd8876a…8182 |
| 2026-03-15 18:48 | deposit | $13.44 | 0.02% | 0xadefebf6…0bf6 |
| 2026-03-13 18:20 | deposit | $31.99 | 0.06% | 0xae63d3de…fec7 |
| 2026-02-15 08:42 | deposit | $990.00 | 1.74% | 0x90fc6ef7…3b61 |
| 2026-02-14 14:55 | deposit | $3.0k | 5.28% | 0x16ef0ac1…7733 |
| 2026-02-11 10:21 | deposit | $3.0k | 5.25% | 0x41545a52…e888 |
| 2026-02-06 20:48 | deposit | $3.0k | 5.27% | 0xfe80bbcc…1a1c |
| 2026-02-04 20:42 | deposit | $434.80 | 0.77% | 0x9cb5667f…92dd |
| 2026-02-04 20:33 | deposit | $1.0k | 1.76% | 0xadd5c1b0…38ba |
| 2026-02-04 20:05 | deposit | $700.00 | 1.23% | 0x1ca8ce44…da40 |
| 2026-02-03 19:42 | deposit | $5.0k | 8.81% | 0x3a8982ca…7187 |
| 2026-02-01 19:04 | deposit | $5.0k | 8.81% | 0x9eae4d79…e853 |
| 2026-02-01 16:10 | deposit | $1.1k | 2.02% | 0x6a6ceeb1…bee5 |
| 2026-01-24 12:09 | deposit | $15.0k | 26.38% | 0x96e09471…9975 |
| 2026-01-23 21:01 | deposit | $5.0k | 8.81% | 0x3f080c86…f659 |
| 2026-01-20 18:56 | deposit | $5.0k | 8.81% | 0x89ce4760…94a6 |
| 2026-01-16 15:39 | deposit | $3.9k | 6.95% | 0x5f79437d…7429 |
| 2026-01-16 12:59 | deposit | $100.00 | 0.18% | 0xa8827c62…372e |
| 2026-01-15 13:58 | deposit | $55.00 | 0.10% | 0xa7ff84b3…f506 |
| 2026-01-14 20:03 | deposit | $100.00 | 0.18% | 0x36df1f28…a91e |
| 2026-01-13 20:37 | deposit | $1.5k | 2.63% | 0xcf904003…1b68 |
| 2026-01-13 19:11 | deposit | $77.01 | 0.14% | 0x2a950af4…230e |
| 2026-01-13 19:08 | deposit | $99.65 | 0.18% | 0x392e2ebb…1242 |
| 2026-01-13 18:51 | deposit | $2.0k | 3.52% | 0xc613b27f…7c38 |
| 2026-01-13 18:28 | deposit | $1.2k | 2.11% | 0x262e3133…dec4 |
| 2026-01-13 18:21 | deposit | $1.9k | 3.29% | 0x8fd952d0…483d |
| 2026-01-13 18:21 | deposit | $5.0k | 8.81% | 0x0a5b02b0…ab0f |
| 2026-01-13 18:21 | deposit | $15.0k | 26.42% | 0xc6af7318…4839 |
Shares are against the vault’s current size, so an old movement is measured against today rather than against what the vault was then. It is the comparison a reader wants — how much of this vault that was — and it is not the same as the share it represented at the time.
What is still missing
- Operator cohort. We show what the venue still exposes; strategies deleted before we began observing are invisible, and only pre-registration can make a cohort provably complete.
- Gross-to-net waterfall. Returns are venue-reported and not yet decomposed into fees, funding and slippage.
- Off-chain exposure. Anything held on a centralised exchange is invisible to us, so the risk shown is a floor.