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HODL My Perps
BlikelyIf you HODL you HODL...
This vault advertised a rate and no longer does
It quoted 298.46% at its highest and was still quoting on 2026-09-20. It quotes nothing now. A vault that has never paid and a vault that has stopped paying both read as nothing on the tiles below, and they are not the same proposition.
From 21 daily readings of the venue’s own advertised rate, which we began taking on 2026-09-19. It says the rate moved, not why.
Taking money
Open
TVL
$14.5k
Return
—
over its watched history, read on 141 of 737 days, thin enough that the figure is an estimate between readings
The venue advertises
-13.5%
a year, on their own figures
Recent
Value and drawdown
This chart shows the last 30 days of a 737 day record; the whole-record figures on this page are measured over all of it, and the 30, 90 and 365-day figures over their own windows, dated below. The rest is the Analyst tierRange
Hover for values. Upper: vault value, with BTC indexed to the same starting capital. Lower: how far below its own peak it was.
The rate, and the seven things that qualify it
A quoted rate is one input, not a verdict. These are the same seven fields in the same order for every vault, so a high rate and a high rate nobody can withdraw from do not look alike.
- Current quoted rate
- -13.5%As the venue states it, from Hyperliquid. Passed on rather than adopted, and whether rewards are inside it is the next row.
- Rewards inside that rate
- No reward rate is published, so we cannot say whether the quote includes one.A published rate, not a verified payment. Promotional projections and amounts actually accrued are different things and this is the first.
- Realised return
- Too little share-price history to derive one. The quote stands alone until there is.Derived from the share price we read, over the window stated. Annualisation is secondary: the window is the measurement.
- Fee basis
- We do not read this vault’s share price, so we cannot say which fees the figure is net of.A return derived from the share price is net of whatever the venue already deducted. Fees charged outside it are not in either number.
- Withdrawable now
- $4.1k28% of the vaultA reading of now, not a promise about the day somebody tries. An accruing rate with nothing withdrawable is the case this section exists for.
Profit, and what the value is made of
Value held less cumulative profit is the money people put in. The venue draws the two apart; the gap is the point.Range
Profit and loss since the vault opened, as the venue reports it. It ignores deposits and withdrawals: only trading moves this line.
Value heldNet money put in
Range
Solid: what the vault holds. Dashed: what depositors put in, net of withdrawals. Where the two rise together the growth was deposits, not performance.
Nobody has put money in or taken it out across this window, so the money put in is a flat line and the two charts above are the same curve at two heights. That is a fact about this vault rather than a repeated chart: everything its value did, it did by trading.
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
Evidence
What a risk decision about this vault can rest on
Six questions, and what we hold for each. This is not a score and there is no letter at the end of it: the answers are different kinds of thing and compressing them into one number would hide exactly the part a reader needs. Where we have nothing, the row says so. 1 of 6 is not measured for this vault.
- What does it hold or lend into?DeclaredUSDCThe venue names a deposit asset. What the vault actually holds behind it has not been read.
- How much could leave now?Measured$4.1kWhat the contract will pay out now, read from it. Not the same as what is idle.
- Who runs it, and what else have they run?MeasuredHODL My PerpsA named operator with a record across every vault they run, including the ones that closed.
- What does it depend on?DeclaredHyperliquid on Hyperliquid
Passport
Identity
Vault contract
0x13b43faa…f8c3
NetworkHyperliquid
Platform
Hyperliquid
OperatorHODL My Perps0x7b73b70c…3894
Deposit assetUSDC
Where the return came from
Costs consumed 3% of gross profitGross realised$1.3k
Trading fees−$42.35
Funding received$645.62
Net realised$1.9k
Unrealised−$3.0k
Total−$1.1k
That is -7.35% 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.
Both. 33% funding, 67% trading. Often a basis trade, which is both by design.
Computed from 33 fills over the 33d in which funding could also be measured, so every part is taken from the same days. That window opens when we started watching, not when the vault started trading. Measured by differencing 505 snapshot intervals over 33 days. 32 of 537 intervals were not attributable, a position closed and reopened, or a snapshot was missed, so this is a floor.
Analyst tier
Detail is hidden, not absentHow well it executes
Built from 1,448 individual fills. Two strategies with identical signals can differ by hundreds of basis points purely in how they get filled, taker share, fee rate, slippage. This is the part of a result that is operational competence rather than market view, and it is what tells you whether a good year was skill or a good venue.
See what unlocksAlready a customer? Sign inHow this vault behaves
from 1,448 fills over 92.6 daysTiming indicates rules automated management, confidence 100%.
- · Trades continuously through every 6-hour window, including overnight.
- · Activity spread evenly across all 24 hours (evenness 0.967).
Overnight activity 74%
Hour-of-day evenness 97%
Cadence regularity 0%
Clock alignment 36%
Fills per day 15.6
Instruments 2
Timing only. This says nothing about whether the strategy is any good, a losing bot is still a bot.
Nearest liquidation, as the venue reports it
BTC rises 9.1% to 90,313.18, from 82,805.3 now.
Leverage 15.0× weighted by size, a liquidation starts at the second number, not the first.
Our margin model puts this at 13.2% instead. Both are shown because the disagreement is real: the venue knows its own maintenance requirement, and the model knows what a market-wide move does to every leg at once.
The closest liquidation is 9.1% away at the venue's own reported price. Weighted leverage is 15.0×.
Nearest liquidation
BTC rises 13.2% to 93,659.93, from 82,760 now.
That is the nearest single instrument breaching this account’s maintenance requirement, so it is a ceiling on safety: a market-wide move hits every leg at once and arrives sooner. Computed from the venue’s own margin state at 2026-10-10 10:26 UTC.
Current exposure
1 positions · $100.2k gross · 6.9x the vault's capital| Instrument | Side | Notional | Share | Entry |
|---|
How the capacity estimate was reached
- 1 of 2 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.
- 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 |
|---|---|---|---|---|
| BTC | 33.4bps | 43% | $2.9k | Edge 33.4bps against 4.2bps of realised cost. |
| HYPE | -46.8bps | 68% | $1.4k | No positive edge observed, capacity is not the binding constraint here. |
Who is in it
Money in and out
Ledger read 10 hours agoAnalyst tier
Detail is hidden, not absentWho is in this vault, and how much of it is one wallet
A vault that is eighty per cent one depositor is a vault whose price can be reset by a single withdrawal, and whose headline TVL says almost nothing about whether anyone else believes in it. Concentration is the risk a return figure never shows, and it moves before the return line does.
See what unlocksAlready a customer? Sign inWhat changed the value
27 days decomposedThe section above says money moved. This says what the movement WAS. A vault grows because deposits arrived, or because the trading worked, or because it was paid to hold a position, and a size figure renders all three identically.
| Money in and outdeposits less withdrawals, and arriving is not earning | $935 |
| Closed tradesrealised on the fills the venue reports | $1,422 |
| Feespaid to the venue on those fills | −$38 |
| Fundingpaid or received for holding the positions, from the venue's own ledger | $817 |
| Open positions movedchange in unrealised profit on what was still open | −$3,235 |
| Not explainedwhat the terms above do not account for, 0.1% of the $34,493 that moved | −$29 |
| Change in value$18,147 to $17,515, 2026-09-09 to 2026-10-08 | −$632 |
Performance, which is the change less what arrived and left, is −$1,567 over days and fills.
The shape of the record
178 completed round tripsRebuilt from the venue’s own open and close labels on every fill. A return figure cannot say whether it came from being right often and small or rarely and large, and those are opposite businesses.
Win rate
98%
Payoff
0.01
Profit factor
0.24
Median hold
50m
178 round trips, 98% of them profitable, holding a median 50 minutes. The average win is $32 and the average loss $5.9k, it wins far more often than it loses and loses more when it does. That is the signature of selling optionality, and it produces a clean equity curve until the day it does not.
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.