⌘K

Live evidencecounted 10m ago

1.38days of PURR volume to unwind the crowd99%of the XMR book on one side, across 28 vaults$1.75Bunder one key with no guardian, 89 of the 506 vaults whose control we have read$446.4Mwhose control we have never read, across 3,399 vaults$2.25Bsitting in vaults and not lent out$12.18Bunder 3,905 vaults we read

All vaults

Hype U-Boat

Blikely

Hyperliquidsettles on

Hyperliquid

0xccee0094…ff5b51b5

Discord theecatfelix for more info

Due-diligence report: complete, dated, with a digest anybody can check

Taking money

Open

TVL

$19.0k

Return

-13.0%

over its watched history, read on 44 of 242 days, thin enough that the figure is an estimate between readings

The venue advertises

12.1%

a year, on their own figures

Performance

Recent

27.2% · 26.0%

30d · 90d

Max drawdown

53.3%

a floor, read on 44 of 242 days

Sortino

0.16

return per unit of downside risk

Volatility

73%

The record behind these figures

History

242d

over 44 readings from one source. The record below is longer: 49 readings in total (49 readings, all taken at the time), and the metrics use one source family rather than mixing them.

Record begins

2026-11-01

began 2026-03-01, so 245 days of it are before anything here

Record rests on

Grade B

The whole record is grade B.

Confidence

22%

in these metrics

Six risks, read separately

The same six across every vault we score

Six risks, read separately

Strategy risk band Moderate

Severe market and depositor concentration risk on this vault, against an overall band of moderate.

How this is read

Due-diligence report

Complete: every section, nothing withheld
Issued: a digest anybody can check with us
Dated: every figure with when it was read
Portable: one file for a committee or a file

How much could leave, by amount

Your position

Pick or type an amount to weigh it against both: what the venue says could leave now, and the largest single withdrawal anybody has made here.

The ring marks the largest single withdrawal in the last 30 days, $210.98.

Value and drawdown

This chart shows the last 30 days of a 242 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 tier

Range

BTCHover 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.

Current quoted rate: 12.1%
Rewards inside that rate: No reward rate is published, so we cannot say whether the quote includes one.
Realised return: Too little share-price history to derive one. The quote stands alone until there is.
Fee basis: We do not read this vault’s share price, so we cannot say which fees the figure is net of.
Withdrawable now: $17.3k91% of the vault
History quality: No value series, so there is nothing to state a realised return from.
What it depends on: 36risk score

How these are read

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.

How this is read

It ignores deposits and withdrawals: only trading moves this line.

Range

Solid: what the vault holds.

How this is read

The money put in is NOT drawn for this vault: our readings of its profit mix profit since inception with profit on the day, so value minus profit is not one quantity here. The venue publishes both under one name and we have not yet re-read this vault.

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

This is my vault, register it

Evidence

What a risk decision about this vault can rest on

Six questions, and what we hold for each. 1 of 6 is not measured for this vault.

Question	What we hold	Source
What does it hold or lend into?	USDCThe venue names a deposit asset. What the vault actually holds behind it has not been read.	Declared
How much could leave now?	$17.3kWhat the contract will pay out now, read from it. Not the same as what is idle. A deposit here is locked: the longest lockup still running across this vault's depositors is 1 day, read from the venue's own per-depositor field on 2 of 17. That is a floor on the term rather than the term, and it is a constraint on the depositor that the vault-level figure above does not carry.	Measured
Who runs it, and what else have they run?

Passport

Identity

Vault contract

0xccee0094…ff5b51b5

Network

Hyperliquid

Platform

Hyperliquid

OperatorHype U

0xb402c5af…31d07b6c

Deposit assetUSDC

Analyst tier

How well it executes

Built from 87 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 unlocks Already a customer? Sign in

Detail is hidden, not absent

How this vault behaves

from 87 fills over 41.46 days

Timing indicates rules automated management, confidence 50%.

· Trades continuously through every 6-hour window, including overnight.

Overnight activity 74%

Hour-of-day evenness 89%

Cadence regularity 0%

Clock alignment 35%

Fills per day 2.1

Instruments 1

Timing only. This says nothing about whether the strategy is any good, a losing bot is still a bot.

Current exposure

1 positions · $978.79 gross · 0.1x the vault's capital

Instrument	Side	Notional	Share	Entry	Unrealised	Leverage
HYPE	short	$978.79	100%	92.6941	$50.12	7x

Snapshot taken 2026-11-02 03:34 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

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	131bps	23%	$37.00	Edge 131.0bps against 2.9bps of realised cost.

Who is in it, and what moved in and out

Ledger read 4 hours ago

Analyst tier

Who is in this vault, and what moved in and out

Locked here: every depositor we read with their share of the vault, the largest single wallet, and the ledger of each deposit and withdrawal. 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.

See what unlocks Already a customer? Sign in

What is still missing

What this page cannot show yet, and why.

What they are

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.

Every reading and what it is built from

Risk	Reads	In the band	From
Market	Severeworse than the band	Yes	drawdown, crowding, liquidation
Liquidity	Low	Yes	exit
Depositor concentration	Severeworse than the band	Yes	concentration
Operating	Low	Yes	consistency
Controller	Not read	No	who may move the money
Evidence	Not scored	No	6 of 6 components read (100% of the weight)

How these are read

Market.: Market risk reads severe, set by its worst component (worst fall suffered, shared exposure, distance to liquidation) over the record we hold.
Liquidity.: Liquidity risk reads low, set by its worst component (could you get out) over the record we hold.
Depositor concentration.: Depositor concentration risk reads severe, set by its worst component (largest depositor) over the record we hold.
Operating.: Operating risk reads low, set by its worst component (stopped operating) over the record we hold.
Controller.: We could not read who may move the money here, so there is no reading.
Evidence.: 6 of the 6 risk components that apply to this vault carried a reading.

Market here is two observed readings: the worst fall in the vault's past share price and how much of its lending shares a market with other vaults we track. It does not assess the collateral, the borrowers' ability to repay, a concentration in one market (read under where the capital rests), or whether withdrawals hold under stress. The overall band weighs every component together instead, so it can read better than this and is not in conflict with it: a dimension says how bad its worst reading is, the band says what the whole weighs.

Low observed risk is not zero risk. The overall band weighs every component together instead, so it can read better than this and is not in conflict with it: a dimension says how bad its worst reading is, the band says what the whole weighs.

It measures how much of the vault its largest depositor holds, not how much the vault lends into one market; that is the allocation table. The overall band weighs every component together instead, so it can read better than this and is not in conflict with it: a dimension says how bad its worst reading is, the band says what the whole weighs.

Unexamined is not acceptable, and this is not part of the overall band either way.

By weight, 100 of the 100 points that apply were read, which is 100% of the component weight the band could draw on (a different denominator: components are not equally weighted). This is a statement about our coverage and carries no level of its own, because how much we could read is not a risk the vault runs.

Hype U-Boat

Performance

The record behind these figures

Six risks, read separately

Due-diligence report

How much could leave, by amount

Value and drawdown

The rate, and the seven things that qualify it

Profit, and what the value is made of

No strategy has been declared for this vault

What a risk decision about this vault can rest on

Passport

Identity

How well it executes

How this vault behaves

Current exposure

How the capacity estimate was reached

Who is in it, and what moved in and out

Who is in this vault, and what moved in and out

What is still missing

What is deciding

How much to trust this

Alignment and capacity