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All vaultsThis is my vault, register it
Jay Pennies to Jay Dollars
B#76 of 154Discretional L/S
One thing worth a look
Patterns in this vault’s record that have more than one explanation. None of them lowers its grade and none of them is a finding of wrongdoing, a ledger cannot separate the readings below, and neither can we.
- The address that runs this vault holds 91% of it.
- Equally consistent with: A manager with their own money at risk, which is usually a good sign, and then the return is a personal account’s rather than a record of managing anyone else’s. It can also be a treasury or a custodian: the chain shows who holds the shares, not whose money they are.
Measured over the last 30 days, as of 2026-10-10 02:27 UTC. A pattern that stops is cleared rather than left standing.
Taking money
Open
TVL
$176.9k
Return
19.1%
over its watched history, read on 147 of 534 days, thin enough that the figure is an estimate between readings
The venue advertises
-0.2%
the share price implies -6.8% over 25 days, from 43 readings
Recent
Value and drawdown
This chart shows the last 30 days of a 534 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
- -0.2%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
- -6.8%over 25 daysDerived from the share price we read, over the window stated. Annualisation is secondary: the window is the measurement.
- Fee basis
- Inside the share priceA 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
- $176.0k99% of the vault
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$176.0kWhat 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?MeasuredJay Pennies to Jay DollarsA 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
How this vault behaves
from 38 fills over 170.05 daysTiming indicates discretionary management, confidence 45%.
- · No strong automation signature in the timing.
Overnight activity 0%
Hour-of-day evenness 9%
Cadence regularity 0%
Clock alignment 0%
Fills per day 0.2
Instruments 7
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 3 times. Most recently 2025-10-10, in AI16Z, POPCAT, VIRTUAL.
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.
Nearest liquidation, as the venue reports it
ATOM rises 6,932.5% to 142.6542, from 2.0285 now.
Leverage 5.0× weighted by size, a liquidation starts at the second number, not the first.
The closest liquidation is 6932% away at the venue's own reported price. Weighted leverage is 5.0×.
Current exposure
4 positions · $4.8k gross · 0.0x the vault's capital| Instrument | Side | Notional | Share |
|---|
Who is in it
Money in and out
Ledger read 6 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
nothing decomposed yetThe 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.
Nothing can be decomposed for this vault yet: 71 days are held back because a reader has not covered them.
- 25 days: the funding ledger has been walked, but not over these days
- 1 day: fills have been walked, but not over these days
- 1 day: this vault’s fills have never been walked
Funding, summed forward
Range
What the vault was paid to hold its positions, less what it paid, a day at a time. A line that falls is a book that pays to stay where it is.
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.