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This vault advertised a rate and no longer does
It quoted 4.68% at its highest and was still quoting on 2026-09-23. 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 15 daily readings of the venue’s own advertised rate, which we began taking on 2026-09-19. It says the rate moved, not why.
LONG quality - SHORT unlocks low-float high-FDV
BTaking money
—
TVL
$13.1k
Return
54.3%
over its watched history, read on 83 of 472 days, thin enough that the figure is an estimate between readings
The venue advertises
-0.3%
the share price implies 16.1% over 28 days, from 263 readings
Its depositors kept
-100%
against -0.2% advertised over their 343 days, from 8 depositors still in it
Recent
-1.0% · 0.2%
30d · 90d · 38.7% over a year
Return per book-turn
0.101%
turns 0.91× a day
Max drawdown
55.1%
a floor, read on 83 of 472 days
Sortino
0.90
return per unit of downside risk
Volatility
112%
106% of it downside
History
1.3y
329 readings, all taken at the time
Record begins
2026-09-21
began 2025-06-16, so 462 days of it are before anything here
Record rests on
Grade B
The whole record is grade B.
Confidence
100%
in these metrics
Value and drawdown
This chart shows the last 30 days of a 473 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
- -0.3%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
- 16.1% over 28 daysDerived from the share price we read, over the window stated. Annualisation is secondary: the window is the measurement.
- Fee basis
- Already 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
- The venue publishes no withdrawable figure, so no amount is claimed either way.A reading of now, not a promise about the day somebody tries. An accruing rate with nothing withdrawable is the case this section exists for.
- History quality
- 263 readingsHow many observations the derived figure rests on. A rate from three readings and one from three hundred are not the same claim.
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.
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 contract
0x540b6833…236a
NetworkHyperliquid
Platform
Hyperliquid
OperatorLONG quality0x31304ccd…8c39
Deposit assetUSDC
Analyst tier
Detail is hidden, not absentHow well it executes
Built from 82 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 82 fills over 42.99 daysTiming indicates discretionary management, confidence 50%.
- · No strong automation signature in the timing.
Overnight activity 10%
Hour-of-day evenness 54%
Cadence regularity 0%
Clock alignment 6%
Fills per day 1.9
Instruments 3
Timing only. This says nothing about whether the strategy is any good, a losing bot is still a bot.
Current exposure
1 positions · $0.85 gross · 0.0x the vault's capital| Instrument | Side | Notional | Share | Entry | Unrealised | Leverage |
|---|---|---|---|---|---|---|
| BTC | long | $0.85 | 100% | 83482 | $0.01 | 20x |
Snapshot taken 2026-10-03 11:57 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
- 1 of 3 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.
| Instrument | Edge | Taker | Median trade | Limit |
|---|---|---|---|---|
| SOL | 4.8bps | 19% | $435.00 | Edge 4.8bps against 3.6bps of realised cost. |
| ETH | 1bps | 21% | $1.8k | Edge 1.0bps against 3.6bps of realised cost. |
| BTC | -2.9bps | 0% | $4.6k | No positive edge observed, capacity is not the binding constraint here. |
Who is in it
Money in and out
Ledger read 12 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: 34 days are held back because a reader has not covered them.
- 6 days: the funding ledger has been walked, but not over these days
- 2 days: fills have been walked, but not over these days
- 1 day: one end of the day has no position snapshot
- 1 day: the funding ledger has never been walked for this vault
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.