Loading
All vaultsThis is my vault, register it
Orion
B#39 of 249The advertised rate has been moving
Over 19 daily readings it has ranged from 257.32% to 1,245.45%, averaging 860.95%. The tile below shows today’s quote alone.
19 readings is 19 days, not a year. We began taking them on 2026-09-19 and this window grows with the record rather than standing in for a longer one.
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 2026-10-07 01:21 UTC. A pattern that stops is cleared rather than left standing.
Taking money
—
TVL
$7.7k
Return
-14.4%
over its watched history, read on 76 of 224 days, thin enough that the figure is an estimate between readings
The venue advertises
568%
the share price implies 634% over 29 days, from 28 readings. No verdict is drawn: one of the two is beyond planning around
Value and drawdown
This chart shows the last 30 days of a 225 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
- 568%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
- 634%over 29 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
- 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.
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. 2 of 6 are 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?Not measured—No exit reading. This is the figure that decides whether a position can be left, and we do not have it.
- Who runs it, and what else have they run?MeasuredOrionA 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
0x5384bc21…9d01
NetworkHyperliquid
Platform
Hyperliquid
OperatorOrion0xb349c5a6…6a9a
Deposit assetUSDC
Created on-chain2026-02-23
Analyst tier
Detail is hidden, not absentHow well it executes
Built from 222 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 426 fills over 189.5 daysTiming indicates model assisted management, confidence 91%.
- · No strong automation signature in the timing.
Overnight activity 23%
Hour-of-day evenness 85%
Cadence regularity 0%
Clock alignment 19%
Fills per day 2.2
Instruments 11
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
ETH rises 19.3% to 2,959.35, from 2,480.7 now.
Leverage 25.0× weighted by size, a liquidation starts at the second number, not the first.
The closest liquidation is 19% away at the venue's own reported price. Weighted leverage is 25.0×.
Nearest liquidation
ETH rises 19.3% to 2,959.35, from 2,480.7 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 2026-09-08 08:36 UTC.
Current exposure
1 positions · $24.8k gross · 3.2x the vault's capital| Instrument | Side | Notional | Share | Entry | Unrealised |
|---|
How the capacity estimate was reached
- No instrument showed a positive edge against its realised cost.
| Instrument | Edge | Taker | Median trade | Limit |
|---|---|---|---|---|
| ETH | -139bps | 35% | $3.0k | No positive edge observed, capacity is not the binding constraint here. |
| BTC | -494.1bps | 69% | $875.00 | No positive edge observed, capacity is not the binding constraint here. |
Who is in it
Money in and out
Ledger read 36 days 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 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.