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Portola Strategies
BLong-only, conservative leverage into strong cash-flowing on-chain tokens.
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 operator holds 100% of this vault themselves.
- Equally consistent with: A manager with their own money at risk, which is usually a good sign. It does mean the return is a personal account’s, not a record of managing anyone else’s.
Measured over the last 30 days, as of 2026-09-08 21:07 UTC. A pattern that stops is cleared rather than left standing.
Taking money
Open
TVL
$87.2k
Return
6.0%
over observed history
Recent
—
30d · 90d
Market move behind it
1.1%
Value and drawdown
Range
Hover for values. Upper: vault value. Lower: how far below its own peak it was.
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
0x0d294c5c…3e26
NetworkHyperliquid
Platform
Hyperliquid
OperatorPortola0xb641dea5…0852
Deposit assetUSDC
Where the return came from
Costs exceeded gross profit by 2.1×Gross realised$39.47
Trading fees−$39.47
Funding paid−$42.00
Net realised−$42.00
Unrealised$4.3k
Total$4.3k
That is 4.94% 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.
Underwater over this window. Costs exceeded everything earned.
Computed from 68 fills over the 0d 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 21 snapshot intervals over 10 hours.
Analyst tier
Detail is hidden, not absentHow well it executes
Built from 52 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 120 fills over 0.56 daysTiming indicates rules automated management, confidence 16%.
- · Observed for under a day, so the overnight signal is not yet available.
- · 214.2 fills per day, beyond sustained manual trading.
Overnight activity not yet measurable
Hour-of-day evenness 33%
Cadence regularity 0%
Clock alignment 50%
Fills per day 214.2
Instruments 6
Timing only. This says nothing about whether the strategy is any good, a losing bot is still a bot.
Current exposure
6 positions · $167.1k gross · 1.9x the vault's capitalHow the capacity estimate was reached
- No instrument showed a positive edge against its realised cost.
| Instrument | Edge | Taker | Median trade | Limit |
|---|---|---|---|---|
| PUMP | -2.8bps | 72% | $479.00 | No positive edge observed, capacity is not the binding constraint here. |
| ENA | -2.8bps | 39% | $881.00 | No positive edge observed, capacity is not the binding constraint here. |
| LIT | -4.5bps | 100% | $480.00 | No positive edge observed, capacity is not the binding constraint here. |
| AAVE | -1.6bps | 10% | $258.00 | No positive edge observed, capacity is not the binding constraint here. |
Who is in it
Money in and out
Ledger read 16 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 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.