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Pulse@Evo-α
Blikely#229 of 249Feel the pulse of the market's emergence. 感受市场涌现的脉动. by Vince Li
The advertised rate has been moving
Over 19 daily readings it has ranged from 23.55% to 109.65%, averaging 64.29%. 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.
Taking money
Open
TVL
$154.8k
Return
-13.5%
over its watched history, read on 109 of 378 days, thin enough that the figure is an estimate between readings
The venue advertises
39.9%
the share price implies 48.1% over 27 days, from 43 readings
Its depositors kept
Value and drawdown
This chart shows the last 30 days of a 380 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
- 39.9%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
- 48.1%over 27 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
- $139.2k90% 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.
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$139.2kWhat 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 1 of 40. 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.
- Who runs it, and what else have they run?MeasuredPulse@EvoA named operator with a record across every vault they run, including the ones that closed.
- What does it depend on?
Passport
Identity
Vault contract
0x22a60014…1e4e
NetworkHyperliquid
Platform
Hyperliquid
OperatorPulse@Evo0x12b37ace…bdf7
Deposit assetUSDC
Where the return came from
Costs consumed 8% of gross profitGross realised$11.2k
Trading fees−$404.38
Funding paid−$448.55
Net realised$10.4k
Unrealised$1.7k
Total$12.0k
That is 7.78% 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.
Paid to trade. Earned by trading, after paying $451 of funding to hold the position.
Computed from 3,386 fills over the 31d 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 27503 snapshot intervals over 31 days. 1342 of 28845 intervals were not attributable, a position closed and reopened, or a snapshot was missed, so this is a floor.
Analyst tier
Detail is hidden, not absentHow well it executes
Built from 5,283 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 3,000 fills over 20.32 daysTiming indicates rules automated management, confidence 100%.
- · 147.6 fills per day, beyond sustained manual trading.
- · A large share of fills land on minute boundaries.
- · 58 instruments traded concurrently.
Overnight activity 21%
Hour-of-day evenness 77%
Cadence regularity 0%
Clock alignment 68%
Fills per day 147.6
Instruments 58
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: had 2 positions settled when the market ended. Most recently 2026-06-29, in IP, TON.
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
CASHCAT falls 17.4% to 0.1022, from 0.12376 now.
Leverage 8.3× weighted by size, 10× on the most levered leg, a liquidation starts at the second number, not the first.
The closest liquidation is 17% away at the venue's own reported price. Weighted leverage is 8.3×. 8 of 21 positions carry no liquidation price, so the nearest is the nearest we can see.
Current exposure
55 positions · $103.0k gross · 0.7x the vault's capital| Instrument | Side | Notional |
|---|
How the capacity estimate was reached
- 24 of 45 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.
- 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 |
|---|---|---|---|---|
| ETH | 143.7bps | 100% | $201.00 | Edge 143.7bps against 9.5bps of realised cost. |
| NEAR | 539.3bps | 100% | $190.00 | Edge 539.3bps against 9.5bps of realised cost. |
| BTC | 76.6bps | 100% | $281.00 | Edge 76.6bps against 9.5bps of realised cost. |
| LIT | 649.3bps | 100% | $159.00 | Edge 649.3bps against 9.5bps of realised cost. |
| ZEC |
Who is in it
Money in and out
Ledger read 2 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 changed the value
26 days decomposedThe 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.
| Money in and outdeposits less withdrawals, and arriving is not earning | $31,438 |
| Closed tradesrealised on the fills the venue reports | $8,969 |
| Feespaid to the venue on those fills | −$362 |
| Fundingpaid or received for holding the positions, from the venue's own ledger | −$518 |
| Open positions movedchange in unrealised profit on what was still open | −$5,454 |
| Not explainedwhat the terms above do not account for, 0.1% of the $34,005 that moved | $24 |
| Change in value$113,657 to $155,624, 2026-09-08 to 2026-10-06 | $41,967 |
Performance, which is the change less what arrived and left, is $10,529 over days and fills.
The shape of the record
206 completed round tripsRebuilt from the venue’s own open and close labels on every fill. A return figure cannot say whether it came from being right often and small or rarely and large, and those are opposite businesses.
Win rate
50%
Payoff
4.14
Profit factor
4.06
Median hold
3.0d
206 round trips, 50% of them profitable, holding a median 3.0 days. Average win $237, average loss $57.
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.