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Relative Value Strategies
B#82 of 100A discretionary relative-value vault seeking to monetize spread dislocations caused by forced flows or temporary decoupling, with all trades manually executed after rigorous review.
This vault advertised a rate and no longer does
It quoted 50.46% at its highest and was still quoting on 2026-10-09. 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 21 daily readings of the venue’s own advertised rate, which we began taking on 2026-09-19. It says the rate moved, not why.
Taking money
Open
TVL
$5.5k
Return
-44.8%
over its watched history, read on 78 of 233 days, thin enough that the figure is an estimate between readings
The venue advertises
-2.2%
the share price implies -264.0% over 26 days, from 24 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 233 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
- -2.2%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
- -264.0%over 26 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 nowweakens it
- $0.00
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$0.00What 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?MeasuredRelative ValueA 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
0x131398cf…bd90
NetworkHyperliquid
Platform
Hyperliquid
OperatorRelative Value0x12821099…411b
Deposit assetUSDC
Analyst tier
Detail is hidden, not absentHow well it executes
Built from 296 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 31 fills over 29.36 daysTiming indicates discretionary management, confidence 44%.
- · No strong automation signature in the timing.
Overnight activity 0%
Hour-of-day evenness 38%
Cadence regularity 0%
Clock alignment 0%
Fills per day 1.1
Instruments 1
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
HYPE rises 35.9% to 113.985, from 83.892 now.
Leverage 2.0× weighted by size, a liquidation starts at the second number, not the first.
The closest liquidation is 36% away at the venue's own reported price. Weighted leverage is 2.0×.
Nearest liquidation
HYPE rises 35.9% to 113.985, from 83.892 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 08:02 UTC.
Current exposure
1 positions · $12.8k gross · 2.3x the vault's capital| Instrument | Side | Notional | Share | Entry | Unrealised |
|---|
How the capacity estimate was reached
- 3 of 4 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 |
|---|---|---|---|---|
| XMR | 57.9bps | 97% | $446.00 | Edge 57.9bps against 9.3bps of realised cost. |
| HYPE | -471.7bps | 100% | $483.00 | No positive edge observed, capacity is not the binding constraint here. |
| ETH | -42.8bps | 100% | $1.0k | No positive edge observed, capacity is not the binding constraint here. |
| BTC | -15.2bps | 100% | $100.00 | No positive edge observed, capacity is not the binding constraint here. |
Who is in it
Money in and out
Ledger read 32 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 inThe shape of the record
39 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
46%
Payoff
0.12
Profit factor
0.11
Median hold
10.8h
39 round trips, 46% of them profitable, holding a median 10.8 hours. Average win $26, average loss $214.
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.