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The advertised rate has been moving
Over 17 daily readings it has ranged from 382.75% to 1,217.82%, averaging 912.00%. The tile below shows today’s quote alone.
17 readings is 17 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.
Topiary Capital
BOne 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 100% 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 2026-10-05 03:25 UTC. A pattern that stops is cleared rather than left standing.
Taking money
—
TVL
$10.2k
Return
-29.4%
over its watched history
The venue advertises
299.6%
the share price implies -484.7% over 22 days, from 437 readings. No verdict is drawn: one of the two is beyond planning around
Its depositors kept
Value and drawdown
Range
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
- 300%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
- -484.7% over 22 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
- 437 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.
Range
Solid: what the vault holds. The money put in is NOT drawn for this vault: our readings of its profit mix profit since inception with profit on the day, so value minus profit is not one quantity here. The venue publishes both under one name and we have not yet re-read this vault.
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
0x83a2ae5f…3358
NetworkHyperliquid
Platform
Hyperliquid
OperatorTopiary Capital0xa3190e66…1e2b
Deposit assetUSDC
Created on-chain2026-03-16
Where the return came from
Costs consumed 19% of gross profitGross realised$1.2k
Trading fees−$44.76
Funding paid−$188.93
Net realised$968.55
Unrealised$751.80
Total$1.7k
That is 16.85% 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 $189 of funding to hold the position.
Computed from 120 fills over the 14d 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 1132 snapshot intervals over 14 days. 14 of 1146 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 274 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 274 fills over 38.75 daysTiming indicates discretionary management, confidence 73%.
- · No strong automation signature in the timing.
Overnight activity 0%
Hour-of-day evenness 71%
Cadence regularity 0%
Clock alignment 27%
Fills per day 7.1
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
BTC falls 45.4% to 46,230.77, from 84,600 now.
Leverage 9.2× weighted by size, 10× on the most levered leg, a liquidation starts at the second number, not the first.
The closest liquidation is 45% away at the venue's own reported price. Weighted leverage is 9.2×. 3 of 4 positions carry no liquidation price, so the nearest is the nearest we can see.
Nearest liquidation
BTC falls 42.5% to 48,624, from 84,600 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 2026-10-03 11:57 UTC.
Current exposure
4 positions · $33.0k gross · 3.2x the vault's capital| Instrument | Side | Notional | Share | Entry |
|---|
How the capacity estimate was reached
- 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 |
|---|---|---|---|---|
| VVV | 516.1bps | 8% | $337.00 | Limited by market share: 10% of 10M daily volume across 4 trades a day. |
| BTC | 34.9bps | 60% | $1.5k | Edge 34.9bps against 5.5bps of realised cost. |
| LIT | 38.6bps | 31% | $201.00 | Edge 38.6bps against 4.5bps of realised cost. |
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
13 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 | $0 |
| Closed tradesrealised on the fills the venue reports | $987 |
| Feespaid to the venue on those fills | −$33 |
| Fundingpaid or received for holding the positions, from the venue's own ledger | −$190 |
| Open positions movedchange in unrealised profit on what was still open | −$707 |
| Not explainedwhat the terms above do not account for, 0.0% of the $10,698 that moved | −$0 |
| Change in value$10,999 to $11,057, 2026-09-18 to 2026-10-01 | $57 |
Performance, which is the change less what arrived and left, is $57 over days and fills.
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.