Investing in Vaults
Vaults let you invest in managed trading strategies. A vault is run by a trader (the vault leader) who trades on behalf of all depositors. You share in the vault's performance proportional to your deposit.
How Vaults Work
- A vault leader creates a vault with a defined strategy and fee structure
- Investors deposit USDC into the vault
- The vault leader trades using the pooled funds
- Profits and losses are distributed proportionally based on each investor's share
- Investors can withdraw their shares at any time (processed weekly)
Diagram showing investors depositing into a vault managed by a vault leader.
Key Concepts
Shares
When you deposit into a vault, you receive shares proportional to your deposit. Shares represent your ownership percentage of the vault's total value.
Price Per Share = Total Vault Value / Total Shares Outstanding
As the vault's value grows through profitable trading, the price per share increases, meaning your shares are worth more.
Total Value Locked (TVL)
The total amount of capital deposited across all investors in the vault.
Vault Fee
A performance fee charged by the vault leader, displayed as a percentage. This fee is taken from the vault's profits.
Leader Margin
The maintenance requirement that the vault leader must maintain, shown as a percentage. This ensures the leader has skin in the game.
Browsing Vaults
Navigate to the Vaults page from the main navigation to see all available vaults.
Screenshot of the Vaults listing page showing TVL and vault table.
The vaults table shows:
| Column | What It Means |
|---|---|
| Vault Name | The name of the vault |
| TVL | Total Value Locked - how much capital is in the vault |
| Performance | Vault's profit/loss metrics |
| Status | Active, Inactive, or Closed |
| Your Deposit | How much you've invested (if any) |
Click on any vault to view its detailed page.
Vault Detail Page
The vault detail page shows comprehensive information:
Vault Stats
| Metric | Meaning |
|---|---|
| Total Value Locked | Total capital in the vault |
| Balance (USDC) | Current USDC balance |
| Total PnL | Overall profit/loss since inception |
| Unrealized PnL | P&L from positions still open |
| Realized PnL | P&L from closed positions |
| Total Trades | Number of trades executed |
| Fee | Performance fee percentage |
| Leader Margin | Leader's maintenance requirement |
Your Stats (When Invested)
| Metric | Meaning |
|---|---|
| Your Deposits | Total amount you've deposited |
| Your Withdrawals | Total amount you've withdrawn |
| Your Asset Value | Current value of your shares |
| Your Total PnL | Your personal profit/loss |
| Your Unrealized PnL | Your P&L from open positions |
| Your Realized PnL | Your P&L from closed positions |
Values update hourly. A notice at the top of the stats card indicates this.
Screenshot of the VaultStatsCard showing vault and user tabs.
Depositing into a Vault
Prerequisites
- You must have funds in your Vault Wallet (transfer from Main Wallet if needed)
- Minimum deposit: 100 USDC
Steps
Navigate to the Vault
Navigate to the vault's detail page.
Click Deposit
Click Deposit to open the deposit modal.
Enter Amount
Enter the amount you want to deposit (minimum 100 USDC).
Screenshot of the DepositVaultModal.
Confirm
Click Confirm to submit your deposit request.
All vault deposits are processed once per week. Your deposit will appear as a pending request until the next weekly processing cycle.
After Depositing
- Your deposit appears in the Open Requests tab as "Pending"
- During the weekly processing, the deposit is converted to vault shares
- Once processed, you'll see your shares in the Positions tab
- You can cancel a pending deposit request before it's processed
Withdrawing from a Vault
Withdrawals are made by shares, not by dollar amount.
Navigate to the Vault
Navigate to the vault's detail page.
Click Withdraw
Click Withdraw to open the withdrawal modal.
Enter Shares
Enter the number of shares you want to withdraw.
Screenshot of the WithdrawVaultModal.
Confirm
Click Confirm to submit your withdrawal request.
All vault withdrawals are processed once per week, just like deposits. Your withdrawal request will be pending until the next processing cycle.
After Withdrawing
- Your withdrawal appears in the Open Requests tab as "Pending"
- During weekly processing, your shares are converted to USDC at the current share price
- The USDC is credited to your Vault Wallet
- From there, you can transfer to your Main Wallet and withdraw to the blockchain
Tracking Your Vault Investments
Vault Detail Page
On any vault's detail page, you can monitor the vault's trading activity through these tabs:
| Tab | What It Shows |
|---|---|
| Balance | The vault's current wallet balances |
| Positions | The vault's open trading positions |
| Open Orders | The vault leader's open orders |
| Order History | All orders placed by the vault leader |
| Trade History | All executed trades within the vault |
| Settlement History | Settled contracts and final outcomes |
Your personal vault investment details (shares held, deposits, withdrawals, P&L) are shown in the Your Stats section of the vault stats card.
My Vaults Page (For Vault Leaders)
The My Vaults page is for users who want to create and manage their own vaults. This is not where investors track their deposits.
From this page, vault leaders can:
- Create a new vault for other users to invest in
- View and manage their existing vaults
Screenshot of the My Vaults page.
Calculating Your Returns
The platform tracks three types of PnL for your vault investment:
| PnL Type | What It Means |
|---|---|
| Unrealized PnL | Gain or loss on shares you still hold, based on the current share price |
| Realized PnL | Gain or loss on shares you've already withdrawn |
| Total PnL | Unrealized + Realized combined |
Unrealized PnL
Your unrealized PnL reflects what you would gain or lose if you withdrew all your remaining shares at the current price:
Current Position Value = Your Shares x Current Price Per Share
Unrealized PnL = Current Position Value - Cost of Remaining Shares
This value updates hourly as the vault's share price changes.
Realized PnL
When you withdraw shares, the gain or loss on that withdrawal is locked in as realized PnL:
Withdrawal Proceeds = Shares Withdrawn x Share Price at Settlement - Leader Fees
Realized PnL = Withdrawal Proceeds - Cost Attributed to Those Shares
The vault leader's performance fee is calculated with respect to the number of shares withdrawn and not on the total value. [Fee % x Qty Withdrawn]
How Shares Work Across Multiple Deposits
When you deposit multiple times at different share prices, all your shares are pooled together. The platform tracks your cumulative totals (total deposited, total withdrawn, total fees paid) rather than the cost basis of each individual deposit.
Example with multiple deposits and a partial withdrawal:
- Week 1: You deposit $1,000 when shares are priced at $1.00. You receive 1,000 shares.
- Week 2: You deposit another $1,000 when shares are priced at $1.50. You receive ~666.67 shares. You now hold 1,666.67 shares with $2,000 total deposited.
- Week 3: You withdraw 1,000 shares. At settlement, shares are priced at $1.60. You receive 1,000 x $1.60 = $1,600 (minus the vault leader's performance fee).
After the withdrawal settles:
- Realized PnL: Captured from the 1,000 shares you withdrew
- Unrealized PnL: 666.67 remaining shares x $1.60 = $1,066.67, compared against what you effectively have left invested
- Total PnL: Realized + Unrealized combined
Withdrawal Settlement
When you withdraw shares, the amount you receive is based on the current share price at the time of weekly settlement, not the price at which you originally deposited:
Withdrawal Amount = Shares Withdrawn x Share Price at Settlement - Vault Leader Fee
Important Considerations
- Weekly processing: Deposits and withdrawals are only processed once a week. Plan ahead.
- No instant access: Unlike trading, you can't instantly withdraw vault investments.
- Performance varies: Past performance doesn't guarantee future results. Vault leaders trade at their discretion.
- Fees apply: The vault leader charges a performance fee on profits.
- Cancellable: You can cancel pending requests before weekly processing occurs.