FLP vaults
Community-owned protocol liquidity, like Hyperliquid's HLP, split by risk: a bad day for one vault never touches the other. Deposit USDC, own a share of what the vault earns and loses. 4-day lock-up after each deposit. Shares are exact: rounding always goes against the person acting.
Your perps USDC—
In vaults—
| Vault | Equity | Share price | Since genesis | Depositors | Community-owned | Lock-up | Your deposit |
|---|---|---|---|---|---|---|---|
| Loading from the test node… | |||||||
—share price, 1-minute candles
Your value—
Unlocks—
Available—
Strategy
—
—
Vault positions
| Coin | Size | Value | Mark | Unrealised PnL |
|---|
The rules, as the chain applies them
Equity E = the vault account's value at the mark price. With S shares outstanding:
- Deposit d: you get ⌊d·S / E⌋ shares; the remainder stays with the vault.
- Withdraw a: ⌈a·S / E⌉ of your shares are burned; you receive a. Withdrawing more than you hold withdraws everything: ⌊s·E / S⌋.
- Lock-up: 4 days after your most recent deposit (Hyperliquid's HLP rule).
- Paused while any account is under water, so nobody can leave just before the vault absorbs a loss.
- If the vault's free margin can't pay you, it cancels its orders, then closes 20% of every position through the book, up to five times (Hyperliquid's rule). If that still isn't enough, nothing happens and you're told why.
Design and tests: docs/chain/08-flp-vaults.md, chain/crates/functor-core/tests/vault*.rs.