Vaults · Planned for mainnet alpha

Vaults

Vaults let anyone deposit USDC into a trading strategy. Liquidity vaults make markets and earn a share of trading fees. Strategy vaults are run by individual traders. Vaults open at mainnet alpha.

Vaults in the app Risk limits

Vault types

Planned

FLP liquidity vaults

Functor Liquidity Provider (FLP) vaults are owned by their depositors. They quote on the order book, take over liquidations the book cannot absorb, and receive 30% of trading fees. There are two: FLP Core for the most liquid markets and FLP Frontier for newer markets. Losses in one do not affect the other.

Planned

Strategy vaults

Any trader can create a vault for others to deposit into. The vault leader must keep at least 5% of the vault's capital in it. Leaders earn a profit share only on new highs. Depositors can withdraw their share at any time after the lock-up.

Risk limits

Hyperliquid's HLP vault lost money in several market manipulation incidents in 2025 and 2026. As the backstop liquidator, a liquidity vault takes on positions that attackers can set up in advance. FLP vaults follow these rules, which are fixed before the first deposit.

Each vault has a limit on how much of any one market it can take over.
Open interest caps are set according to each market's depth, and open interest can only grow at a limited rate.
Traders cannot withdraw margin that a large profitable position needs.
Thin markets have price bands, so prices cannot spike within one block.
Each vault publishes its positions and limits.

Terms

Final values will be published before vaults open.

	FLP liquidity vaults	Strategy vaults
Managed by	The protocol	The vault leader
Source of returns	Market making, liquidations, 30% of trading fees	The leader's trading
Leader's minimum share	Not applicable	5%
Profit share	None	On new highs only
Lock-up after deposit	A few days	About one day
Share price	Vault equity divided by shares outstanding, computed onchain

Vaults are planned for mainnet alpha, targeted for Q2 2027. Vaults can lose money. Past returns do not guarantee future returns.