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Learn — On-Chain Vaults

Understand what a Vault is, what each metric means, and how to evaluate a strategy before you invest.

What is a Hyperliquid Vault?

A Vault is an on-chain fund contract on Hyperliquid. A manager pools investors' capital and trades it with a defined strategy — market making, liquidity provision, grid trading, arbitrage, delta-neutral, liquidations, and more.

You deposit to join the pool, and profits or losses are shared among all depositors. You can withdraw according to the vault's rules. Unlike copy-trading (which mirrors a trader's positions), a Vault is a managed capital pool you invest in.

This module covers Hyperliquid's native on-chain Vaults — real contracts with official data — not third-party copy-trading leaders.

Getting Started in 3 Steps

1
Discover

Use filters like Min History, Min TVL and Status to find vaults with enough track record. Start with active vaults that have 90–365+ days of history.

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2
Evaluate

Open a vault and read the Key Facts, Performance, Risk Analysis and Manager Profile. Don't judge on a single 30D number — check drawdown, Sharpe and consistency.

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3
Invest & Track

Connect your wallet, deposit, and follow your positions under My Vaults. Equity is read live from the official API.

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Key Metrics Explained

Returns
TVL (Total Value Locked)
Total USD value deposited in the vault. The size of the pool, not your personal return.
Equity
A vault's current net value, marked to market. 'TVL (equity)' is the vault's total equity, i.e. the pool size.
ROI / 30D · 90D · 365D Return
Return over that window, computed from the vault's official account-value history. Positive is green, negative is red.
APY vs historical return
APY is an annualized projection (often marketing). We never mix it with actual historical returns — we show realized history only, and mark anything unverifiable as N/A.
Mark-to-market
Value is priced at current market, not a frozen number. Equity history reflects real market moves over time.
Risk
Max Drawdown
The largest peak-to-trough drop in equity. A 71% drawdown means the vault lost up to 71% from a high — a key risk signal.
Sharpe Ratio
Return per unit of volatility. Higher = better risk-adjusted return. A Sharpe under ~0.5–1.0 is considered weak for a vault.
Volatility
How much returns swing. Higher volatility = more unpredictable, even if average return looks fine.
Risk Level
A heuristic we derive from drawdown and Sharpe (not a rating). High = deep drawdown or low Sharpe; Moderate = some warning signs; Low = relatively stable.
Consistency
The share of non-negative return periods across 7D/30D/90D/365D/All-time (needs ≥2 valid periods). 1.0 = positive in every measured window. We rank 'Most Consistent' by this.
Capital, Fees & Flow
Deposits Open / Allow Deposits
Whether the vault currently accepts new deposits. 'Closed' usually means you can't join (or can't withdraw without closing your position).
Lock-up
How long your deposit is tied up before you can withdraw. Hyperliquid often locks per-position; not every vault is instant-access.
Leader Commission / Leader Fraction
The manager's performance share taken from profits. Shown transparently in Key Facts.
Followers
Investors currently in the vault. More isn't automatically better — check concentration and history.
History
The verifiable length of the vault's track record (in days). We never inflate a short-lived vault into a long track record.
Net Flow / Daily Flow
Real deposits minus withdrawals. Hyperliquid does not expose per-event flow publicly, so when unavailable we mark it Not Available rather than estimate it.

Frequently Asked Questions

What is a Hyperliquid Vault?+

A Hyperliquid Vault is an on-chain fund contract. A manager (or team) pools investors' capital and trades it with a defined strategy — market making, liquidity provision, grid, arbitrage, delta-neutral, liquidations, etc. You deposit to join, and profits or losses are shared among depositors. It is different from copy-trading: copy-trading mirrors a trader's positions, while a Vault is a managed capital pool you invest in.

Where does my money go? Is it safe?+

Deposits go into the vault's on-chain contract on Hyperliquid. Your equity is read live from the official userVaultEquities API. Safety depends on the vault's strategy and the manager — crypto vaults can and do lose money. We show real risk metrics (drawdown, volatility, Sharpe) and clearly mark anything unverifiable as Not Available; we never claim a vault is 'safe' or guaranteed.

How much can I earn? What's the difference between APY and the returns you show?+

We only show realized historical returns (30D/90D/365D/All-time) computed from official account-value history. We do not show APY or projected yields, because those are forward-looking estimates and can be misleading. Past performance does not guarantee future results.

Why are some fields N/A or 'Not Available'?+

Because Hyperliquid's public API does not expose every field — for example performance fees, redemption fees, or per-event flow data. We mark those as Not Available rather than fabricate or estimate them. This is deliberate: we'd rather show nothing than show invented numbers.

How should a beginner pick a first Vault?+

Prefer active vaults with 90–365+ days of history and real metrics. Look at Max Drawdown (the deeper, the riskier) and Consistency (how often it was positive). Avoid judging on a single 30D spike. Start small, diversify, and understand the lock-up before depositing.

Can I trust the manager?+

You can verify the manager's on-chain address, how many vaults they run, their assets under management and their historical risk record. But on-chain activity is not the same as trustworthiness — always treat a Vault as a risky investment and never invest money you can't afford to lose.

Are there fees and lock-ups?+

Key Facts shows the manager's commission (Leader Commission / Leader Fraction) and redemption terms that Hyperliquid does expose. Where Hyperliquid doesn't expose a fee (performance fee, redemption fee), it is shown as Not Available. Lock-up varies by vault — some are per-position, so not everything is instant-access.

Why shouldn't I just sort by highest 30D return?+

A high 30D return is often a single lucky spike. More reliable signals are consistency (positive across many windows), moderate drawdown, and a long enough history. That's why we also offer 'Most Consistent Performance' ranking.

Is this financial advice?+

No. CMI provides independent data and research tools, not investment advice. All data is sourced from official Hyperliquid APIs and we disclose how every metric is computed. Please do your own research and consult a professional before investing.

Crypto Vaults are high-risk. Past performance does not guarantee future results. Data sourced from Hyperliquid official APIs; unavailable fields are shown as Not Available, never fabricated.