Deposit flow
Shares minted at NAV
The contract converts your USDC to vault shares at the current NAV. Shares are minted to your wallet.
Withdrawal flow
Lockup check
If the manager set a lockup period (up to 30 days), your initial deposit window must clear first.
Settlement
After timelock + lockup, the operator unwinds positions on Bybit (or sweeps free balance if it covers your request).
NAV & fee
NAV is recalculated from the oracle. The HWM-protected performance fee crystallizes against your per-LP cost basis.
Configurable parameters
Set by the manager at vault creation, visible to you upfront:| Parameter | Default | Up to |
|---|---|---|
| Min LP deposit | $100 | $50,000 |
| Lockup period | None | 30 days |
| Cooldown before withdrawal | Optional 7 days | Configurable |
| Weekly redemption cap | 20% of AUM | Configurable |
| Early-exit penalty (during lockup) | 2% to insurance fund | 0% = no early exit allowed |
Withdrawal queue mechanics
- FIFO — requests are processed in the order received.
- Weekly cap — if total requests in a 7-day window exceed 20% of AUM, the excess rolls to the following week.
- Early exit during lockup — exit with a 2% penalty (to the insurance fund) instead of waiting.
- Failsafe — if an unwind fails (illiquid market), the vault enters managed-wind-down mode, the admin is alerted, and withdrawals queue until resolved.
Why position sizes rebalance
When capital enters or exits, position sizes must scale proportionally so existing LPs aren’t exposed to changed leverage. Positions rebalance atomically with capital changes. The manager picks the mode at vault creation:| Mode | Behavior | Best for |
|---|---|---|
| Auto-immediate (default) | Rebalance instantly on every entry/exit | Tight risk control, short-horizon |
| Scheduled 4h | Aggregate and rebalance every 4 hours | Swing strategies |
| Scheduled 24h | Rebalance daily | Long-horizon, low-frequency |
Performance fees & the HWM
How fees are calculated and why you’re never charged twice on the same gain.