Deposit flow
1
Approve USDC
Approve the USDC transfer from your wallet.
2
Shares minted at NAV
The contract converts your USDC to vault shares at the current NAV. Shares are minted to your wallet.
3
Capital routed
USDC is routed via the multi-sig operator wallet to the manager’s Bybit sub-account.
4
Manager trades
Trading proceeds under the vault’s policy constraints. If the vault has open positions, dynamic rebalancing keeps everyone at the intended leverage.
Withdrawal flow
1
Submit request
A ~48h timelock begins (1h on devnet).
2
Lockup check
If the manager set a lockup period (up to 30 days), your initial deposit window must clear first.
3
Settlement
After timelock + lockup, the operator unwinds positions on Bybit (or sweeps free balance if it covers your request).
4
NAV & fee
NAV is recalculated from the oracle. The HWM-protected performance fee crystallizes against your per-LP cost basis.
5
Shares burned, USDC returned
Your shares are burned and USDC is transferred to your wallet. Remaining LPs are kept at unchanged leverage via rebalancing.
Configurable parameters
Set by the manager at vault creation, visible to you upfront: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:Performance fees & the HWM
How fees are calculated and why you’re never charged twice on the same gain.