> ## Documentation Index
> Fetch the complete documentation index at: https://docs.hyro.network/llms.txt
> Use this file to discover all available pages before exploring further.

# Direct Vault Overview

> LP capital on your terms, for verified managers with a track record. No challenge required.

A Direct Vault lets verified managers raise LP capital against an existing track record — no challenge, no evaluation. Your proven performance is the qualification.

<Info>
  Direct Vault applications open to external managers in **Phase 2 (Q1 2027)**. At launch, Direct Vaults are limited to hand-selected HyroTrader graduates.
</Info>

## Who it's for

<CardGroup cols={2}>
  <Card title="Individual professional traders" icon="user">
    Personal track record, personal stake, personal KYC.
  </Card>

  <Card title="Funds, partnerships, RIAs" icon="landmark">
    The entity is the vault manager; named principals are attested.
  </Card>

  <Card title="Algorithmic trading desks" icon="microchip">
    Strategy disclosed at a high level; optional code review for senior tiers.
  </Card>

  <Card title="Market makers" icon="arrow-left-right">
    Vault used to underwrite MM inventory, with a transparency commitment.
  </Card>
</CardGroup>

## Why a Direct Vault

<CardGroup cols={2}>
  <Card title="LP capital on your terms" icon="sliders-horizontal">
    You set the performance fee (10–30%), lockup, min deposit, visibility, and access rules at creation.
  </Card>

  <Card title="Multi-venue" icon="network">
    Not locked to a single platform. Bybit today; more CEXes and on-chain DEXes as integration completes.
  </Card>

  <Card title="Position privacy" icon="eye-off">
    Aggregate-only mode is the default — your live position book stays hidden from copy-trading bots.
  </Card>

  <Card title="On-chain track record" icon="link">
    Your performance is verifiable per LP cost basis, building a portable, provable history.
  </Card>
</CardGroup>

## Direct Vault vs Challenge Vault

|                    | Challenge Vault                    | Direct Vault                             |
| ------------------ | ---------------------------------- | ---------------------------------------- |
| Who                | Traders without a track record     | Verified managers with one               |
| Entry              | Pay a fee, pass evaluation         | Apply with track record, no fee          |
| Economics          | Fixed 20% perf fee                 | Configurable 10–30%                      |
| Fee split          | 80% trader / 15% LPs / 5% protocol | 90% manager / 5% protocol / 5% insurance |
| Visibility default | Public                             | Aggregate-only                           |
| Available          | Q4 2026                            | Q1 2027 (external)                       |

<CardGroup cols={2}>
  <Card title="Eligibility & Application" icon="clipboard-check" href="/managers/eligibility-application">
    Criteria, the 5-step process, and what's required by applicant type.
  </Card>

  <Card title="Vault Configuration" icon="settings" href="/managers/vault-configuration">
    Every parameter you control at vault creation.
  </Card>
</CardGroup>