> ## 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.

# Key Parameters

> Every decided parameter in one place. Encoded in smart contracts.

<Info>
  Parameters are encoded in smart contracts. The rule version applied to your challenge is recorded on-chain at purchase and cannot change mid-evaluation.
</Info>

## Challenge & evaluation

| Parameter                | Value                                         |
| ------------------------ | --------------------------------------------- |
| Account sizes            | 25k / 50k / 100k (simulated USDC)             |
| Structure                | One-step (10% target) or two-step (10% / 15%) |
| Daily drawdown           | 4%                                            |
| Max loss                 | 6% (static, equity-based)                     |
| Profit target            | 10%                                           |
| Minimum trading days     | 5                                             |
| Profit concentration cap | 40%                                           |

## Funded demo

| Parameter                  | Value                                      |
| -------------------------- | ------------------------------------------ |
| Tier 1 split (0 → +15%)    | 80% trader / 20% firm                      |
| Tier 2 unlock threshold    | +15% cumulative profit                     |
| Tier 2 split (+15% onward) | 50% trader / 50% firm (incremental)        |
| Demo size scaling (Tier 2) | +25% every 60 days, capped at 2× starting  |
| Vault opening trigger      | Automatic at +15%, parallel to demo Tier 2 |
| Real-vault firm seed       | 10% of starting demo size                  |

## Vault economics

<Tabs>
  <Tab title="Challenge Vault (fixed)">
    | Parameter       | Value                                       |
    | --------------- | ------------------------------------------- |
    | Performance fee | 20% fixed, HWM-protected, per-LP cost basis |
    | Fee split       | 80% trader / 15% LPs / 5% protocol          |
    | LPs keep        | Residual 80% of total profit                |
  </Tab>

  <Tab title="Direct Vault (configurable)">
    | Parameter              | Value                                                 |
    | ---------------------- | ----------------------------------------------------- |
    | Performance fee        | 10–30% (manager picks at creation)                    |
    | Fee split              | 90% manager / 5% protocol / 5% insurance              |
    | Manager stake          | 5% of expected TVL, locked 3 months, visible on-chain |
    | Min track record       | 6 months continuous, verifiable                       |
    | Min realized PnL       | \$50,000+                                             |
    | Max DD in track record | 15% trailing 6 months                                 |
    | Initial TVL cap        | $50K – $250K by track-record strength                 |
  </Tab>
</Tabs>

## LP-side configurables

Set by the manager at vault creation.

| Parameter                          | Default                       | Manager can set 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    |
| Withdrawal delay (post-lockup)     | \~48h timelock (1h on devnet) | —                     |

## Risk & access controls

| Parameter                        | Value                                                   |
| -------------------------------- | ------------------------------------------------------- |
| Manager-set max DD shutdown      | 5% – 20% (default 8%)                                   |
| Manager-set max leverage         | 1× – 20× (default 10×)                                  |
| Visibility — Challenge Vault     | Public (default)                                        |
| Visibility — Direct Vault        | Aggregate-only (default)                                |
| Visibility — time-delayed option | 7-day delay before positions revealed                   |
| Access mode — Direct Vault       | Public (default) · Private link · Whitelist             |
| Rebalancing mode                 | Auto-immediate (default) · Scheduled 4h · Scheduled 24h |

## Oracle & treasury

| Parameter                      | Value                                                  |
| ------------------------------ | ------------------------------------------------------ |
| Oracle update cadence          | \~60 seconds during active hours                       |
| NAV divergence pause threshold | 2%                                                     |
| API downtime pause threshold   | 5 minutes                                              |
| Treasury structure             | Fee vault + payout vault, Squads 3/5 multisig          |
| Fee crystallization            | Realized events only: LP withdrawal + monthly snapshot |
| Management fee at launch       | 0% — perf fee is the only monetization model           |