> ## 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.

# Dual-Track Unlock

> What opens at +15% and how LP capital lets you scale past the firm's balance sheet.

At **+15%** cumulative demo profit, a real-capital, LP-funded vault opens in parallel with your Tier 2 demo. This is where you scale past any firm balance-sheet ceiling.

## What opens

<Steps>
  <Step title="A vault PDA on Solana">
    Auto-created on-chain. Your execution rights are constrained by policy — you never hold custody of the capital.
  </Step>

  <Step title="Firm seed">
    HyroTrader seeds the vault with **10% of your starting demo size** — 2.5k for a 25k demo, 5k for 50k, 10k for 100k.
  </Step>

  <Step title="A new Bybit sub-account">
    Provisioned for real trading.
  </Step>

  <Step title="LP deposits open">
    LPs can deposit on top of the seed from minute one.
  </Step>
</Steps>

## The split

On the real-capital vault, the performance fee splits:

| Recipient        | Share |
| ---------------- | ----- |
| **You (trader)** | 80%   |
| LPs (carry)      | 15%   |
| Protocol         | 5%    |

The fee is **high-water-mark protected** with a **per-LP cost basis** — so an LP is never charged twice on the same gain, and each LP's fee is measured against their own entry NAV.

## Running both surfaces

<Columns cols={2}>
  <Card title="Demo (Tier 2)" icon="repeat">
    Steady, predictable USDC payouts at the 50% split. Simulated balance, real payouts from the fee pool.
  </Card>

  <Card title="Real-capital vault" icon="vault">
    Real-money A-book trading on Bybit, scaling with LP deposits, at the 80% split. HWM-protected, programmatically-enforced drawdown.
  </Card>
</Columns>

<Note>
  There is no "graduation event." You don't lose the demo — you gain an additional LP-funded capital layer. Scaling is by performance.
</Note>

## What LPs see

When your vault opens, LPs can evaluate it before depositing. These metrics are always public and cannot be hidden:

* NAV (updated \~every 60 seconds), total AUM, drawdown
* Realized returns and payouts
* Performance fee rate
* Your skin-in-the-game stake

Your **live positions** can be public, aggregate-only, or time-delayed — your choice — to protect strategy from copy-trading bots. [Visibility modes →](/lps/visibility-privacy)

<Card title="How payouts settle" icon="banknote" href="/traders/payouts" horizontal>
  On-chain payout mechanics and how to verify them.
</Card>