FAQ

General

What is NAV?

NAV (Net Asset Value) is net asset value per vault token.

NAV = Total Assets / Token Supply

Total assets include EVM USDC, L1 spot balance, and L1 perp account value.

Why is my buy price higher than NAV?

Bonding curves charge a premium as demand increases. The price is bounded between 0.5x and 2.0x NAV.

How do I estimate returns?

Returns = (Sell NAV - Buy NAV) × Token Amount - Performance Fee - Exit Fee

Trading

Why did my sell become a pending sell?

If available liquidity (EVM USDC + L1 spot) is insufficient, the vault creates a pending sell. After liquidity returns, call claimPendingSell().

Can the leader withdraw my funds?

Leaders can use funds for L1 perpetual trading. They cannot withdraw to their own wallet.

How are fees charged?

• Trading fee (1%): deducted on buy, stays in vault.

• Performance fee (max 30%): charged on profits when selling, minted to leader.

• Exit fee (0–15%): charged on sell, stays in vault or sent to recipient.

Security

Can contracts be upgraded? Who can upgrade?

Contracts use UUPS proxies. Only the factory owner (protocol admin) can upgrade. Leaders cannot upgrade vaults.

What if the leader acts maliciously?

1. Trades are on-chain and transparent.

2. NAV updates with P&L in real time.

3. Leaders cannot withdraw funds.

4. You can sell any time (may become pending sell).

Where are funds stored?

Funds can sit in:

1. EVM vault contract (USDC).

2. Hyperliquid L1 spot account.

3. Hyperliquid L1 perp account.