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vaults

A collection of 46 issues

Two leaderboards — part 3: 'for whom?' — investor profiles and the Fit score

The native leaderboard sorts one way for everyone — a retiree and a degenerate see the same ranking. But there's no universal best vault, only the right fit. That's the idea our board is built around.

Two leaderboards — part 2: the honesty flags the native board doesn't show

The native leaderboard prints every number at face value. The single biggest thing our board does is refuse to. Dormant vaults, tiny-base artifacts, funded illusions — the flags that separate a real number from a mirage.

Two leaderboards, two philosophies: Hyperliquid's vs. Altcopy's

Hyperliquid has a vaults leaderboard. We built a second one on top of it. They look alike and do opposite things — one mirrors the venue, the other curates it. A series on the difference, dimension by dimension.

The vault market is still green — and tracking it is the proof

Hyperliquid shows your stake inside each vault — but there's no native panel that aggregates all your vault deposits into one view. That tracking gap is a sign of how young the market is. Here's an honest map of the third-party trackers that help today, and how to use them safely.

Free accounts, manufactured stars: how CEX copy trading got toxic — and the $10,000 filter

On a CEX, accounts are free — so a bad actor can spin up 50, gamble, and promote the lucky survivor as a “star.” Unauditable metrics and misaligned incentives do the rest. Here's the toxic engine in detail, and why Hyperliquid's $10,000 vault fee quietly breaks it.

You enter the trades, or you inherit the portfolio — why a vault isn't a quick flip

Copy trading lets you enter trades near the leader's entry points. A vault drops you into a portfolio already in motion — positions mid-flight, maybe past their best. That's why you shouldn't flip a vault: hold long enough to capture a representative slice of the strategy, not a random snapshot.

DEX by DEX, part 5 — Aevo: the options vault, a different animal

Aevo's vaults aren't about following a trader or being the perp house — they sell options to earn premium. That's a third category, and it comes with a hidden shape: short convexity. Smooth income, until it isn't.

DEX by DEX, part 4 — Jupiter's JLP: the biggest house pool of all

Jupiter is Solana's giant, and its JLP pool is the largest 'be the house' vault in DeFi — ~$1.3B earning 75% of trading fees. Big, battle-tested, and still the opposite of following a trader. With the delta-neutral wrinkle explained.

DEX by DEX, part 3 — dYdX MegaVault: the former leader's answer

dYdX once led decentralized perps. Its vault product, MegaVault, is a pooled, market-maker-driven yield engine — closer to Hyperliquid's HLP than to a follow-a-trader vault. Here's how it stacks up.

DEX by DEX, part 2 — GMX & Gains: when a vault means becoming the house

On GMX and Gains Network, putting money in a vault doesn't mean following a trader — it means becoming the casino. Here's how the house model works, the risk inversion nobody warns you about, and how it compares to Hyperliquid's HLP.