================================================================================ HL VAULTS - ABOUT THE PRODUCT ================================================================================ THE LENS INTO HYPERLIQUID VAULTS Track the best-performing vaults and the investors leading them. Spy on the most profitable wallets and uncover the strategies behind smart money - before the crowd. -------------------------------------------------------------------------------- TABLE OF CONTENTS -------------------------------------------------------------------------------- 1. What Is HL Vaults? 2. What Is a Hyperliquid Vault? 3. Getting Started 4. Plans & Pricing 5. The Vault Grid 6. Screens & Filters 7. The Leaderboard 8. Portfolio 9. The Vault Detail Page 10. Alerts 11. Signals & Intelligence 12. Spark 13. SQL Analyzer 14. Wallet Connection & Privacy 15. Settings 16. Fees & Commissions 17. Performance Metrics (LP & DP Grades) 18. Vault Grid Column Reference 19. Leaderboard Column Reference 20. Risk Metrics Explained 21. Tags Reference 22. Glossary 23. Account & Billing 24. Frequently Asked Questions 25. Risk Disclaimer 26. Scam Warning 27. Terms of Service (Summary) 28. Privacy Policy (Summary) 29. Open Source Licenses ================================================================================ 1. WHAT IS HL VAULTS? ================================================================================ HL Vaults (hlvaults.com) is a browser-based analytics dashboard for Hyperliquid vaults. It pulls every vault on the network - positions and PnL, depositor activity, leverage shifts, commission fees - into a single, sortable, filterable grid. No installation is required. .-----------------------------------------. | HLVaults.com - BROWSER APP | | | | +------------------+ +--------------+ | | | VAULT GRID | | LEADERBOARD | | | | every vault, | | every wallet,| | | | 35+ metrics | | ranked by | | | | | | PnL & ROI | | | +------------------+ +--------------+ | | +------------------+ +--------------+ | | | PORTFOLIO | | SPARK AI | | | | your total PnL, | | ask anything | | | | bias, allocation | | in plain | | | | | | English | | | +------------------+ +--------------+ | | +------------------+ +--------------+ | | | ALERTS | | SQL ANALYZER | | | | notify me when | | query your | | | | conditions hit | | local data | | | +------------------+ +--------------+ | | | | Hyperliquid REST data -> local browser | '-----------------------------------------' KEY PRINCIPLES - Local-first analytics. Vault data is synced from Hyperliquid into your browser's local storage. Your notes, screens, settings, and AI provider configuration are stored locally on your machine, and analytics data is not stored on our servers. - Read-only analytics. HL Vaults does not custody, trade, or move your funds. All deposits, withdrawals, and trading happen directly on Hyperliquid through your own wallet. - Wallet optional. Browse vaults, analyze metrics, and track public wallets without ever connecting a wallet. - No account required. Open hlvaults.com and data syncs automatically. WHERE YOUR DATA GOES To be clear about what leaves your browser, please review the Privacy Policy on the site. In short: - Analytics data is stored locally in your browser and is not transmitted to our servers. - Wallet addresses you enter are sent to Hyperliquid's public API endpoints to fetch on-chain data. Public API providers may log requests under their own policies. - If you configure an AI provider (Spark or vault intelligence), the relevant vault data is sent to that provider under YOUR API key - not ours. - If you subscribe to a paid plan, your wallet address and subscription details are stored on our servers to manage billing (see Section 28). WHAT THE APP OFFERS AT A GLANCE Feature What it does -------------------- -------------------------------------------------------- Vault Grid Sortable, filterable table of every Hyperliquid vault Column Picker Show, hide, and reorder grid columns Screen Selector Save custom views (columns, filters, sorting) Search Find vaults by name or wallet address Filters Narrow results by vault type, tags, or metric thresholds Vault Detail Click any vault for charts, positions, and breakdowns Leaderboard Wallet-level performance rankings Alerts Threshold-based notifications when conditions are met AI Intelligence Automated signal detection, personality analysis, forecasts SQL Analyzer Ad-hoc queries against the full vault dataset Spark Conversational AI over the entire vault ecosystem ================================================================================ 2. WHAT IS A HYPERLIQUID VAULT? ================================================================================ A Hyperliquid vault is a pooled trading account on the Hyperliquid Perpetual Exchange. One person - the LEADER - controls the trading decisions. Everyone else - DEPOSITORS - contributes capital and shares the results, good or bad. +-------------------------------------------------------------------+ | VAULT (pooled account) | | | | LEADER manages positions, sets commission, | | (one wallet) locks deposits when trading | | | | DEPOSITORS contribute capital, own a proportional | | (many wallets) share, earn or lose together | | | | leader trades + depositors fund = split returns | +-------------------------------------------------------------------+ WHO RUNS A VAULT? The leader is the wallet that created the vault. They: - Open and close positions using the vault's pooled funds - Set the commission rate they take from profits - Lock deposits during active trading when needed - May invest their own capital alongside depositors A leader's effectiveness is measured by their Leader Performance (LP) grade - an annualized score based on their personal PnL. WHO FUNDS A VAULT? Depositors are wallets that send capital into the vault. Each depositor: - Owns a proportional share of the vault's equity - Earns or loses based on the vault's net performance (gross returns minus the leader's commission) - Can withdraw subject to the vault's lockup rules - Has their individual PnL tracked separately HOW DO COMMISSIONS WORK? Leaders charge a commission on profits, seen as the Leader Commission (LC) column. A 10% commission means the leader keeps 10% of all profits before distributing the remainder to depositors. Rates typically range from 5% to 20%. Higher commissions are not inherently bad - what matters is whether the net return to depositors, after fees, aligns with your targets. See Section 16 for the full breakdown. WHAT ARE LOCKUP PERIODS? Some vaults require you to stay invested for a minimum period after depositing. Lockups give leaders stable capital for executing medium-term strategies. The "Locked Until" (LU) column shows when your capital becomes withdrawable. Once unlocked, you can withdraw at any time, subject to the vault's available liquidity. WHAT STATES CAN A VAULT BE IN? Phase Meaning ------------------- -------------------------------------------------------- Active The vault is trading and currently accepting deposits (if open) Inactive The vault is no longer trading - no new positions, no deposits Open for deposits The vault has "Allow Deposits = Yes"; you can add capital WHY INVEST IN A VAULT? - Delegate trading to people who do it full-time - Diversify across multiple strategies, bias profiles, and risk levels - Access Hyperliquid without needing to be an active trader - Evaluate performance objectively with standardized metrics LIMITATIONS TO CONSIDER - No control over execution. The leader makes all trading decisions. - Lockup risk. Capital may be inaccessible for days or weeks. - Leader risk. Strategies can change; past performance is no guarantee. - No insurance. No SIPC-style protection. Losses are real and final. - Concentration risk. A vault may collapse in an adverse market regime. ================================================================================ 3. GETTING STARTED ================================================================================ Hyperliquid vaults generate a steady stream of data: positions and PnL, depositor activity, leverage shifts, commission fees. HL Vaults pulls it all into a single browser-based dashboard. No installation required. Open hlvaults.com and you are looking at every vault on the network within seconds. WHAT DO YOU NEED? A modern browser - Chrome, Firefox, Safari, or Edge - and an internet connection. You do NOT need a wallet to browse vaults. Wallet lookup and connection are optional features you can configure later. OPEN THE APP 1. Go to hlvaults.com. 2. The page loads immediately and begins syncing data from Hyperliquid into your browser's local storage. 3. Wait for the sync to complete and the "Data synced" indicator to appear. EXPLORE THE VAULT GRID The app opens to the vault grid: a table where every row is a Hyperliquid vault and every column is a metric. Sort by any column, filter by tags or thresholds, and reorder columns to surface the data that matters to you. KEY AREAS AT A GLANCE Area What it does ----------------- ---------------------------------------------------------- Vault Grid Sortable, filterable table of all Hyperliquid vaults Column Picker Show, hide, and reorder grid columns Screen Selector Save custom views with preset columns, filters, sorting Search Find vaults by name or wallet address Filters Narrow results by vault type, tags, or metric thresholds Vault Detail Click any vault for charts, positions, and breakdowns Leaderboard Wallet-level performance rankings Alerts Threshold-based notifications (Growth and Pro) AI Intelligence Signals, personality analysis, return forecasting (Pro) SQL Analyzer Ad-hoc queries against the full vault dataset (Pro) NEXT STEPS - Learn what a vault is (Section 2) - Browse the column reference (Section 18) - Set up custom screens and filters (Section 6) - Read the vault evaluation strategy (Section 5 of the docs site) ================================================================================ 4. PLANS & PRICING ================================================================================ HL Vaults has three tiers designed to match how you use vault analytics - from casual browsing to professional-grade analysis. PLAN COMPARISON Feature Free Growth Pro --------------------- ---------- -------------- -------------- Price $0 $10/mo or $50/mo or $48/yr $240/yr Vault grid rows Top 15 Unlimited Unlimited Vault grid columns Default set All 35+ All 35+ Vault detail tabs Summary All 7 tabs All 7 tabs Leaderboard wallets Top 5 Top 50 Top 100 Leaderboard columns Basic All All Custom screens 1 100 Unlimited Column filters 1 expression Unlimited Unlimited Wallet search Name only Name + address Name + address Automatic tags 1 active Unlimited Unlimited Alerts -- Yes Yes Portfolio page -- Yes Yes Vault notes -- Yes Yes Data export -- Yes Yes AI Intelligence -- -- Yes SQL Analyzer -- -- Yes Ask AI chat -- -- Yes Support Community Community Priority BILLING Annual billing saves up to 60%: - Growth: $10/month or $48/year (save $72) - Pro: $50/month or $240/year (save $360) Toggle between Monthly and Annual on the Account page to see the savings. You can upgrade or downgrade at any time; changes take effect immediately. WHICH PLAN IS RIGHT FOR YOU? - Free: You want to explore Hyperliquid vaults. See the top vaults, check basic metrics, get a feel for the landscape. - Growth: You actively invest in vaults. Full data access, alerts to monitor your positions, and portfolio-level visibility. - Pro: You take vault investing seriously. AI-powered analysis, quantitative signals, direct database access via SQL, and priority support. Start using HL Vaults at hlvaults.com - no account or sign-up required. ================================================================================ 5. THE VAULT GRID ================================================================================ The vault grid is the heart of the app: a table where every row is a Hyperliquid vault and every column is a metric (35+ columns total). The grid supports sorting, filtering, tag badges, reordering, and saved "screens." +--------------------------------------------------------------------+ | Name | TVL | LP | DP | Equity | PnL | Bias | APR | Max DD | LU | +--------------------------------------------------------------------+ | Vault A |$1.2M | A+ | A | ... | +$40K| Bull | 42% | -8% | -- | | Vault B |$450K | B | B | ... | -$2K | Bear | 11% | -22% | 3d | | Vault C |$2.1M | A | B | ... | +$18K| Neut | 24% | -15% | -- | | ... | ... | ...| ...| ... | ... | ... | ... | ... | ...| +--------------------------------------------------------------------+ WHAT YOU CAN DO - Sort by any column (click the header), direction toggles - Sort persistence via URL (e.g. ?sort=vault_apr:desc) - Reorder / show / hide columns with the column picker - Filter any column with operators (Section 6) - Add personal notes to any vault (double-click a row to edit) - See tag badges - runtime-evaluated warnings and signals (Section 21) - Click a vault name to open its detail page - Save your whole layout as a screen for instant recall COLUMN TYPES Currency (TVL, Equity, PnL) Greater than, Less than, Between, Equal Percent (APR, ROI, Max DD) Greater than, Less than, Between Text (Name, Description) Contains, Does not contain, Starts with Grade (LP, DP) Equal (select a grade letter) Badge (Bias, Tags) Equal / Contains See Section 18 for a complete explanation of every column. TAG BADGES Tags are automatic behavioral badges computed in real time from each vault's state. They warn about specific situations - from "Stop the Bleed" to "God Mode." See Section 21 for the full list and plan limits. TOGGLES - Active / Inactive vault type filter (available on all plans) - Show / hide the wallet summary banner - Show / hide vaults you have removed from the grid - Privacy mode to mask USD amounts and wallet addresses (Section 14) ================================================================================ 6. SCREENS & FILTERS ================================================================================ The vault grid can display hundreds of vaults at once. Screens and filters are the tools you use to cut through the noise. Filters narrow down the vault list in real time. Screens save your entire grid configuration - columns, sort order, filters, the works - so you can jump back to a specific view instantly. FILTER BY ANY COLUMN Every column in the grid doubles as a filter. Click the filter icon on any column header to add a condition. - Basic filters (simple operators) are available on all plans. - Advanced expression filters (OR/AND combinations) require Growth or higher. Filter operators by column type: Column type Operators ----------- ---------------------------------------------------------- Currency Greater than, Less than, Between, Equal Percent Greater than, Less than, Between Text Contains, Does not contain, Starts with Grade Equal (select a grade letter) Badge Equal / Contains COMBINE FILTERS FOR PRECISION Filters are additive: a vault must match every active filter to appear in the grid. For example, to find large, high-performing vaults with reasonable risk: TVL > $1M APR > 20% Max DD > -15% LP = A or A+ REMOVE FILTERS Clear all filters at once with the Clear Filters button, or remove individual filters by clicking the X on their badge. VAULT TYPE FILTER Toggle between Active vaults (currently trading) and Inactive vaults (stopped trading). Available on all plans. SEARCH The search bar filters the grid by vault name (all plans) or wallet address (Growth and Pro) - useful for finding vaults a specific address has invested in. WHAT A SCREEN CAPTURES A screen is a saved snapshot of your grid setup: - Which columns are visible and in what order - Column widths - Sort column and direction - All active filters - Vault type filter Plan limits: Free = 1 screen, Growth = 100 screens, Pro = unlimited. CREATE A SCREEN 1. Configure the grid the way you want it (columns, sort, filters) 2. Click the screen selector 3. Click "Save As..." 4. Enter a name and save BUILT-IN SCREENS Screen What it shows ---------------- ---------------------------------------------------------- Default Standard grid with default columns Top Performers Sorted by LP descending, showing high-performing vaults Winners Vaults with positive returns only Screens are stored locally in your browser and do not sync across devices. EXAMPLE WORKFLOW: FIND CONSERVATIVE VAULTS WITH GOOD RETURNS 1. Sort by Max DD ascending (lowest drawdown first) 2. Add filter: APR > 10% 3. Add filter: Vault Age > 90 days 4. Save as screen: "Conservative Performers" ================================================================================ 7. THE LEADERBOARD ================================================================================ The leaderboard ranks WALLETS, not vaults. It aggregates every position a wallet holds across all vaults and ranks them by profit and loss, return on investment, equity, and related metrics. The vault grid answers: "Which vault should I deposit into?" The leaderboard answers: "Which depositors earn the best returns, and how do they do it?" The vault grid evaluates the vehicle. The leaderboard evaluates the passenger. Question Sort by ------------------------------------------------- ---------------------- Who has generated the most profit overall? All PnL Who picks winning vaults most consistently? Win % Who diversifies intelligently across vaults? Vaults count Who achieves the best annualized returns? ROI (Ann.) Which new depositors are off to a strong start? First Entry Who took the biggest loss - and what went wrong? Worst PnL CONFIGURE YOUR VIEW - Limit the number of wallets (your plan caps the maximum): Free = 5, Growth = 50, Pro = 100 (you can request up to 500 on Pro, but your plan cap applies) - Toggle the charts strip for aggregate stats and distribution views - Show, hide, and save columns (Free sees a default set; Growth and Pro unlock every available column) - Save your whole configuration as a screen (Free 1, Growth 100, Pro unlimited) THE CHARTS STRIP Stats bar: wallet count, median PnL, worst PnL, total PnL. Distribution charts (available on all plans): - PnL Distribution: buckets from < $0 to $250K+ - Win Rate Distribution: buckets from 0-20% to 80-100% - Equity Distribution: buckets from < $1K to > $1M - APR Distribution: buckets from < 0% to > 60% HOW TO ANALYZE WALLETS EFFECTIVELY 1. Start with annualized ROI - the wallets at the top consistently pick winning vaults. 2. Cross-reference with concentration - high ROI + low concentration means diversified skill, not a lucky bet. 3. Verify with win rate - a 40% ROI with 90% win rate is steady compounding; a 40% ROI with 40% win rate is big directional bets. 4. Click through to the vault grid - click any wallet address to jump to the grid filtered by that wallet (Growth and Pro). 5. Watch market-wide trends - when most wallets cluster in the losing buckets, macro conditions may be working against everyone. See Section 19 for a full explanation of every leaderboard column. ================================================================================ 8. PORTFOLIO ================================================================================ Once you are in multiple vaults, the Portfolio page answers: "How am I actually doing overall?" (Growth and Pro feature.) WHAT YOU SEE - Portfolio summary: total value, weighted APR, PnL breakdown, active vaults - Bias meter: reveals hidden directional concentration across your positions - Equity allocation: where your capital is actually deployed - PnL by bias: long vs short, unrealized vs realized - Exposure: gross, long, and short notional values Requires a connected wallet with deposits. ================================================================================ 9. THE VAULT DETAIL PAGE ================================================================================ Click any vault name in the grid to open its detail page. This is where you move from the overview - identifying promising vaults on the leaderboard - to the analysis that tells you whether one is worth your capital. +------------------------------------------------------------------+ | Vault Name [address] [Sync Now] [Remove] | +------------------------------------------------------------------+ | Summary | Positions | Trade History | Deposits & Withdrawals | | | Depositors | Intelligence | Ask AI | +------------------------------------------------------------------+ VAULT HEADER Displays the vault's name, its on-chain address, and a sync status indicator. Data is fetched periodically, but you can click "Sync Now" to pull the latest on-chain state immediately. Click "Remove" to hide the vault from your grid (reversible from Settings). THE SEVEN TABS TAB 1 - SUMMARY (default view) A performance dashboard with: - KPI strip (8 metrics): Vault Equity (TVL), All-Time PnL + ROI %, 24h PnL + ROI %, 7d PnL + ROI %, 30d PnL + ROI %, Current Leverage + Bias, Max Drawdown, APR - Six chart types: PnL, Account Value, Drawdown, Trade Activity, Net Flow, Deposits - each with 1D / 7D / 30D / All timeframes - Cards: My Position (your equity/PnL/lockup), Position Bias (current long/short/neutral), Scores Profile (LP and DP grades, commission, deposit status), Annotations (personal notes) TAB 2 - POSITIONS Every open position the vault is currently holding. Columns: Coin, Direction (color-coded: long in teal/green, short in red/orange), Size, Entry Price, Mark Price, Position Value, Unrealized PnL, PnL %, Margin Used, Leverage, Liquidation Price, Cumulative Funding. The top 3 most profitable and top 3 most unprofitable positions carry rank badges. Sort by Liquidation Price to find positions closest to being wiped out. TAB 3 - TRADE HISTORY Every fill the leader has executed. Columns: Time, Coin, Side, Direction, Price, Size, Closed PnL, Fee. Toggles: Auto-Mute (filter small fills) and Closed Only (only fully closed trades). Sortable, 50 rows per page. TAB 4 - DEPOSITS & WITHDRAWALS Every capital event for the vault. Columns: Time, Type (Deposit / Withdrawal), Amount, USD Value, Hash (links to the Hyperliquid explorer for on-chain verification). Sortable, 50 rows per page. TAB 5 - DEPOSITORS Every wallet that has deposited, ranked by equity. Columns: Rank, Address (leader marked with a badge), Equity Share, Share % (of total TVL), Days Following, Session PnL, All-Time PnL, Lockup Status (locked in red, unlocked muted). Sortable, 50 rows per page. Concentration risk is visible at a glance via Share %. TAB 6 - INTELLIGENCE (Pro) Quantitative signals (Style Fingerprint, Leverage Profile, Drawdown Recovery, Depositor Concentration, Trading Velocity, Cross-Vault Correlations) plus AI analysis (Personality Dossier, Return Forecast, Red Flag Detection). See Section 11. TAB 7 - ASK AI (Pro) A natural language chat scoped to this vault. Ask questions like "What does this vault typically do during high-volatility events?" Answers draw on the vault's fills, positions, and intelligence signals. Conversations stream in, persist locally, and are organized into threads. ================================================================================ 10. ALERTS ================================================================================ Alerts watch for specific conditions across the vault set and notify you when those conditions are met. Define your criteria once, then let the system monitor while you focus elsewhere. (Growth and Pro feature.) WHAT CONDITIONS CAN YOU TRACK? Twenty-one metric types span vault-level performance, your personal positions, and leader-level data. Each condition uses a numeric threshold with a comparator: > / >= / < / <= / =. When you combine multiple conditions, they use AND logic - every condition must be true for the alert to fire. Vault-level metrics: Leverage, Max Drawdown, TVL, APR, ROI 1D / 7D / 30D, Position Count, Depositor Count, Unrealized PnL, Gross Exposure, Long Exposure, Short Exposure Your position metrics: User Equity, User PnL, User All-Time PnL, User PnL %, User Annualized PnL %, Days in Vault Leader and depositor metrics: Leader Fraction, Leader Commission, Leader Annualized PnL, Depositor Avg Annualized PnL CREATE AN ALERT You configure three things: 1. Name - a descriptive label ("High Leverage Watch", not "Alert 1") 2. Scope: All Vaults - every vault in the grid My Vaults - only vaults you have deposited in Specific Vaults - a custom multi-select of vaults 3. Conditions - pick a metric, choose an operator, enter a threshold (e.g. "APR < 5%" triggers when any vault in scope drops below 5% APR) WHERE DO ALERTS REACH YOU? - Browser notification (desktop push, requires browser permission) - In-app toast with a "View" button that takes you to the vault Each alert has a cooldown period (default 5 minutes) to prevent repeated notifications for the same condition. Every triggered event is logged in the notification panel, which stores up to 100 recent events. HOW OFTEN ARE ALERTS EVALUATED? Alerts are checked every 60 seconds. Use the "Check now" button to force an instant evaluation. MANAGING YOUR ALERTS The alert table lists every alert you have configured with inline controls: Enable / Disable, Edit, and Delete. ================================================================================ 11. SIGNALS & INTELLIGENCE ================================================================================ HL Vaults provides two distinct layers of vault intelligence. (Pro feature.) LAYER 1: DETERMINISTIC SIGNALS Computed from on-chain data. No AI involved, zero configuration. Six signal cards deliver structured diagnostics with a severity rating (Low / Medium / High / Extreme) and a plain-English explanation. LAYER 2: AI-POWERED ANALYSIS Free-form insights once you connect an LLM provider. Requires a provider configured in Settings. THE SIX DETERMINISTIC SIGNALS 1. Style Fingerprint - classifies the leader's trading style: - Scalper: many small trades, short hold times - Swing Trader: medium-duration positions, trend-following - Position Trader: few large positions, long hold times - Market Maker: tight bid-ask, high frequency Also measures how consistently the vault's actual behavior matches its declared approach. 2. Leverage Profile - bins typical and current leverage: - Conservative: under 1.5x - Moderate: 1.5x to 3x - Aggressive: 3x to 5x - Extreme: over 5x The real signal is deviation from the vault's own history. 3. Drawdown Recovery - for every significant drawdown, measures how long recovery took, average recovery speed, and whether the vault bounces back fully or only partially. 4. Depositor Concentration - applies a Herfindahl-Hirschman Index to the depositor base: - Well Distributed / Moderately Concentrated / Highly Concentrated 5. Trading Velocity - how frequently the vault flips between long and short bias: - High Velocity: multiple trades per day - Medium Velocity: several trades per week - Low Velocity: a few trades per month 6. Cross-Vault Correlations - Pearson R correlation between this vault's returns and those of every other vault on the platform. Guards against false diversification - two vaults that both correlate above 0.8 are concentrated exposure, not diversification. THE THREE AI ANALYSES 1. Personality Dossier - an LLM-generated profile of the vault leader's trading psychology: decision-making patterns, risk management behavior, behavioral biases (overconfidence, loss aversion, recency bias), and consistency across market regimes. 2. Return Forecast - analyzes historical performance, current conditions, and recent patterns to produce a short-term outlook (next 1-2 weeks) and a medium-term outlook (next 1-3 months), including key risks. This is directional, not predictive - a pattern-recognition exercise, not a promise of returns. 3. Red Flag Detection - scans for patterns that have historically preceded adverse events: unusual trading behavior, sudden shifts in leverage or position sizing, concentrated positions in volatile assets, and behavioral patterns that preceded losses. Each flag has a severity rating. CONNECT AN AI PROVIDER 1. Navigate to Settings > AI 2. Select your provider - OpenAI, Anthropic, or a custom OpenAI-compatible endpoint 3. Enter your API key 4. Click "Test Connection" to verify Once configured, AI analysis is available on every vault detail page. Each analysis type has its own refresh button. The Intelligence header shows the last-refreshed timestamp. ================================================================================ 12. SPARK ================================================================================ Spark is a conversational AI that understands the full Hyperliquid vault ecosystem - every vault, every wallet, every position, every trade. Ask questions in plain English, get answers backed by real data, and drill deeper with follow-ups. (Pro feature.) Without Spark With Spark ---------------------------------------- ------------------------------ Jump between leaderboard, vault detail, "Which vaults have the best positions, trades, and history to risk-adjusted returns?" - correlate data yourself instant answer across all vaults Manually track deposits across vaults "What does my portfolio look to see total exposure like?" - aggregated in one response No easy way to compare vault risk "Show me vaults with unusually high leverage compared to their own history" Can't articulate a pattern into a filter "Which vaults reduce leverage after drawdowns vs doubling down?" HOW CONVERSATIONS WORK - Threads: conversations are grouped into named threads (auto-named from your first message). The sidebar lists every thread; a trash icon deletes them. On mobile, a hamburger button opens the sidebar as an overlay. - Streaming: responses stream word by word. A "Thought" section shows the AI's chain of reasoning. You see "Querying database" and "Rendering chart" indicators as it works. A Stop button aborts generation. - Adaptive answers: direct text, data tables (with row counts), and charts (bar, line, area, horizontal bar, pie) - rendered inline, alone or together. - Suggested questions: a scrolling carousel of ~20 common research starting points when you open a new thread. - Voice input: click the microphone, speak, and the transcript appears in the textbox for review before sending. - Copy anything: every message, code block, and Thought section has a copy button. WHAT CAN YOU ASK SPARK? Vault discovery: "Which vaults have the best risk-adjusted returns over the past 90 days?" / "Show me vaults with low correlation to each other - I want to diversify." Wallet and portfolio: "What does my overall portfolio look like - total equity, weighted APR, and net exposure?" / "Which wallets have the best annualized ROI with at least $5,000 deployed?" Strategy and behavior: "Which vault leaders consistently size positions well during high volatility?" / "Show me vaults that reduce leverage after drawdowns instead of doubling down." Trade and performance: "Which coins are vaults most bullish on right now?" / "What's the long/short split across all vaults?" Risk and red flags: "Which vaults have unusually high leverage compared to their own history?" / "Show me vaults where a single depositor controls most of the capital." Custom research: "Compare vault X, vault Y, and vault Z side by side" / "What would a portfolio of 5 uncorrelated vaults look like?" HOW SPARK HANDLES YOUR DATA Spark works entirely from your local data - the same vault, wallet, and position information you see in the app. Smart defaults: - Filters out tiny wallets (under $5,000 deployed) so averages aren't skewed - Prefers percentages over raw dollars (annualized ROI and percentage returns) - Links everything - vault names and wallet addresses are clickable, connecting back to the source data Your API key is stored locally in your browser. It is never sent anywhere except to the provider you configured, and only when you ask a question. Spark works with any OpenAI-compatible provider - OpenAI, Anthropic, Groq, OpenRouter, or a local model. The defaults point to OpenAI's API with gpt-4o-mini. ================================================================================ 13. SQL ANALYZER ================================================================================ The SQL Analyzer gives you direct read access to your PostgreSQL database. Run any SELECT query, explore the schema, and export results - all in your browser. (Pro feature.) +---------------------------------------------+------------------------+ | SCHEMA EXPLORER | QUERY EDITOR | | vault_info | SELECT vault_name, | | vault_details | tvl, apr | | vault_asset_positions | FROM vault_master_view| | vault_fills | ORDER BY tvl DESC | | vault_ledger_updates | LIMIT 10; | | vault_user_info | [Run] [Format] [Clear]| | ... (14 tables/views) +------------------------+ | | RESULTS PANEL | +---------------------------------------------+ (sortable tables, | | multi-tab results) | +------------------------+ THE SCHEMA 14 tables and views cover vault data, positions, fills, signals, and AI: vault_info Vault metadata (name, leader, TVL, APR, PnL) vault_details Vault state (portfolio, leverage, margins) vault_asset_positions Open positions per vault vault_fills Trade fills (time, coin, price, size, side, PnL) vault_ledger_updates Deposit/withdrawal events vault_user_info Per-user vault data (equity, PnL, lockup) user_vault_equities User equity balances vault_signals Computed quantitative signals vault_ai_analyses LLM analysis results vault_ai_threads AI chat threads vault_ai_messages AI chat messages vault_master_view Master vault listing (view) wallet_leaderboard_view Leaderboard computation (view) vault_fills_aggregated_view Aggregated fills (view) Click any table to see its column names and types. This is a read-only view - only SELECT queries are allowed. QUERY EDITOR - Line numbers and syntax highlighting for SQL keywords - "Format Keywords" button to clean up SQL - "Clear" to reset the editor - Press Ctrl+Enter or click "Run" to execute - Multiple statements separated by semicolons produce multi-tab results RESULTS PANEL Results display in a sortable table. Each result tab corresponds to a statement in a multi-statement query. Click any cell to open the Cell Viewer for inspecting large values (JSON, long text). QUERY HISTORY Your last 25 queries are saved automatically. Browse history to re-run or reference previous queries. History persists in your browser's local storage. EXAMPLE QUERIES -- Top 10 vaults by TVL SELECT vault_name, tvl, apr, leader_performance FROM vault_master_view ORDER BY tvl DESC LIMIT 10; -- My vaults with performance grades SELECT vault_name, equity, user_pnl, lp, dp FROM vault_master_view WHERE user_address = 'your_wallet_here'; -- Recently filled trades above $10K SELECT vf.time, vf.coin, vf.side, vf.price, vf.closed_pnl, vi.vault_name FROM vault_fills vf JOIN vault_info vi ON vf.vault_id = vi.vault_id WHERE vf.closed_pnl > 10000 ORDER BY vf.time DESC; ================================================================================ 14. WALLET CONNECTION & PRIVACY ================================================================================ HL Vaults works without a wallet connection - browse vaults, check metrics, and track performance anonymously. Connect your wallet to see your own positions and unlock personalized features. DO YOU NEED TO CONNECT A WALLET? No. The app is fully functional in read-only mode. Connect only when you want to view your own vault positions and deposit history, or use personalized features tied to your address. HOW DOES WALLET CONNECTION WORK? 1. Navigate to the Account page 2. Click "Connect Wallet" 3. Approve the prompt in your browser wallet - MetaMask, Coinbase Wallet, and Brave Wallet all work (any EIP-1193 compatible browser wallet) Your wallet address persists as a URL parameter (?wallet=) and carries across sessions. WHY USE SESSION DELEGATION? Session delegation is a cryptographic handoff that lets the app read your Hyperliquid vault positions without keeping your wallet connected - the difference between handing someone a key every time and giving them a limited-use pass that expires on its own. 1. After connecting, click "Authorize Session" 2. Sign an EIP-712 typed data message in your wallet 3. A session keypair is generated and stored locally in your browser A background worker uses that session keypair to query your positions. Your wallet can disconnect or go offline entirely - the session continues to work. Session states: Active Session is authorized and functioning normally Delegating Delegation transaction is being processed Expired Session needs re-authorization Error Authorization failed - try regenerating Limitations: - Sessions are scoped to read operations only (no transaction signing, no position management) - Session keys live in your browser's local storage; clearing browser data removes them - Expired sessions require a new authorization - the app cannot auto-renew PRIVACY MODE Privacy mode masks sensitive data across the entire app: USD amounts are replaced with ***, and wallet addresses are partially truncated. Use it in public spaces, when sharing your screen, or presenting. Activate it by: - Keyboard shortcut: Cmd+Shift+H (Mac) or Ctrl+Shift+H (Windows) - Auto-on timer: activates after a configurable period of inactivity (default 30 minutes) - Manual toggle: Settings > General > Privacy Mode Peek Reveal: hover or click any masked value to reveal it temporarily (default 5 seconds), then it re-masks automatically. Privacy state syncs across all open browser tabs via BroadcastChannel. DISCONNECTING Go to Account > Disconnect to remove your wallet and session. The app continues working in read-only mode - you won't lose any vault data or saved settings. ================================================================================ 15. SETTINGS ================================================================================ The Settings page has four tabs: General, AI, Performance, and Data. GENERAL TAB Privacy Mode - masks USD amounts and wallet addresses: - Auto-On Timer (default 30 minutes of inactivity) - Peek Reveal duration (default 5 seconds) - Keyboard shortcut Cmd+Shift+H / Ctrl+Shift+H Show Wallet Summary - toggle the wallet summary banner on the vault grid page (total portfolio value, weighted APR, PnL, active vaults, bias). Show Removed Vaults - toggle visibility of vaults you have removed. AI TAB (Pro) Configure your LLM provider for AI-powered analysis: Provider Label for your provider (e.g. "OpenAI", "Groq", "OpenRouter") Endpoint URL OpenAI-compatible chat completions API URL API Key Your API key (stored unencrypted in IndexedDB) Model Model name (e.g. gpt-4o-mini) Temperature Response creativity (0-2, default 0.3) Max Tokens Max response length (64-8192, default 4096) JSON Mode Toggle structured JSON output "Test Connection" verifies your configuration before saving. "Forget Key" removes the stored API key. PERFORMANCE TAB Configure the grade thresholds for LP and DP columns (all plans): Setting Default What it does ------------------------ -------- ----------------------------------- Performing % (B threshold) 5% Minimum % for a "Performing" (B) grade Outperforming % (A threshold) 33% Minimum % for an "Outperforming" (A) grade Top Depositors Count 5 Number of top depositors averaged for DP Min Days in Vault 30 Minimum days to qualify for DP Min Equity ($) 100 Minimum equity to qualify for DP Min Share of TVL (%) 1% Minimum ownership % to qualify for DP DATA TAB Storage Meter - shows how much of your browser's IndexedDB storage is in use. Status: OK (under 60%), Warning (60-80%), Critical (over 80%). Export / Import Annotations - download your vault notes and custom screen layouts as a JSON file, or upload to restore or merge them. ================================================================================ 16. FEES & COMMISSIONS ================================================================================ Every vault on Hyperliquid has a fee structure set by its leader. These fees determine how returns are split - and ultimately, what you take home as a depositor. HOW DO LEADERS EARN? Leaders do not charge depositors just to participate. They earn a commission on the profits they generate. If the vault books a profit, the leader takes a predetermined cut; the remainder goes to depositors. If the vault loses money, the leader earns nothing - but depositors absorb the losses proportionally. Fees only apply to gains. THE ONLY FEE A single performance fee, taken as a percentage of profits: Net Return = Gross Return x (1 - Performance Fee Rate) Example: a vault earns 10% gross with a 10% performance fee: 10% x (1 - 0.10) = 9% net return for depositors The performance fee is fixed at 10% for user-created vaults. The HLP protocol vault charges 0%. There are no management fees, entry fees, exit fees, or withdrawal penalties. HIGH-WATER MARK Performance fees include a high-water mark: the leader only earns fees on profits that exceed the vault's highest recorded value. This prevents charging fees on the same profits twice. Without high-water mark: Vault grows $100 -> $120 (fee on $20), drops to $110, grows to $130 (fee on $20 again - the $10 is double-counted) With high-water mark: Vault grows $100 -> $120 (fee on $20, watermark = $120), drops to $110, grows to $130 (fee on $10 - only the growth above $120) All Hyperliquid vaults include high-water marks. FEES AND YOUR NET RETURNS Vault type Gross APR Fee Net APR ----------- --------- ------ ------- User vault 30% 10% perf 27% HLP 30% 0% 30% FEES AND DP GRADE The DP (Depositor Performance) grade measures net returns after fees. When a vault shows a strong LP grade but a weaker DP grade, fees are usually the reason. Common causes: - High fees consuming a disproportionate share of returns - Poor fee timing (fees taken at unfavorable points) - Misaligned incentives If you spot a gap between LP and DP, investigate the fee structure first. ================================================================================ 17. PERFORMANCE METRICS (LP & DP GRADES) ================================================================================ The performance grade system answers one question: given a leader's or depositor's actual returns, how good are they on an annualized basis? It normalizes different investment periods into a comparable annualized percentage, then maps that to a letter grade. LEADER PERFORMANCE (LP) Step 1 Find the leader's record: total PnL, equity in the vault, days in the vault. Step 2 Initial Equity = current_equity - all_time_pnl Step 3 Leader PnL% = all_time_pnl / initial_equity Step 4 Leader Annualized PnL = Leader PnL% x (365 / days following) Step 5 Map to grade (see scale below) Example: $10K PnL on $100K initial equity = 10% return. Over 100 days: 10% x (365 / 100) = 36.5% annualized = grade A. DEPOSITOR PERFORMANCE (DP) Step 1 Qualify depositors (all three must hold): - Days in vault >= 30 - Equity >= $100 - Share of TVL >= 1% Step 2 Take the top 5 qualified depositors by equity size Step 3 For each: PnL% = all_time_pnl / (equity - all_time_pnl) Step 4 DP = average of the top 5 depositors' PnL% Step 5 Same grade thresholds as LP THE GRADE SCALE Grade Annualized return Meaning ------ -------------------- ------------------------------------------- A+ >= 100% Superstar - exceptional performers; check how long it has been sustained A >= 33% Outperforming - strong, attractive returns B >= 5% Performing - positive but modest; a vault that's "working" C >= 0% Neutral - breaking even or slightly negative D > -10% Underperforming - losing money D- <= -10% Extremely underperforming - destroying capital Only the A+ and B thresholds are adjustable (Settings > Performance). The other grades are fixed. READING LP AND DP TOGETHER Pattern Interpretation ---------- --------------------------------------------------------------- LP=A, DP=A Leader and depositors are both winning. Healthy vault. LP=A, DP=C Leader makes money but depositors don't - possibly high commission, recent depositors, or different trading. Caution. LP=D, DP=A Unusual - leader losing but depositors winning. May indicate a small leader position. LP=D, DP=D Everyone is losing. Avoid. LIMITATIONS - Grades are backward-looking; past performance is not a guarantee. - Short history = less reliable (10 days of A+ < 6 months of A). - Annualization amplifies short-term noise (5% in 5 days annualizes to ~365%). - Commission is not included in LP; DP may be lower due to fees. ================================================================================ 18. VAULT GRID COLUMN REFERENCE ================================================================================ The vault grid has 35+ columns organized by category. Default columns are visible on the Free plan; all columns require Growth or higher. RETURNS & PROFITABILITY APR (Annual Percentage Rate) - annualizes recent performance into a yearly percentage. APR = recent_return x (365 / days_in_period). Be wary of extreme values - a 500% APR over 3 days is not a reliable signal. ROI 1 Day / 7 Day / 30 Day - return over the trailing 1/7/30-day window. ROI = (account_value_end - account_value_start) / account_value_start. 7D and 30D are better signals than 1D; compare them to assess consistency. User PnL columns (only show data if you entered your wallet): User Equity - your total stake in the vault User PnL (UPnL) - dollar profit/loss on your position this session User UPnL % - pnl / (equity - pnl), unrealized (session) return on initial investment User UPnL % Annualized (UPnLA %) - (pnl / (equity - pnl)) x (365 / days), simple annualized unrealized return User UPnL CAGR - (1 + pnl/(equity - pnl))^(365 / days) - 1, compound annual growth rate of unrealized return; the default-visible metric and best for evaluating your own returns User PnL % - all_time_pnl / (equity - all_time_pnl), all-time return User PnL % Annualized (APnL) - (all_time_pnl / (equity - all_time_pnl)) x (365 / days), annualized all-time return User All-Time PnL - cumulative PnL ever in this vault RISK & LEVERAGE Current Leverage - total_notional_position_value / account_value. 1.0x = no leverage, 2.0x = twice exposure, 0.0x = no open positions. Max Drawdown - the largest peak-to-trough decline ever, shown as a negative percentage. The single most important risk metric. -5% to -15%: low drawdown -15% to -30%: moderate -30% to -50%: high below -50%: extreme Vault Age - days since the vault was created. A credibility signal; be cautious of very young vaults with exceptional returns. CAPITAL & LIQUIDITY TVL (Total Value Locked) - total capital deposited across all depositors. TVL is not a performance metric - high TVL can come with poor returns. Leader Share - leader_equity / TVL. High leader share = leader has skin in the game. Look for at least 5-10%. Leader Commission - the percentage of profits the leader takes before distributing to depositors. Max Distributable - undistributed profit available for distribution. Vault Max Withdrawable - total capital withdrawable right now, constrained by available liquidity. User Max Withdrawable - the maximum YOU can withdraw (considering lockups); equal to your equity if unlocked, zero if locked. Allow Deposits - whether the vault is accepting new deposits (Yes/No). Leaders often close deposits during active trading. TRADING BEHAVIOR Bias - the vault's directional bias based on open positions, shown as a colored badge: Bull (green) net long, ratio > 0.1 Bear (red) net short, ratio < -0.1 Neutral (gray) mixed, ratio in [-0.1, 0.1] None (gray) no open positions Tags - real-time badges computed from the vault's state (Section 21). LEADER & DEPOSITOR GRADES Leader Performance (LP) - annualizes the leader's personal PnL to a letter grade. The single best metric to evaluate the leader's trading ability. Depositor Performance (DP) - averages the PnL of the top 5 qualifying depositors (>=30 days, >=$100, >=1% TVL) and grades the result. A large LP-to-DP gap is a red flag. DATES & TIME Vault Created - date the vault was first created on Hyperliquid Last Updated - when the vault data was last refreshed Vault Entry Time - when you first deposited (requires wallet) Lockup Until - when your deposit lockup period ends Locked Until - relative time until unlock (e.g. "3 days from now") Days in Vault - how many days you've been deposited (requires wallet) IDENTIFIERS Name, Description, Vault Address (on-chain hex), Leader (wallet address), User (your wallet address), Notes (personal notes stored locally) ================================================================================ 19. LEADERBOARD COLUMN REFERENCE ================================================================================ The leaderboard has 35 columns across 6 categories. They measure wallet-level (not vault-level) performance. IDENTITY & RANKINGS Rank (#) Position sorted by all-time PnL descending (default sort) Wallet The wallet address (0x...). Clickable - opens the vault grid filtered to this wallet's vaults (Growth and Pro) ROI Rank Rank by annualized ROI - capital efficiency Equity Rank Rank by total equity across all vaults (Growth) Div. Rank Rank by number of active vaults (Growth) Win Rate Rank Rank by win rate percentage (Growth) Loss Rank Rank by biggest single-vault loss (Growth) PORTFOLIO SIZE Equity Total current value across all vaults (liquid + locked) Liquid Portion of equity that is unlocked and withdrawable Locked Portion of equity still in lockup Largest Pos The single largest vault position Concentration Largest position as a percentage of total equity (<20% well diversified, >50% highly concentrated) Vaults Total vaults ever participated in (active + exited) Active Vaults the wallet currently has equity in Exited Vaults fully exited (= total vaults - active) PNL & RETURNS All PnL Total all-time profit/loss across every vault Session PnL Current session PnL across all vaults Best PnL Highest PnL on a single vault position Worst PnL Lowest (most negative) PnL on a single vault position ROI Simple total return: all_time_pnl / (equity - all_time_pnl) ROI (Ann.) Annualized: ROI x (365 / avg days following). The most comparable performance metric across wallets Win % Winning vault positions / total positions Wins / Losses Count of profitable / unprofitable vault positions RISK APR Equity-weighted average APR across the wallet's vaults Avg Vault APR Simple (unweighted) average vault APR (Growth) Avg DD Average of all vault max drawdowns (Growth) Worst DD The worst single-vault drawdown experienced TIME & ACTIVITY Avg Days Average days in each vault (Growth) Longest Days Longest single period in any vault (Growth) Total Days Sum of all days across all vaults Days Active Days since the wallet's first vault entry First Entry Date of first deposit into any vault Last Entry Date of most recent vault entry (Growth) Last Active When the wallet was last active (relative time) ================================================================================ 20. RISK METRICS EXPLAINED ================================================================================ DRAWDOWN Drawdown = (Peak Value - Current Value) / Peak Value x 100%. It answers: "How much could I lose from the top?" Max Drawdown (worst-case loss): 0-10% Low risk - steady performance, limited downside 10-25% Moderate risk - normal for directional vaults 25-50% High risk - significant loss potential 50%+ Very high risk - possible strategy failure Drawdown Duration (recovery speed): < 7 days Fast recovery, resilient strategy 7-30 days Moderate recovery, within normal range 30-90 days Slow recovery, concerning 90+ days Very slow, may indicate structural issues VOLATILITY Volatility = standard deviation of period returns. Higher volatility means larger swings, both up and down. Compare a vault's volatility to similar vaults - double the volatility should come with proportionally higher returns. WIN RATE Win Rate = Positive Periods / Total Periods x 100%. 60%+ Strong consistency 45-60% Moderate, normal for directional strategies Below 45% Low - possibly overly risky or poorly managed Win rate alone is misleading: 40% win rate with huge winners can beat 60% win rate with large losers. RETURN PER UNIT OF RISK Return per Risk = APY / Max Drawdown > 3 Excellent 1.5 - 3 Good 0.5 - 1.5 Moderate - returns barely compensate for risk < 0.5 Poor - not worth the risk CONCENTRATION RISK Single-vault: if you deposit in only one vault, you bear its full risk. Depositor concentration (top depositor share): < 10% Low - well distributed 10-25% Moderate - some concentration 25-50% High - one whale controls significant TVL > 50% Critical - vault depends on a single depositor FEE RISK High fees amplify losses - a 30% performance fee means you lose 30% more on each down period. High-fee vaults need proportionally higher gross returns to justify the risk. KEY METRICS TO WATCH (SUMMARY) Metric Target ---------------------- ------------------------- Max Drawdown Under 25% Drawdown Duration Under 30 days Volatility Moderate relative to peers Win Rate 45%+ Return per Risk 1.5+ LP / DP Grade B or higher Depositor Concentration Top depositor under 25% ================================================================================ 21. TAGS REFERENCE ================================================================================ The Tags column automatically computes behavioral signals for each vault based on your position. Each tag is a colored badge that tells you something about the vault's current state. TAG TRIGGER / MEANING --------------------- ------------------------------------------------------ Stop the Bleed You are losing money and can exit: user_pnl_pct < -5% and unlocked. Warning to evaluate cutting losses. Bleeding Red Stronger version: user_pnl_pct < -15% and unlocked. Urgent attention recommended. Green Is Green Your position is profitable: user_pnl_pct >= 0%. Positive signal - let it ride. God Mode Exceptional returns: user_pnl_pct >= 15%. Consider increasing allocation or locking in profits. Short Exit Window Leader traded within the last 24h and you are unlocked. A favorable window to exit. Don't Chase the Exit At most one position, you are unlocked, leverage >= 1x. An all-or-nothing exit decision. Inactive No open positions and no recent activity. Check whether to withdraw and redeploy. PLAN LIMITS Free: 1 tag at a time (the highest-priority match is shown) Growth and Pro: unlimited Priority order on Free: God Mode > Bleeding Red > Stop the Bleed > Short Exit Window > Don't Chase the Exit > Green Is Green > Inactive ================================================================================ 22. GLOSSARY ================================================================================ APR (Annual Percentage Rate) - the annualized return rate for a vault, calculated from its recent performance on a rolling window. Bias - a vault's directional trading preference: long-biased (profits in uptrends), short-biased (profits in downtrends), neutral (performs in any market), or volatility-biased (profits from price swings). Commission - the fee charged by the vault leader, typically a percentage of profits. Depositor - a user who deposits capital into a vault and shares in its returns proportionally to deposit size. DP (Depositor Performance) - a composite grade measuring how well depositors are performing in a vault, accounting for timing, withdrawals, and fees. Drawdown - the peak-to-trough decline in a vault's value, expressed as a percentage. Equity - a depositor's current capital in a vault (deposits plus accrued returns minus fees). Grade - a letter grade (A+ to D-) providing a quick assessment of vault performance. Threshold-based and configurable in Settings. Lockup Period - a period during which deposited capital cannot be withdrawn; set by the vault leader. LP (Leader Performance) - a composite grade measuring the vault leader's trading performance and results. PnL (Profit and Loss) - the net profit or loss from vault activity, in USD or as a percentage. Screen - a saved configuration of columns, filters, and sorting applied to the vault grid. Tag - an automatic label applied to vaults based on their characteristics and your position. TVL (Total Value Locked) - the total value of all capital deposited in a vault; indicates size and liquidity. Vault - an on-chain investment pool on Hyperliquid where a leader trades on behalf of depositors. Vault Leader - the trader or team managing a vault's strategy; sets the commission and trading approach. Volatility - a statistical measure of price variation in a vault's returns; higher volatility means greater risk and potential return. Wallet - a cryptocurrency wallet (MetaMask, Rabby, etc.) used to connect to Hyperliquid and deposit into vaults. ================================================================================ 23. ACCOUNT & BILLING ================================================================================ The Account page is your subscription hub. It shows plan cards (Free, Growth, Pro), a monthly/annual billing toggle, and your wallet & session management. - Monthly vs Annual: toggle to see the savings (annual saves up to 60%). - Wallet & Session: connection status and session management (Section 14). - Deposit & billing status: subscription tier, status, expiry date, payment history, and prepaid balance. Subscription states map to your effective tier as follows: Condition Effective tier ----------------------------------------------- -------------------- No subscription Free Subscription canceled Free Past due and never paid (no period end) Free Active Growth or Pro Trialing Growth or Pro Past due during grace period (has period end) Growth or Pro (preserved) The feature categories covered by each tier: Data Access: Free = top 15 vaults / Summary tab / top 5 leaderboard. Growth and Pro = unlimited vaults, all tabs, larger lists. Analytics & AI: Performance grades and distribution charts on all plans; deterministic signals, AI analysis, and SQL Analyzer on Pro. Filters & Search: Basic filtering on Free; unlimited expressions and address search on Growth+. Data Management: Vault notes, annotation export, and database export on Growth+. Support: Community support on all plans; priority support on Pro. ================================================================================ 24. FREQUENTLY ASKED QUESTIONS ================================================================================ VAULT BASICS Q: What is a Hyperliquid vault? A: An on-chain investment pool on Hyperliquid. One person (the leader) controls the trading strategy; everyone else (depositors) contributes capital and shares the results proportionally. Q: How do I start earning? A: Important: HL Vaults does not accept, receive, or process any deposits. It is a read-only analytics tool - not a middleman, facilitator, or participant in any deposit or withdrawal. Those happen exclusively on Hyperliquid through your own wallet. The workflow: open hlvaults.com, connect your wallet, browse the vault grid or leaderboard, deposit into a vault that matches your risk tolerance on Hyperliquid, monitor performance on the vault detail page, and withdraw on Hyperliquid at any time. The leader handles all trading; you earn or lose based on their performance. Q: Is there a minimum deposit? A: Deposit minimums are set by each vault leader and vary across vaults. They are a property of the vault on Hyperliquid, not of HL Vaults, which does not accept or set any deposits. Check the vault detail page for the specific vault's requirements before depositing on Hyperliquid. Q: Can I withdraw at any time? A: Most vaults allow withdrawals on demand on Hyperliquid. Some impose lockup periods - a minimum holding period after depositing during which your capital is locked. These are terms set by the vault, not by HL Vaults, which is not involved in processing withdrawals. Check the vault detail page for the lockup schedule. Q: Do I custody my own funds? A: Your deposited capital stays in the vault's smart contract on Hyperliquid. The leader can trade, but cannot withdraw your capital. Only you can withdraw your deposit and returns. Q: Is HL Vaults a wallet or exchange? A: No. HL Vaults is a read-only analytics tool. It does not custody funds, execute trades, or interact with Hyperliquid on your behalf. All actions happen directly on Hyperliquid. USING THE APP Q: Can I use the app without connecting my wallet? A: Yes. The vault grid, leaderboard, vault detail pages, Signals & Intelligence, and SQL Analyzer work without a wallet. Connect only for portfolio features tied to your address. Q: Is there a mobile app? A: No standalone app. The site works on mobile browsers and is fully responsive. Q: How do I protect my privacy? A: Enable Privacy Mode in Settings. It masks USD amounts and wallet addresses. Configure the auto-on timer and use Cmd+Shift+H (Ctrl+Shift+H on Windows) to toggle instantly. PLANS & PRICING Q: What does each plan include? A: See the plan comparison in Section 4. Growth removes most hard caps and adds alerts, the portfolio page, notes, and export. Pro adds AI Intelligence, the SQL Analyzer, Ask AI, and priority support. Q: Can I upgrade or downgrade at any time? A: Yes. Changes take effect immediately. Downgrading may restrict access to features you were using. Q: Is there a free trial for paid plans? A: Check the Pricing Plans page for current trial availability. VAULT DATA & FEATURES Q: How are vaults ranked on the leaderboard? A: Default sort considers LP grade, DP grade, TVL, and recent performance. You can reorder by any column in either direction. Q: What's the difference between LP and DP? A: LP (Leader Performance) measures how well the leader is trading. DP (Depositor Performance) measures how well depositors are doing after the commission. A vault with strong LP but weak DP is a red flag. Q: What are vault grades? A: Grades (A+ to D-) give a quick quality assessment. You set the performance thresholds in Settings - the same data, graded by your standards. Q: How do tags work? A: Tags are automatic labels based on your position and the vault's state - from "Stop the Bleed" to "God Mode." See Section 21. Q: How do alerts work? A: Alerts notify you when vaults hit specific conditions - APR thresholds, drawdown limits, new vaults, grade changes. Scope them to all vaults or individual vaults. See Section 10. Q: What analysis does the AI provide? A: Deterministic signals (computed purely from on-chain data) plus AI-powered commentary (personality dossiers, return forecasts, red flag detection) when you configure an LLM provider. See Section 11. Q: Can I query vault data with SQL? A: Yes, on Pro. The SQL Analyzer lets you run SELECT queries against the vault dataset directly in your browser. See Section 13. TROUBLESHOOTING Q: The leaderboard isn't loading. A: Refresh the page first. Check your connection, clear the browser cache, or try a different browser. Q: Charts are not rendering. A: Charts require WebGL support. Update your browser or enable hardware acceleration. Q: The AI feature isn't working. A: Verify a valid AI provider is configured in Settings, your API key is correct with sufficient credits, and use "Test Connection." Q: My alerts aren't firing. A: Review your alert conditions (they may be too restrictive) and check that notifications are enabled in your browser. Q: How do I export my data? A: Settings > Data > Export Annotations downloads your vault notes and screen layouts as a JSON file. ================================================================================ 25. RISK DISCLAIMER ================================================================================ HL Vaults is an analytics tool - nothing more. It reads on-chain data and presents it to help you evaluate Hyperliquid vaults. It never touches your funds, executes trades, or interacts with the protocol on your behalf. WHAT HL VAULTS DOES NOT DO - Take custody, hold, or transfer any digital assets - Execute trades, orders, or transactions - Solicit deposits, loans, or investments - Act as a broker, exchange, or trading platform - Charge fees on your vault deposits or withdrawals - Interact with Hyperliquid smart contracts on your behalf Every vault investment happens directly on Hyperliquid through your own wallet. HL Vaults sits entirely outside that flow. WHAT YOU ARE ACTUALLY RISKING - Total loss is possible. Vaults use leverage, rely on smart contracts, and depend on the judgment of individual leaders. - Leader performance: the leader can lose money trading. Past returns do not predict future results. - Leverage amplifies losses: a leveraged position can be liquidated, wiping out the vault's equity in hours. - Lockups prevent withdrawal: you may be unable to exit during a downturn. - Smart contract risk: bugs, exploits, or protocol upgrades could result in partial or total loss of funds. - Market risk: crypto markets are volatile, unregulated in many jurisdictions, and susceptible to flash crashes and manipulation. Only invest what you can afford to lose. If losing your entire deposit would materially affect your financial situation, do not invest. VAULT-SPECIFIC RISKS Concentration risk - a vault where one depositor controls most of the TVL is fragile. Check the Depositors tab on any vault detail page. Leverage risk - a vault running 5x leverage can be wiped out by a 20% price move. Check the Leverage column; Pro subscribers can review the Leverage Profile signal card. Lockup risk - lockups prevent withdrawal for a set duration. Review terms before committing capital. Leader risk - the leader makes all trading decisions, and you accepted their authority when you deposited. There is no recourse. NO FINANCIAL ADVICE HL Vaults provides data, not recommendations. Nothing on the platform constitutes financial, investment, trading, tax, or legal advice. You are solely responsible for your investment decisions. For the complete legal terms, read the Terms of Service on the main site. ================================================================================ 26. SCAM WARNING ================================================================================ BEWARE OF SCAMMERS IMPERSONATING HL VAULTS. - We do not run any Telegram, Discord, or other community servers. - We have no token and never plan to launch one. - We never contact users to solicit investments, promote crypto projects, or request money of any kind. - Anyone claiming to represent HL Vaults on social media, messaging apps, or elsewhere is a scammer - 100% of the time. - All subscriptions are paid exclusively through hlvaults.com. There is no other way to purchase access. If someone asks you to send funds anywhere else, it is 100% a scam. Protecting your assets is your responsibility: - No one from HL Vaults will ever message you first - anywhere. - No one will ever ask you to send crypto, connect your wallet to a random site, or "verify" your assets. - No one will offer you investment advice, signal groups, or trading tips. - There is no HL Vaults token, NFT, or presale. There never will be. - If you send money to a scammer claiming to be us, we cannot recover it. - Do your own due diligence. Verify every URL. If an offer sounds too good to be true, it is a trap. Believing a liar does not make us responsible for the lie. We built a dashboard. That is all. Anyone who tells you different is trying to steal from you. ================================================================================ 27. TERMS OF SERVICE (SUMMARY) ================================================================================ Version v3.5 - last updated August 4, 2026. Highlights: - Acceptance of Terms - using the platform means you agree to the Terms. Signing a message with your cryptographic wallet constitutes your electronic signature and agreement. - Platform Description - HL Vaults provides analytical tools, data visualization, and informational content. It does NOT execute trades, custody assets, provide advice, operate as an exchange or broker, solicit investments, or act as a counterparty. It is provided on a fully remote, decentralized basis. - Paid Subscriptions and Billing - three tiers (Free, Growth, Pro). Paid plans are funded by depositing USDC to your account's deposit address; a plan activates once the credited balance reaches the plan price (deposits credit after on-chain confirmations). Partial deposits accrue as a balance toward the plan. Overpayment is held as non-refundable, non-withdrawable advance credit applied to future billing periods; unused advance credit survives lapse/cancellation and is never paid out. Prices may change with notice. Downgrades may lose features with no refund. Non-payment may suspend access. - No Affiliation - HL Vaults is independent and not affiliated with, endorsed by, or officially associated with Hyperliquid. - No Financial Advice - all content is informational and educational only. - No Fiduciary or Advisory Relationship - none is created by use. - Restricted Jurisdictions - the platform is NOT intended for residents of the United States of America, Iran, North Korea, Syria, Cuba, or the Crimea region of Ukraine, or any jurisdiction subject to comprehensive US OFAC sanctions. Accessing from a restricted jurisdiction violates the Terms. - Restricted Persons - you represent you are not on any sanctions list, a PEP in a conflicting position, or acting on behalf of any of the foregoing. - User Representations - you are at least 18 (or the age of majority) and will not use the platform unlawfully. - Prohibited Conduct - no illegal use, unauthorized access, scraping without authorization, misrepresentation, malware, or abuse of infrastructure. - Intellectual Property - platform materials belong to the operators; the compilation of on-chain data is our IP and may not be redistributed in bulk without authorization. - Data Accuracy - data may be delayed, incomplete, or inaccurate; nothing should be relied upon for financial decisions. - Beta and Experimental - the platform is provided on a "BETA" and "EXPERIMENTAL" basis. - Assumption of Risk - you assume full responsibility for blockchain interaction, data reliance, financial decisions, volatility, technical/smart-contract failures, regulatory action, and loss of wallet access. You should never invest more than you are willing to lose. - Disclaimer of Warranties - the platform is "AS IS" and "AS AVAILABLE" without warranties. - Limitation of Liability - no indirect, incidental, special, consequential, or punitive damages. Aggregate liability capped at the greater of $100 or the amount paid in the prior 12 months. - Indemnification - you agree to defend and hold harmless the operators for claims arising from your use or breach. - Release of Claims - you release the operators from all claims, including those unknown (California Civil Code 1542 waived where applicable). - Third-Party Services - you are subject to the terms of Hyperliquid RPC endpoints and other third-party services. - Data and Privacy - the platform stores data locally in your browser. Wallet addresses are used to query public blockchain data. We do not sell, rent, or share personal information. - Termination - we may restrict or terminate access at any time. - Dispute Resolution - disputes are resolved by binding individual arbitration administered by the Mumbai Centre for International Arbitration (MCIA), in Mumbai, India, in English. Any cause of action must commence within one year. - Class Action Waiver - disputes are individual only; no class or representative actions. - Governing Law - the laws of the Republic of India govern; courts in Mumbai, India have exclusive jurisdiction for non-arbitrated disputes. - Waiver of Jury Trial - irrevocably waived to the fullest extent permitted by law. - Force Majeure - no liability for events outside reasonable control. - Entire Agreement - the Terms are the entire agreement between you and the operators. ================================================================================ 28. PRIVACY POLICY (SUMMARY) ================================================================================ Version v1.2 - last updated August 4, 2026. WHAT WE STORE LOCALLY Analytics features run entirely in your browser. Stored in IndexedDB and localStorage, never transmitted to any server we control: - Wallet addresses you enter for portfolio tracking - Vault notes and annotations - Custom screen configurations - AI provider settings (endpoint URL, API key, model preferences) - Performance threshold settings - Signed agreement messages ("Remember Me") - UI preferences (privacy mode toggles, theme, dismissed banners) WHAT WE STORE SERVER-SIDE If you subscribe to a paid plan (Growth or Pro), we store the minimum necessary to manage your subscription: - Wallet address - Subscription tier (Free, Growth, or Pro) - Subscription status (active, expired, or cancelled) - Billing period dates - Advance credit balance (prepaid amounts applied to future periods) Paid plans are funded by depositing USDC to your account's deposit address. We do not operate a wallet or payment processor, and we never receive or store payment card numbers, bank details, or other financial instrument data. WHAT WE NEVER COLLECT Your name, email, phone number, or address; passwords or private keys; payment card or bank details; browser fingerprints or device identifiers; session recordings or click tracking. COOKIES We may use strictly necessary, preference, and analytics cookies. No third-party advertising cookies. You can reject cookies via browser settings. DATA THAT LEAVES YOUR BROWSER 1. Public blockchain queries - wallet addresses you enter are sent to Hyperliquid RPC endpoints to fetch public on-chain data. 2. AI API requests - if you configure an AI provider, vault data is sent to your chosen LLM provider under YOUR API key, not ours. We have no access to these requests or responses. DATA RETENTION Local data remains until you clear browser data, disconnect your wallet, or remove individual entries. Subscription data is retained for the duration of your subscription plus a reasonable period for billing and legal purposes. You may request deletion of subscription data. YOUR RIGHTS Depending on your jurisdiction, you may have the right to access, correct, or delete your personal information, withdraw consent, and lodge a complaint with a data protection authority. Reach out through the HL Vaults app to exercise these rights. CHILDREN The platform is not intended for users under 18. We do not knowingly collect information from minors. ================================================================================ 29. OPEN SOURCE LICENSES ================================================================================ HL Vaults is built on the following open source projects (MIT License unless noted): DIRECT DEPENDENCIES @electric-sql/pglite WASM-based PostgreSQL for the browser Apache-2.0 @lucide/svelte Lucide icon library for Svelte ISC @svar-ui/svelte-core Svelte UI component primitives MIT @svar-ui/svelte-grid Svelte data grid component MIT layerchart Svelte charting library MIT marked Markdown parser and compiler MIT timeago.js Relative date formatting MIT FRAMEWORK & TOOLING Svelte / SvelteKit / @sveltejs/adapter-static MIT Tailwind CSS (+ Vite plugin, forms & typography) MIT Vite (build tool and dev server) MIT TypeScript (typed superset of JavaScript) Apache-2.0 ESLint (JavaScript linter) MIT For the complete list of transitive dependencies and their licenses, refer to the node_modules directory or run a license checker. ================================================================================ END OF DOCUMENT ================================================================================ HL Vaults - The lens into Hyperliquid Vaults www.hlvaults.com | docs.hlvaults.com For full legal terms, the Terms of Service and Privacy Policy are available on the main site. Remember: we are an analytics tool. We never touch your funds, never message you first, and never ask you to send crypto anywhere. Stay safe and do your own research.