Perp vaults on Hyperliquid, Paradex, GMX and more — screened every day against published criteria

A perp vault is a pool of capital on a perpetual futures exchange. Depositors receive shares; the pool either acts as the counterparty to traders (like Hyperliquid's HLP, GMX's GM pools or Jupiter's JLP) or is traded by an operator who takes a share of the profit. Returns come from trading fees, funding and the losses of leveraged traders — and fall when traders win or when a liquidation cascade overwhelms the pool.

A vault's account value rises when people deposit, even if it earned nothing. We remove deposits and withdrawals before measuring performance and track the value of a single share instead, so a vault that attracted capital does not look like a vault that earned it. This is why our figures often differ from the APR shown by the platform.

Every vault is measured the same way and must pass published thresholds: enough verifiable history, a limited maximum drawdown, a minimum of deposits, a plausible return, a quality score, open to outside depositors and still active. The thresholds are listed on the methodology page and applied automatically; no vault can pay to be listed.

We record liquidations, open interest and funding across Binance, Bybit, OKX and Hyperliquid and mark the days when liquidation volume reached the top of its range for the past year. For every vault we show how it performed on those stress days — something a headline return does not reveal.

No. PerpVault is a data product. Appearing on the screen means a vault met objective thresholds on a given day; it is not a recommendation, and not appearing is not a judgement. Vault operators cannot pay to be listed, and sponsorship has no influence on the screen. Any position we hold in a listed vault is disclosed on the methodology page.