A 10% performance fee on depositor profits, paid to the vault leader. No deposit fee, no withdrawal fee, no management fee.
How the 10% works
It applies to new profit above the previous peak — a high-water mark. A vault that gains 20%, falls 15%, then recovers charges nothing on the recovery. Depositors already paid on the first gain.
Without this, a leader could earn repeatedly on the same dollar by cycling the vault up and down.
What you pay when the vault loses
Nothing directly. But a vault that drops 20% and climbs back has delivered zero to depositors while the leader has lost nothing on their own upside elsewhere. The asymmetry is worth understanding before you compare a vault to holding.
Alignment
Vault leaders must hold a share of their own vault. That puts real capital behind the strategy, and it’s a genuine point in vaults’ favour.
What to check before depositing
Track record length. Leader’s own stake relative to depositor capital. Worst drawdown and how long recovery took. Whether the strategy is described well enough to judge, or only by its returns.
Vault yield
“Yield” here means realised trading profit shared pro rata. It is not interest, it is not fixed, and in a bad month it is negative.