> For the complete documentation index, see [llms.txt](https://docs.buoy.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.buoy.finance/for-depositors/choosing-a-vault.md). # Choosing a Vault Every vault is a different trader with a different strategy and risk appetite. This page explains the numbers Buoy gives you to compare them. ## Reading the vault list | Column | What it tells you | | ------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | **Vault** | Name, share ticker, and the Leader's avatar or uploaded vault image, plus any profile badges (see below). | | **Leader** | The address (or display name) running the vault. | | **APR (30D)** | The headline return figure, computed the same way Hyperliquid computes vault APR: the vault's dollar PnL over the last 30 days divided by the equity that produced it, extrapolated ×12 when positive. A **negative** month is shown as the raw past-month return, not annualized — losses are never extrapolated. | | **Age** | How long the vault has existed. A strong month means more when it comes after a strong year. | | **TVL** | Total capital in the vault. Higher TVL means more depositors trust the vault — but also check how long it took to get there. | | **Trend 30D** | A sparkline of the last 30 days of **cumulative dollar PnL**, so its shape always agrees with the sign of the APR figure. | Above the list you can **search** by vault name, ticker or tagline, filter to **My deposits** (vaults you hold shares in), or jump straight to **Create Vault**. {% hint style="warning" %} **Young vaults produce noisy numbers.** A vault younger than 30 days annualizes over the full 30-day window rather than its short lifetime, which stops a lucky first day from exploding into an absurd figure — but it doesn't make one week of data predictive. Judge young vaults by their chart and their description, not by a headline number. {% endhint %} ## Profile badges Leaders can declare two labels about how they trade. They're self-reported — treat them as the Leader's stated intent, and check the chart against them: | Badge | Values | | -------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | **Risk level** | *Low risk* (conservative sizing, tight drawdown control) · *Mid risk* (moderate leverage and drawdowns) · *High risk* (aggressive leverage, large swings possible) | | **Strategy** | *Market neutral* (hedged, aims to profit regardless of direction) · *Directional* (takes long and short positions) · *Long biased* (mostly long exposure) | Some vaults also link an **X profile** from their header — a way to follow the vault beyond the numbers. ## Deposit limits Some vaults carry rules the Leader set about who can deposit and how much. Unlike the badges, these are **enforced by the contracts**, and they show on the vault page: | Signal | Where | Meaning | | ------------------------------ | ------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **MIN. LEADER SHARE** *X%* | Vault header | The Leader must keep holding at least this share of the vault's Buoys for anyone else to deposit. Fixed when the vault was created and impossible to change — a hard, checkable commitment of skin in the game. | | **cap** *X USDC* under **TVL** | Vault stats | The Leader capped the vault's net value. Deposits pause while it sits at the cap; the Leader can change it. | | **WHITELIST** badge | Vault header | Only addresses the Leader has whitelisted can deposit, each up to a position cap. If you're not on it, you'll see *Not whitelisted for this vault* in the deposit panel. | None of these ever limits a **withdrawal** — whatever you hold, you can redeem. Details from the Leader's side: [Deposit Limits](/for-vault-leaders/deposit-limits.md). ## The vault page Click any vault to see its full picture. The Overview splits into four tabs: * **Performance** — the vault's history over **1D / 7D / 1M / all**, plotted as one of three metrics: **PNL** (cumulative dollar profit, the default), **TVL** (account value over time), or the per-share price as a percentage return. This is the vault's real, fee-inclusive performance. * **TVL** — a live breakdown of where the capital actually sits right now: spot USDC, spot holdings, each perp venue (the default DEX and any HIP-3 or HIP-4 market), open positions with their unrealized PnL, and USDC still on HyperEVM. * **Depositors** — the vault's depositor leaderboard: each wallet's current position, lifetime deposits and withdrawals, and all-time PnL. Your own row is tagged **YOU**. * **Trades** — the vault's recent fills straight from Hyperliquid: asset, direction, size, price and realized PnL, including HIP-3 markets and HIP-4 outcome markets. Alongside those you'll find the **description** (the strategy in the Leader's own words), the **performance fee**, and — once you've deposited — your Buoy balance and its current USD value. ## Vault status | Status | Meaning | | -------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Active** | Normal operation — deposits and withdrawals open. | | **Paused** | Deposits and withdrawals are temporarily suspended by the protocol (e.g. as a safety measure). Existing positions are unaffected; you can transact again once unpaused. | | **Wound down** | The vault has been closed down and is no longer trading. | ## A sensible checklist Before depositing, ask: 1. **Track record length** — has the vault performed across different market conditions, or only a good week? 2. **Return vs. drawdown** — is the APR worth the drawdown you'd have had to sit through? Check the chart's low points, not just the headline. 3. **Fee** — is the performance fee reasonable for the results? 4. **Strategy** — does the description tell you what the Leader actually does, and do the **Trades** and **TVL** tabs match those claims? Buoy shows you the vault's real book, so verify rather than assume. 5. **Concentration** — the Depositors tab shows whether the vault is one whale or a broad base, and whether the Leader has skin in the game. A **minimum leader share** in the header makes that skin in the game a contract-enforced floor rather than a snapshot that could be withdrawn tomorrow. Past performance never guarantees future results. Only deposit what you can afford to put at risk — see [Risks & Trust Model](/for-depositors/risks.md). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. 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