{"license":"CC-BY-4.0","licenseUrl":"https://creativecommons.org/licenses/by/4.0/","attribution":"ChainChoice (https://chainchoice.io)","category":"perp_house_vaults","evidenceReadAt":"2026-09-28","generatedAt":"2026-11-12","criteria":[{"id":"verifiable_loss_of_record","label":"How much has this vault already lost when a trader won — and can I check that number myself, today, for free?","weight":32},{"id":"pool_protection_mechanism","label":"When one trader's win is bigger than the pool, who pulls the plug — a rule I can read, or a vote I'll never hear?","weight":28},{"id":"loss_waterfall_and_exit_price","label":"Who eats the loss before I do — and if I try to leave first, how much do they take?","weight":24},{"id":"fee_versus_pnl_honesty","label":"Is the number they advertise what I actually earned, or does it quietly leave out what the traders took from me?","weight":16}],"providers":{"avantis_avusdc":{"verifiable_loss_of_record":{"s":6,"q":"Max realized single day share price drawdown for LPs has only been 30bps (0.30%) | Since august 2024, there have been realized LP losses at all (see attached share price chart which shows linear growth without any downturns i.e no realized losses).","u":"https://docs.veranta.xyz/avnt-token/staking-security-module.md","d":"2026-09-28"},"pool_protection_mechanism":{"s":9,"q":"Veranta is built so one trader's upside never becomes someone else's bad debt. | A single position's profit is capped at 2500% of collateral for most markets. Take profit levels snap within this bound. | Every market has a cap on open interest, tracked separately for longs and shorts.","u":"https://docs.veranta.xyz/trading/limitations-and-safeguards.md","d":"2026-09-28"},"loss_waterfall_and_exit_price":{"s":9,"q":"When traders win, their profits are paid out of that buffer before any draw on vault principal. | The buffer is also the primary risk control. It absorbs volatility in trader PnL so that LP capital stays protected through periods of high market stress.","u":"https://docs.veranta.xyz/liquidity-providers/veranta-lp-vault-avusdc.md","d":"2026-09-28"},"fee_versus_pnl_honesty":{"s":7,"q":"70% of opening, closing, and win fees; 100% of margin fees | LPs do not earn from trader losses. | Realized return inception-to-date is | avUSDC is the market-making vault of Veranta, earning 100% of all trading fees from perpetuals.","u":"https://docs.veranta.xyz/liquidity-providers/veranta-lp-vault-avusdc.md","d":"2026-09-28"}},"gmx_gm_pools":{"verifiable_loss_of_record":{"s":8,"q":"GMX provides GraphQL endpoints powered by Subsquid for querying indexed on-chain data. Arbitrum, Avalanche, and MegaETH continue to index new activity; the Botanix endpoint is a frozen historical surface.","u":"https://docs.gmx.io/docs/api/graphql.md","d":"2026-09-28"},"pool_protection_mechanism":{"s":9,"q":"Auto-Deleveraging (ADL) protects pool solvency by automatically reducing profitable positions when the ratio of pending PnL to pool value exceeds the market's configured `MAX_PNL_FACTOR_FOR_ADL` threshold.","u":"https://docs.gmx.io/docs/trading/liquidations.md","d":"2026-09-28"},"loss_waterfall_and_exit_price":{"s":6,"q":"Each GM pool is risk-isolated — liquidity providers are only exposed to the markets they deposit into. Profits and losses of traders in one market do not affect pools in other markets.","u":"https://docs.gmx.io/docs/providing-liquidity.md","d":"2026-09-28"},"fee_versus_pnl_honesty":{"s":9,"q":"GM token price = (pool value + net pending PnL) / GM totalSupply | The annualized performance APY for GM and GLV tokens measures the excess return compared to a benchmark strategy of holding the underlying tokens in a geometric mean portfolio.","u":"https://docs.gmx.io/docs/providing-liquidity.md","d":"2026-09-28"}},"ostium_olp":{"verifiable_loss_of_record":{"s":7,"q":"Default mainnet GraphQL subgraph endpoint used by @ostium/builder-sdk read methods.","u":"https://docs.ostium.com/developer/builder-api/subgraph.md","d":"2026-09-28"},"pool_protection_mechanism":{"s":8,"q":"If the buffer is fully depleted and additional losses begin drawing on OLP, the vault enters UC state and automatically blocks new deposits.","u":"https://docs.ostium.com/vault/overview.md","d":"2026-09-28"},"loss_waterfall_and_exit_price":{"s":5,"q":"The subordination covers trading losses and operational challenges with offchain hedging. OLP capital is held onchain in the protocol's vault, so a security event affecting onchain funds is borne first by onchain capital, including OLP. OLP deposits are not insured.","u":"https://docs.ostium.com/protocol/how-ostium-works.md","d":"2026-09-28"},"fee_versus_pnl_honesty":{"s":8,"q":"Every trade opened on Ostium pays an opening fee, and 30% of that fee flows to OLP holders at each daily settlement. There is no share of trader PnL, no rollover fees accruing to OLP, and no conditional state-based accrual. | Pre-upgrade, OLP APR ranged from approximately -4% to +50%","u":"https://docs.ostium.com/vault/reference/olp-token.md","d":"2026-09-28"}},"gains_gtoken_vaults":{"verifiable_loss_of_record":{"s":6,"q":"accPnlPerTokenUsed`: a snapshotted accumulator value of trader PnL from all closed trades and a snapshot of open trades from the end of the previous epoch. This value changes every epoch and can move in either direction.","u":"https://docs.gains.trade/liquidity-farming-pools/gtoken-vaults.md","d":"2026-09-28"},"pool_protection_mechanism":{"s":7,"q":"maxGainP: 1000000, // deprecated; Maximum PNL % is no longer enforced","u":"https://docs.gains.trade/developer/integrators/backend.md","d":"2026-09-28"},"loss_waterfall_and_exit_price":{"s":6,"q":"What determines when I can withdraw my funds? | Depending on the ratio, you can withdraw your funds in 1 (ratio > 120%), 2 (> 110%), or 3 epochs.","u":"https://docs.gains.trade/liquidity-farming-pools/gtoken-vaults/staker-faq.md","d":"2026-09-28"},"fee_versus_pnl_honesty":{"s":6,"q":"Vault (Liquidity Providers): 15% for underwriting trades | Governance (DAO): 76% for protocol operations and incentives | Trigger Keepers: 4%","u":"https://docs.gains.trade/gtrade-leveraged-trading/fees-and-spread.md","d":"2026-09-28"}},"jupiter_jlp":{"verifiable_loss_of_record":{"s":6,"q":"Virtual Price = Total JLP Pool Assets (USD) / Total JLP Supply | The virtual price is the baseline value of JLP derived from the pool's onchain state. It reflects the pool's actual asset value per token.","u":"https://docs.jup.ag/user-docs/earn/jlp/earn","d":"2026-09-28"},"pool_protection_mechanism":{"s":3,"q":"On the JLP markets (SOL, ETH, wBTC), limit orders cannot be created when the selected market's utilization exceeds 80%.","u":"https://docs.jup.ag/user-docs/trade/perps/faq.md","d":"2026-09-28"},"loss_waterfall_and_exit_price":{"s":6,"q":"Trader PnL — when traders are profitable, their gains are paid from the pool. When traders lose, those losses are added to the pool.","u":"https://docs.jup.ag/user-docs/earn/jlp/earn","d":"2026-09-28"},"fee_versus_pnl_honesty":{"s":9,"q":"The APY displayed on the Earn page is denominated in USD and reflects only the 75% of Perps fees distributed to LPs. It does not include the appreciation or depreciation of the underlying assets (SOL, ETH, wBTC) or the impact of trader PnL.","u":"https://docs.jup.ag/user-docs/earn/jlp/earn","d":"2026-09-28"}},"velocity_insurance_fund":{"verifiable_loss_of_record":{"s":5,"q":"The service is live at https://data.velocity.exchange and every path below is relative to that host. | The spec declares no security scheme, and no API key exists.","u":"https://docs.velocity.exchange/developers/data-api","d":"2026-09-28"},"pool_protection_mechanism":{"s":8,"q":"The shared vault is capped by tier at $100,000,000 for A, $1,000,000 for B, $100,000 for C and $0 for Speculative, Highly Speculative and Isolated alike, so a market on those three tiers draws nothing from it, ever.","u":"https://docs.velocity.exchange/protocol/risk-and-safety/risks","d":"2026-09-28"},"loss_waterfall_and_exit_price":{"s":3,"q":"Staked principal is what pays when a position in the market goes bankrupt, and a large enough draw can reduce it. | Gains after a request do not reach the staker. Losses after it do.","u":"https://docs.velocity.exchange/protocol/insurance-fund/insurance-fund-staking","d":"2026-09-28"},"fee_versus_pnl_honesty":{"s":6,"q":"The insurance fund's share of the remainder, admin-set and 15% on mainnet today | The remainder split drawn here is mainnet's live configuration, an AMM and insurance share of 15% each against a residual 70% to the protocol, not the program's compiled defaults.","u":"https://docs.velocity.exchange/protocol/trading/trading-fees","d":"2026-09-28"}},"hyperliquid_hlp":{"verifiable_loss_of_record":{"s":7,"q":"You can click on a specific vault to see more information, such as pnl, max drawdown, volume, open positions, and trade history.","u":"https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/vaults/for-vault-depositors-legacy.md","d":"2026-09-28"},"pool_protection_mechanism":{"s":6,"q":"Validators vote on whether to delist validator-operated perps. If validators vote to delist an asset, the perps will settle to the 1 hour time weighted spot oracle price before the scheduled delisting voting time. | When an asset is delisted, all positions are settled and open orders are cancelled.","u":"https://hyperliquid.gitbook.io/hyperliquid-docs/trading/delisting.md","d":"2026-09-28"},"loss_waterfall_and_exit_price":{"s":2,"q":"The deposit lock-up period is 4 days. This means you can withdraw 4 days after your most recent deposit.","u":"https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/vaults/protocol-vaults.md","d":"2026-09-28"},"fee_versus_pnl_honesty":{"s":2,"q":"Hyperliquidity Provider (HLP) is a protocol vault that provides liquidity to Hyperliquid through multiple market making strategies, performs liquidations, supplies USDC in Earn, and accrues a portion of trading fees.","u":"https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/vaults/protocol-vaults.md","d":"2026-09-28"}},"dydx_megavault":{"verifiable_loss_of_record":{"s":5,"q":"MegaVault has no track record and any historical performance is not indicative of future performance, or actual results. | The APR reflects past 90 day performance of the MegaVault, and is not an indicator of future performance.","u":"https://help.dydx.trade/en/articles/240151-megavault-faq","d":"2026-09-28"},"pool_protection_mechanism":{"s":6,"q":"If an account’s value turns negative, deleveraging occurs immediately against randomly chosen offsetting positions, which may reduce the expected profits of offsetting accounts. | once an account balance turns negative, deleveraging occurs immediately without using the insurance fund","u":"https://help.dydx.trade/en/articles/166973-contract-loss-mechanisms-on-dydx-chain","d":"2026-09-28"},"loss_waterfall_and_exit_price":{"s":2,"q":"Slippage is a fee that you pay when you remove your funds and thereby cause the MegaVault to increase leverage. | A removes 50k, A would pay 100% slippage fee and receive $0 | C is the final party to remove funds, C removes 20k and would pay 100% slippage fee and receive $0","u":"https://help.dydx.trade/en/articles/240151-megavault-faq","d":"2026-09-28"},"fee_versus_pnl_honesty":{"s":2,"q":"Returns may be generated by positive PnL on sub-vault positions, funding rate payments, trading fee revenue share or other protocol incentives devised by the community. | MegaVault is likely to take positions in sub-vaults that are making losses.","u":"https://help.dydx.trade/en/articles/240151-megavault-faq","d":"2026-09-28"}},"aster_alp":{"verifiable_loss_of_record":{"s":1,"q":"ALP's net asset value (NAV) moves with the pool's overall profit and loss. This means ALP price can rise or fall depending on trading activity and market conditions.","u":"https://docs.asterdex.com/earn/overview/aster-alp.md","d":"2026-09-28"},"pool_protection_mechanism":{"s":6,"q":"The funding rate helps balance long and short positions on 1001x. It protects the ALP from excessive risk exposure and reduces the pool’s exposure to large open positions.","u":"https://docs.asterdex.com/trading/1001x/fees-and-slippage.md","d":"2026-09-28"},"loss_waterfall_and_exit_price":{"s":2,"q":"The maximum amount you can burn at any time is capped based on available pool liquidity: | Max burnable ALP = (Pool value − Your position value) × 50% ÷ ALP market price | If a specific asset (e.g.","u":"https://docs.asterdex.com/earn/overview/aster-alp/how-to-burn-alp.md","d":"2026-09-28"},"fee_versus_pnl_honesty":{"s":2,"q":"All yield is automatically reflected in ALP's NAV — your token value grows as the pool earns. | ALP's share of market-making profit from Simple Mode trading activity. | Protocol fees collected on trades.","u":"https://docs.asterdex.com/earn/overview/aster-alp.md","d":"2026-09-28"}}}}