Vaults
Automated strategies. Deposit USDC. The vault manages positions for you.
Example: Ares Capital trades at $19 but its assets are worth $19.90 (its NAV, or Net Asset Value). The vault goes long at the discount. If the gap closes, it sells. Past performance does not guarantee future results.
How It Works
- Pick a vault. Each one targets a specific asset.
- Deposit USDC.
- The vault opens positions when discount or premium conditions hit its targets.
- If the gap closes, you earn the spread.
- Withdraw anytime. Your share comes back as USDC.
No monitoring. No orders. No position management.
Strategy Types
Discount capture. The vault goes long when an asset trades below NAV (what the company's real assets are worth per share) by more than its threshold. Holds until the gap narrows. Example: A company's assets are worth $20 per share but it trades at $17. The vault buys. When the price recovers to $19, it sells. On a $10,000 deposit, that $2 move on a $17 entry is roughly an 11.7% return.
Premium decay. The vault shorts when an asset trades above NAV at an unsustainable level. Profits as the premium compresses. Example: A company's assets are worth $15 per share but it trades at $18 (a 20% premium). The vault shorts. When the price falls to $16, it closes. That $2 move is roughly a 11.1% return on the short.
What You See
Each vault shows APY (annualized return based on history), TVL (total USDC deposited by all users), strategy type, current discount of the target asset, and number of depositors.
Risk
NAV impairment. NAV is not guaranteed. If the underlying company takes a real loss and the value of its assets drops permanently, the vault loses too. For example, if a company writes down bad loans and NAV drops from $20 to $17, a discount capture vault that bought at $18 is now underwater. The discount entry provides some buffer but not a guarantee.
Strategy risk. Discounts do not always close. They can widen further. The vault may hold underwater positions.
Fees
No deposit fee. 0.10% withdrawal fee. 10% performance fee on realized profits only.