Vault
How Individuals market vaults work. Deposits, shares, bonding, refunds, and fee distribution.
Each Individuals market has a dedicated on-chain vault, deployed when the quant team approves a proposal. The vault custodies backer capital during bonding, mints vault shares, receives the deployer fee share post-launch, and pays it out to shareholders.
Parameters
A vault is initialised with:
- Deposit token. A whitelisted stablecoin (pUSD on testnet).
- Total target. Sum of the ticker cost (sized against the live HIP-3 deploy auction price) and seed liquidity (20% of the proposed OI cap).
- Deadline. The bonding-window cutoff. Default 7 days; admin-selectable at approval to 1 hour, 24 hours, or 168 hours.
- Proposer. The wallet that submitted the proposal. Records the recipient of the proposer's 10% share at bond time.
Deposits and shares
During the bonding window, backers deposit stablecoin and receive vault shares pro-rata to their deposit. A full raise mints 1,000,000 shares to backers in total. Deposits revert past the total target; the vault cannot oversubscribe.
Shares are ERC20 tokens named Vault: <TICKER> with symbol vlt<TICKER>.
They are non-transferable at launch; transfers can be enabled
post-bond on a per-market basis as a one-way switch.
Bonding
When the total target is reached, Perps.fun bonds the vault within a one-day grace window after the deadline. Bonding mints the proposer 10% of the total share supply, locks the vault against further deposits, and authorises withdrawal of the raised capital to the Perps.fun deployer wallet for HIP-3 ticker acquisition.
A bonded vault contains backer shares (90% of supply) and the proposer's slice (10%). Every shareholder earns from the same fee stream pro-rata.
Refunds
If the vault does not reach its target by the deadline, backers can refund their full deposits after the grace window expires. The contract also opens refunds if Perps.fun cancels the vault before bonding (an operational safeguard, used rarely).
Refunds are pull-based: a refund call credits the backer's pending balance on the vault, and the backer then withdraws to any destination address. The two-step pattern keeps refunds resistant to stablecoin blacklist behaviour.
Fee distribution
After launch, Perps.fun pushes the deployer fee share Hyperliquid pays us into the vault on a quarterly cadence. Each push increments a global reward-per-share accumulator, so every shareholder earns proportional to their holdings at the moment of the push.
Shareholders claim accrued fees on the vault and then withdraw the balance to any destination address. The same pull-based pattern as refunds applies: claim first, withdraw separately.
The vault page on app.perps.fun surfaces total fees received, the current claimable balance for the connected wallet, and the claim and withdraw controls.
Next
Going live covers what happens after a vault hits its target. Fees and revenue covers the full fee path from Hyperliquid through the vault.