Strategy Vaults

What a basket is

Opening a leveraged position yourself means picking one market, one collateral and one leverage, and then watching it. A basket does that several times over from a single deposit: it splits your money across a set of positions, opens each one, and rebalances them as rates move.

Each position in the basket is called a leg. A leg names the collateral it holds, the leverage it aims for, and a limit on how much of the basket it is allowed to become.

Why the legs are chosen the way they are

The point of a basket is not more positions, it is positions that fail for different reasons. Collateral that earns from perpetual funding, collateral that earns a governance-set savings rate, collateral backed by private credit and collateral backed by treasury bills all pay yield, but a bad week for funding rates is not a bad week for treasury bills.

cluster

What actually drives the yield of a leg: funding, a set rate, an anchor asset, restaking, or plain liquid staking.

cluster cap

A ceiling on how much of the basket may sit in any one of those. It is what stops a single regime change draining the whole thing.

per-market cap

A ceiling on any single leg, so no one market can dominate even inside a healthy cluster.

anchor

On some baskets, one deep and well-understood collateral the rest is measured against.

Where each leg is opened

A leg names the collateral, not the venue. The engine picks the market to open it in by looking at every lending venue DeVOLT reads and taking the best risk-adjusted one available at the time. The card for each basket shows which venue won each leg, so the choice is visible rather than implied.

It also limits how much of a market’s spare liquidity a leg may consume. A position large enough to move the borrow rate it is paying makes its own returns worse, and a basket that ignored that would report a yield it could not achieve at the size it was actually deploying.

What a vault charges

A Strategy Vault takes 15% of the profit it makes, and nothing else. There is no charge to deposit, no charge to withdraw, and no annual charge on the balance.

It is measured against a high-water mark: the vault records the highest value a share has ever reached, and takes its share only of gains above that. If the vault loses value and then recovers, nothing is charged on the way back up. You are not charged twice for the same profit.

The leverage inside a vault still pays the ordinary costs of opening a position, because a vault opens positions the same way you would. Those are in the chapter on what it costs.

Rebalancing

Rates move, so the split drifts away from what the basket intended. Rebalancing is only worth doing when the drift is big enough to pay for the transactions it takes, so the vault waits for the combined drift across all legs to cross a threshold rather than correcting constantly.