Fees + Redemption Period
Rates below are read from the vault contract, which is authoritative. Last verified 2026-10-06.
| Rate | |
|---|---|
| Management fee | 1.00%, 100 bps annual |
| Performance fee | 20%, 2000 bps, above the high-water mark |
| Deposit fee | None |
| Withdrawal fee | None |
| Withdrawals | Paid once per day, at 12:00 UTC |
| Fee-change cooldown, onchain | 24 hours |
Verify:
cast call --rpc-url https://rpc.hyperliquid.xyz/evm \
0xf38760cf03B1271746BDC4628E811D8e9c4eB09e "feeRates()(uint16,uint16)"
# 100 2000
A rate change requires an owner transaction and takes effect after the 24 hour onchain cooldown, so a pending change is visible before it applies.
How fees are taken
Fees are not deducted from a balance. They are minted as new shares to the fee receiver at settlement, which dilutes every existing holder in proportion.
Management fee. Accrues on assets under management, pro-rated by the time since the last settlement. A vault settling once a day takes it once a day.
Performance fee. Charged on gains above the high-water mark, so the same gain is never charged twice. If the share price falls and recovers, no performance fee is taken until it passes its previous peak.
Lagoon takes a protocol cut of 1000 bps on the performance fee. That comes out of our 20%, not on top of it.
Because each settlement takes fees and ratchets the high-water mark upward, the curator settles once per UTC day rather than on every cycle. See How They Work.
Redemption period
⚠️ Withdrawals are paid once per day, at 12:00 UTC.
A request made before 08:00 UTC is paid the same day, a later request at 12:00 UTC the next day. The redemption waits for that settlement before it can be claimed, because shares are priced at settlement. How They Work explains why the close is fixed.
The daily withdrawal window and the 24 hour fee-change cooldown are unrelated.
Separately managed accounts
SMA fee terms are negotiated per mandate and are not the schedule above. See Separately Managed Accounts.