Fees + Redemption Period
Rates below are read from the vault contract, which is authoritative. Last verified 2026-08-12.
| Rate | |
|---|---|
| Management fee | 1.00%, 100 bps annual |
| Performance fee | 20%, 2000 bps, above the high-water mark |
| Deposit fee | None |
| Withdrawal fee | None |
| Redemption cooldown | 7 days |
| Fee-change cooldown, onchain | 24 hours |
Verify:
cast call --rpc-url https://rpc.hyperliquid.xyz/evm \
0xe6b30da13c2c97aacd8ba3df4e97977725847fca "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
⚠️ Redemptions carry a 7 day cooldown.
After the cooldown, the redemption waits for the next settlement before it can be claimed, because shares are priced at settlement. In normal operation that is same-day.
The 7 day redemption cooldown and the 24 hour fee-change cooldown are unrelated parameters.
Separately managed accounts
SMA fee terms are negotiated per mandate and are not the schedule above. See Separately Managed Accounts.