How They Work
Etesia Strategy Vaults are the layer that connects your deposit to the strategy. This page explains how deposits and redemptions work, and what happens to your capital between the two.
What the curator can and cannot do
You deposit on HyperEVM. Behind the vault, capital is deployed to Hyperliquid, where the strategy trades perpetuals and spot.
The trading key is registered as an agent of the Safe. It can place and cancel orders on the Safe's venue account. It cannot withdraw from the venue.
Proposing a valuation and acting on it are two separate permissions held by two separate keys: the valuation manager proposes a NAV and cannot settle, the curator settles a NAV that was already proposed. For the full breakdown, see Vault Protections.
Depositing
1. Connect your wallet Connect a wallet holding USDC on HyperEVM, plus a small balance of the chain's gas token. Use the canonical USDC contract listed on Contract Addresses; bridged USDC from another contract is not accepted.
2. Submit a deposit request Your USDC leaves your wallet and is held by the vault's silo contract until the next settlement.
⚠️ Between the request and settlement your capital is not in the strategy. It is not earning and it is not exposed to the strategy's positions.
There is no minimum deposit and no allowlist on the public vault.
3. Shares are issued at settlement At settlement the vault fixes a share price from the NAV computed for that moment and mints your shares against it. You then claim them; some interfaces do this for you on your next interaction. Your share price moves with the strategy from that point forward.
Why settlement is not instant
The vault holds open perpetual positions. Its net asset value cannot be read in a single contract call the way an AMM pool balance can: it has to be computed from spot balances, unrealised PnL across every venue the strategy touches, and idle stablecoins on two layers.
Minting or burning shares against a stale valuation would transfer value between the person transacting and everyone already in the vault. So the vault prices shares only at a settlement, from a NAV computed and checked for that moment.
While your capital is deployed
The curator service runs a cycle every 5 minutes. It computes NAV as spot balances plus unrealised PnL across every dex plus Safe and vault USDC on HyperEVM, runs the sanity guards, and bridges USDC between HyperEVM and HyperCore as the book requires.
It settles when a deposit or redemption is pending, and otherwise once per UTC day. Settling more often would cost holders money: each settlement takes management and performance fees and ratchets the high-water mark upward.
The vault is configured so that a proposed NAV never applies on its own. It only takes effect through an explicit settlement.
Withdrawing
1. Submit a redemption request For some or all of your shares.
⚠️ The Multistrat vault applies a 7 day redemption cooldown before your request can settle.
2. Redemption period After the cooldown, the request waits for the next settlement, because shares are priced at settlement. In normal operation that is same-day.
3. Funds return to your wallet You claim USDC and your shares are burned.
Terms are in the vault's details in the app and on Fees + Redemption Period.
If our backend is offline
Your assets stay in the vault and nothing moves. Settlement stops, because pricing shares requires a NAV push, so redemption requests queue until service resumes.
The redemption path is onchain. The pricing that makes it executable is not.