Vaults
Market making, pooled.
Two ways to sit on the other side of the perpetuals book: the community-owned afLP vault, or any curator's vault. Fees, locks, and market limits are ceilings the contract enforces, not policies a team promises.
- Max curator fee
- 20% of profits
- Max lock
- 60 days
- Max force-withdrawal delay
- 1 day
- Min deposit
- $1
- Max markets per vault
- 12
- Max pending orders
- 70 per position
afLP vault
The community-owned market maker
The afLP vault quotes into the Aftermath perpetuals book on behalf of everyone who deposits into it. Its returns come from two places: the trading fees the vault earns as a maker, and the profit or loss of the market-making itself.
Deposits carry a 4-day lock-up. A withdrawal request that has sat idle for one day can be forced through, so the exit path is bounded rather than discretionary.
- Ownership
- Community-owned
- Return sources
- Trading fees + market-making PnL
- Lock-up
- 4 days
- Force withdraw
- After 1 idle day
Lifecycle
How a permissionless vault runs
Vault creation is permissionless. What a curator can and cannot do is decided by the contract before a depositor ever arrives.
A curator opens the vault
A curator opens a vault and locks their own liquidity into it — at least $1, and permanent for as long as the vault operates. There is no close-vault function, so a curator cannot wind the vault up and walk away with that stake.
Terms are set within contract limits
The curator sets the profit share, the lock, and the force-withdrawal delay, inside the protocol's limits: at most 20% of profits, at most a 60-day lock, and at most a 1-day force-withdrawal delay. Those ceilings are enforced by the contract.
Depositors receive LP tokens
Depositors add capital from $1 up and receive LP tokens representing their share of the vault. The tokens track the vault's value, not a fixed rate.
The strategy trades the book
The curator runs a market-making strategy on the pooled capital against the Aftermath perpetuals book, across at most 12 markets, with at most 70 pending orders per position.
Fees are charged on profits only
The curator's fee applies to profits only, so a flat or losing period pays the curator nothing. Everything else accrues to LP token holders.
Withdraw, or force the withdrawal
Withdrawals clear once the vault's lock has elapsed. If a withdrawal request sits idle past the vault's force-withdrawal delay, it can be forced through — the delay itself can never exceed one day.
Limits
What the protocol enforces
Every one of these is a hard ceiling in the vault contracts. A curator can choose stricter terms, never looser ones.
| Parameter | Maximum | Note |
|---|---|---|
| Curator fee | 20% of profits | Charged on profits only, never on principal |
| Lock-up | 60 days | Protocol ceiling; a curator may choose less |
| Force-withdrawal delay | 1 day | After which an idle withdrawal request can be forced |
| Minimum deposit | $1 | Deposits are not gated by size |
| Minimum curator liquidity | $1 | Locked for as long as the vault operates |
| Markets per vault | 12 | The strategy's market set is bounded onchain |
| Pending orders per position | 70 | Bounds the open order count a position can carry |
Two sides
Deposit into one, or run one
For depositors
Deposit into a strategy someone else runs and hold LP tokens against it. Returns come from trading fees and the strategy's market-making PnL, and the lock and force-withdrawal delay are visible before you deposit.
- Deposit from $1
- LP tokens track the vault's value
- Curator fee is capped at 20% of profits
For curators
Run your own strategy on pooled capital. Vault creation is permissionless: you set the fee, the lock, and the force-withdrawal delay within the protocol limits, and you commit your own locked liquidity alongside depositors.
- Lock your own liquidity first
- Trade up to 12 markets
- Earn on profits only
A vault is a trading strategy with your money in it.
The contract bounds what a curator can charge and how long they can hold a withdrawal. It cannot bound whether the strategy works.
Risks
Four named risks
Strategy risk
The strategy can lose money. A market-making book is not a yield product with a floor.
Market risk
Market moves can go against the vault's inventory faster than the strategy can requote.
Smart contract risk
Vault capital sits in smart contracts, and contracts can contain defects.
Curator risk
You are trusting a curator's judgement within the limits the contract enforces.
FAQ
Frequently asked questions
Provide the other side.
Browse the afLP vault and every curator vault, with their fee, lock, and market set stated up front.