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The Odyssey

The vault

The vault is the other side of every trade. Liquidity providers deposit WHYPE and receive oHYPE, the vault’s shares.

What the vault earns

  • Trader losses and the margin of liquidated positions.
  • Half of every opening and closing fee.
  • The 1% liquidation fee.
  • The borrow fee every position pays, and the share of funding the vault keeps.

What it pays

The profits of winning traders. A winner’s equity is capped at 5x its margin, and every market’s exposure is limited (see Price and limits), but the vault can lose: when traders win more than they lose, the share price falls.

Deposit and withdraw

  • Deposit WHYPE on the vault page. You can deposit only for yourself.
  • Lock: each deposit locks all your shares for 24 hours. Locked shares cannot be withdrawn or transferred. The lock stops anyone from stepping in and out around a payout they can see coming.
  • Withdraw after the lock, at the current share price.

Know before you deposit

Payouts to winners come out of the vault’s balance as positions close, first come, first served; they are not reserved. If liquidity providers withdraw heavily while traders are winning, a winner who closes late can be paid less than their equity. This is a known, disclosed design choice; see Risks.