Everything about Convexity, in one page.

Convexity is a marketplace of curated quant strategies on Hyperliquid's EVM layer. Every strategy is run by an allowlisted operator and wrapped inside an open-source ERC-4626 vault contract. Depositors send USDC, receive a transferable share token, and verify every position on-chain in real time.

We don't custody, route to off-chain venues, or aggregate values server-side. The leaderboard you see is the registry. The NAV you see is the contract's pricePerShare(). Everything you can compute, you can verify.

The depositor flow is intentionally short:

1. Browse the markets. Sort by APY, Sharpe, or TVL. Filter by risk tier. Click any vault for the full diligence page.
2. Connect a wallet. Any HyperEVM-compatible wallet — MetaMask, Rabby, Coinbase, Frame, Ledger, Safe, or any WalletConnect app.
3. Deposit USDC. One transaction. We use EIP-2612 permit so deposit + approve land in a single signature.
4. Redeem on the published SLA. Each vault publishes a max-settlement-delay (typically 1–7 days). You queue a redeem; the operator unwinds inside the window; you claim USDC.

New to wallets? See the deposit guide for the bridge + CEX paths.

An operator is a trading desk approved to run vaults on Convexity. The allowlist is small and curated; we maintain it to keep the LP-side experience trustworthy.

What you can do:

• Place orders on HyperCore (CoreWriter), within the strategy contract's rules
• Bridge USDC between HyperEVM and HyperCore on the vault's behalf
• Call strategy-specific maintenance functions (rebalance, pushYield, etc.)
• Charge the published performance + management fees (with high-water mark)

What you can't do:

• Withdraw user funds — redemptions flow back to depositors only
• Change fees after vault deploy
• Pause deposits without an emergency notice on-chain

Want to operate? Apply at institutional → operators. We respond within one business day.

Every vault publishes its fee schedule on the vault detail page. The model:

• Performance fee — typically 10–20% of profit above the high-water mark
• Management fee — typically 0.5–1.0% annualized, charged per epoch
• Deposit fee — never. Convexity only charges on profit

Of the fees collected, 80% goes to the operator and 20% to the Convexity treasury. The split is immutable, set at vault deployment.

Convexity uses an asynchronous redemption queue. You don't pull funds instantly because real strategies need time to unwind positions cleanly. Trying to force instant exits would create death-spiral incentives during stress.

Each vault publishes a max-settlement-delay SLA (e.g. 1 day for lending vaults, up to 7 days for delta-neutral books). On queue: you burn shares, the contract locks the equivalent USDC into a pending bucket. After the SLA elapses you call settle() to claim.

The operator can settle you earlier — but never later than the SLA. If they breach the SLA, the contract enables emergency unwind on their behalf and the operator is removed from the allowlist.

Smart-contract risk

Every vault is upgrade-frozen post-audit. Code is open-source and verified on the explorer. An exploit in the base vault would affect every strategy that inherits it.

Operator risk

Operators cannot withdraw user funds but they CAN take on positions that lose money. The maximum loss is bounded by available collateral on each leg. Each vault page lists the operator's allowlist tier + audited track record.

HyperEVM / HyperCore risk

Strategies that bridge to HyperCore (DN, tokenized HLP) depend on the HL bridge + CoreWriter availability. A Hyperliquid outage delays settlement on those vaults.

Strategy-specific risk

DN funding can flip negative for extended periods. Tokenized HLP inherits HLP's queue + drawdown risk. CL-AMM positions accrue impermanent loss when price exits the range. Each vault's detail page lists scenarios.

Every value the UI displays comes from a contract read. We expose those reads explicitly on the vault detail → Verify tab, which shows the exact function name, the raw + human-readable result, and reproducible cast call + viem snippets.

You never have to trust us. You read the chain.

Mainnet deployments are listed in DEPLOYMENTS.md. The repo also contains the full source, tests (189 Solidity + 72 Python — all green), and audit prep brief.

Repo: github.com/harmankumar/vault