Docs vs app — The app shows live state — NAV, allocations, caps, role addresses. These docs explain mechanics, settlement, fees, and how to verify on-chain. Strategy narrative and discretionary methodology stay in the app (Overview); we do not repeat them here.
Where to find what
| Question | Live (app) | Mechanics (docs) |
|---|---|---|
| Current book & weights | Allocations | — |
| Tradable universe & sector caps | Allocations → Sectors | Trading universe |
| Strategy context & risk framing | Overview | Risks & security |
| NAV / share price / TVL | Dashboard | NAV & valuation |
| Epoch schedule & settlement | Vault Details | Epoch & settlement |
| Deposit / redeem steps | app.volta90.trade | Mint & redeem |
| Fees & HWM | Vault Details | Fees |
| Role addresses & contract metadata | Vault Details — Roles | Roles · On-chain data |
| Public marks & activity | Transparency | On-chain data |
System map
Volta90 splits across two domains: a Lagoon async vault on Arbitrum (shares, USDC flows, settlement) and a discretionary book on Hyperliquid (strategy capital, marks). One 3-of-6 curator multisig bridges them for NAV and settlement — it does not place Hyperliquid orders.| Layer | Venue | Role |
|---|---|---|
| LP wallet | Arbitrum | USDC in · VLT90 shares in wallet |
| Lagoon vault | Arbitrum · ERC-7540 async | Whitelist · epoch queues · mint/burn · fee accounting |
| Curator multisig | 3-of-6 Safe | Vault Admin · Valuation Provider · Curator · Whitelist Manager — one on-chain identity, Roles |
| Strategy layer | Hyperliquid | Perps + spot · USDC + positions @ mark → reconciled gross assets |
updateNewTotalAssets and signs settlement on-chain — it holds no Hyperliquid order keys. Settlement batch detail: claimSharesOnBehalf / claimAssetsOnBehalf — see Automatic claims.
Three separate flows
Capital movement, NAV posting, and trade execution are not the same pipeline. Conflating them is the main source of confusion for new LPs.1 — Capital (USDC ↔ VLT90)
Whitelist → approve USDC →requestDeposit queues until epoch close → settlement mints VLT90. Redemptions mirror the path: requestRedeem → burn at closing NAV → USDC claim. No instant mint or exit. Full walkthrough: Mint & redeem · cadence: Epoch & settlement.
2 — NAV (reconciliation → on-chain)
Before each settlement, Volta90 reconciles Hyperliquid balances and open positions with Arbitrum-side cash into one gross-assets figure. The curator multisig posts that total viaupdateNewTotalAssets / settlement calls; Lagoon derives per-share NAV, mint/burn, and fee dilution from protocol rules. Formula and what is included: NAV & valuation.
3 — Trading (off-chain venue)
Order placement and book management run on Hyperliquid — outside Lagoon ABI surface. PnL shows up in the reconciled gross figure at settlement, not as on-chain trade receipts. Discretionary context (regimes, conviction, caps vs live book): Overview · static universe reference: Trading universe.Custody & trust boundaries
VLT90 is a bearer share in your wallet. USDC for pending deposits sits in the Lagoon contract escrow until settlement or cancellation. The operator cannot bypass Lagoon flows to seize shares offline.| Actor / layer | Can do | Cannot do |
|---|---|---|
| LP (whitelisted) | Hold VLT90 · request deposit/redeem · claim USDC after settlement | Instant exit · trade the book · change whitelist |
| Curator multisig | Post closing NAV · settle epoch queues · manage whitelist · vault admin params | Place Hyperliquid orders · pull USDC outside Lagoon rules · seize bearer shares |
| Lagoon contract | Enforce async queues · mint/burn at posted NAV · fee dilution mechanics | Mark positions · choose strategy weights |
| Hyperliquid | Execute strategy · hold perp/spot exposure · supply marks for reconciliation | Mint VLT90 · settle Arbitrum redemptions |
Settlement is source of truth — Closing NAV is produced in Volta90’s stack (RPC, Hyperliquid APIs, human review), then signed on-chain — not an external oracle feed. A stale dashboard or subgraph does not change the value used for settlement. See NAV & valuation and Risks & security.
Async vault (ERC-7540) in brief
Volta90 uses Lagoon’s async pattern (ERC-7540 wrapping ERC-4626): deposits and redemptions are requests batched at a single weekly NAV, not synchronous swaps. That trades instant liquidity for fair batch pricing and operational room to reconcile a two-domain book.- Pending deposit — USDC locked in vault escrow; no yield while queued; cancellable before epoch close
- Pending redemption — shares locked in silo, economically exposed until settlement; cancellable before epoch close (
cancelRequestRedeem, V0.0.6) - Single settlement price — all requests in an epoch clear at the same NAV/share — see Epoch & settlement
Quick reference
| Protocol | Lagoon (ERC-7540 / ERC-4626) — factory deployment, no custom vault bytecode |
| Network | Arbitrum One |
| Share / asset | VLT90 · USDC |
| Execution venue | Hyperliquid perps + spot |
| Access | Invite-only — request whitelist in the app |
| Cadence | Weekly — Monday close at 10:00 UTC (winter) / 09:00 UTC (summer) — one anchor; the UTC hour shifts with DST — detail: Epoch & settlement |
| Fees | 2% mgmt / 20% perf (HWM) — mechanics: Fees |
| Live metadata | Vault Details — Roles · Vault Details |
What Volta90 is not
- Not autonomous AI trading — algorithms surface context; a human validates and sizes every live allocation (Overview)
- Not instant liquidity — async weekly settlement by design; see Mint & redeem
- Not a Chainlink-style oracle vault — closing NAV is internally reconciled and curator-signed; see NAV & valuation
- Not on-chain tactical governance — VLT90 is economic exposure only; protocol roles sit with the multisig — Roles
- Not a static index — weights are discretionary within published caps; live book: Allocations · universe: Trading universe
Suggested reading order
Epoch & settlement
Epoch & settlement — weekly cadence and pending-state rules.
Mint & redeem
Mint & redeem — practical deposit and withdrawal path.
Fees
Fees — management dilution and performance hurdle.
On-chain data
On-chain data — contracts, subgraph, and API surfaces to audit.