Risk disclosures
What can lose money, plainly
Trading risk. The manager trades with leverage on volatile markets. You can lose money, up to your entire deposit. This is the core risk and it is not mitigated by code.
Manager self-dealing. A manager could trade against the vault on the other side of the book. The protocol's answer is market curation — deep, liquid venues where self-crossing must fight real order flow — plus full on-chain visibility of every trade. It is disclosed risk, not a code guarantee.
Builder-dex (HIP-3) markets. Curated builder perps can be thinner than native markets. Positions there are isolated-margin by exchange design, bounding each position's loss to its allocated margin.
Illiquid exits. Withdrawals above the instant cap depend on the queue being serviced (or force-resolved after the timeout). In stressed conditions, exit takes up to the queue timeout.
Platform risk. Contracts are live on Hyperliquid mainnet and have not yet had an external audit — an external audit is pending. Treat smart-contract risk as real. Hyperliquid itself, its oracle and liquidation mechanics, are a dependency of every vault.