Vault
One shared USDC vault is the counterparty to every trade.
Where the liquidity comes from
The house vault, the counterparty to every trade, is funded by the token's dev wallets:
- USDC top-ups: USDC sent by a listed dev wallet is credited as house liquidity, not as that wallet's trading balance.
- HYPE top-ups: 0.5 HYPE or more from a dev wallet is swapped to USDC automatically and credited as house liquidity (the vault keeps 0.1 HYPE for gas). Smaller amounts top up the vault's gas.
One-way: neither the dev wallets nor the operator can withdraw it. It only leaves the vault to pay traders' winnings.
| Dev wallet | Contributed | Deposits | Last deposit |
|---|---|---|---|
| Loading… | |||
All dev wallets are also listed on the Docs → Addresses page.
Proof of reserves
| House balance Deposits + fees + trader losses − profits paid | — |
| Collateral held Locked in open positions (traders’ money) | — |
| User balances Free trading balances (traders’ money) | — |
| Pending withdrawals Debited, being paid out on-chain | — |
| Total | — |
Open interest by market
How the vault works
This is custodial. Deposited USDC sits in a vault wallet whose key is held by the Zephyr server. Trading rules (fees, leverage, liquidations, the 300% profit cap) are enforced by the server's engine and ledger, not by an on-chain program. You are trusting the operator.
One-way for house money. There is no admin withdrawal path in the engine: house USDC only leaves the vault to pay traders (withdrawals of their balances, which include returned collateral and capped profits). House liquidity comes from the token's dev wallets (direct USDC top-ups), plus trading fees and losing positions.
Check it yourself. The on-chain USDC balance above is read live from Elysium and compared with everything the engine owes. Every house deposit below links to its transaction on the Elysium explorer.