USDC Perp Vault

Summary

Ticker: perpUSDC Underlying venue(s): Lighter, HyperLiquid, edgeX, Defx Underlying product(s): llpUSDC, hlpUSDC, elpUSDT, dlpUSDC Base asset: USDC Vault type: Multi-venue perp vault

Short description

A tokenised vault for USDC supplied across multiple perp DEX LP vaults, giving depositors automated access to LP fees, funding, and incentives from leading perp markets in a single composable asset, with discretionary allocation between venues.

Description

Unlike a single-venue LP wrapper, this vault is discretionary: Axtior actively monitors market structure, LP performance, funding regimes, liquidity conditions, and venue-specific risks. Within a defined risk envelope, the curator can rotate capital from one LP vault to another, reduce exposure, or pause allocations to optimize risk-adjusted returns and respond to changing market regimes.

Because perpUSDC is a standard ERC-20, it can be transferred, used as collateral (where supported), or integrated across DeFi while continuing to track the performance of the vault’s underlying multi-venue LP strategy.

1. How the Vault Works

1.1 Deposits and Shares

• You deposit USDC into the USDC Perp Vault.

• The vault mints perpUSDC to your address.

• The number of perpUSDC you receive represents your pro-rata claim on the vault’s assets and PnL.

• Over time, the value of 1 perpUSDC (in USDC terms) floats based on the net performance of the underlying multi-venue LP positions (after vault fees).

1.2 Discretionary Routing Across LP Venues

The vault aggregates deposits and deploys USDC into a strategy-selected mix of underlying LP vaults, which may include:

• Lighter LLP (via llpUSDC)

• HyperLiquid HLP (via hlpUSDC)

• edgeX eLP (via elpUSDC)

• Defx DLP (via dlpUSDC)

The allocation is not fixed. The curator may shift weightings as conditions change.

Yield sources across venues typically include:

• Trading fees generated on perp markets

• Net funding captured by LP pools

• Protocol incentives (if active)

• Venue-specific rebates or programs

1.3 Rebalancing & Risk Controls

Axtior monitors, at both venue and portfolio levels:

• LP PnL, drawdowns, and volatility

• Funding and volume dynamics

• Market concentration and risk exposure of each LP pool

• Liquidity conditions and redemption mechanics

• Venue operational, governance, and smart contract risk

Within the defined risk envelope, the curator may:

• Rotate capital between LP vaults to improve risk-adjusted returns

• Reduce or pause exposure to a venue during unfavorable regimes

• Enforce TVL caps per venue

• Maintain diversification thresholds

• Hold a small USDC buffer for liquidity management (where applicable)

2. Yield Model

The vault’s return profile is driven primarily by:

• LP fees: A share of taker fees paid by perp traders across supported venues.

• Funding: Net funding flows between longs and shorts captured by underlying LP pools.

• Incentives: Any additional token rewards, fee rebates, or promotional programs.

The perpUSDC share price reflects net performance after:

• Venue-level fees and LP mechanics

• Allocation and rebalancing impacts

• Strategy-level fees defined for the vault

• Realised gains or losses from market moves

3. Who Is This Vault For?

This vault is designed for:

• USDC holders who want diversified perp LP yield packaged into a single ERC-20.

• DAOs and treasuries seeking managed multi-venue exposure with cleaner accounting and composability.

• Integrators building structured products that want a basket-style perp LP index with discretionary risk management.

You should be comfortable with:

• Multi-venue perp protocol risk

• LP drawdowns during adverse market regimes

• The curator’s discretionary decision-making

• The possibility of negative periods of performance

4. How to Interact

4.1 Depositing

• Choose the USDC Discretionary Multi-Venue Perp LP Vault in the interface.

• Approve the vault to spend your USDC.

• Deposit USDC and receive perpUSDC.

4.2 Holding & Using perpUSDC

While you hold perpUSDC:

• Your exposure tracks the vault’s actively managed basket of LP positions.

• You can transfer perpUSDC, use it as collateral where supported, or integrate it into other DeFi strategies.

4.3 Redeeming

• Initiate redemption of perpUSDC for USDC.

• The vault unwinds the corresponding pro-rata exposures across underlying LP venues (subject to each venue’s mechanics).

• You receive USDC based on your share of the vault assets at that point in time.