Vaults
Deposit USDC into PLP vaults that take the other side of every trade and earn fees, funding and trader losses.
The three vaults
| Vault | Pair | What it does |
|---|---|---|
| PLP-USDC | USDC / PURR | Purrpetual Liquidity Provision. Counterparty to every trade on the exchange. |
| PLP-HYPE | HYPE / PURR | HYPE-denominated liquidity for HYPE and long-tail markets. Higher yield, higher variance. |
| Cat Treasury | PURR / USDC | Protocol treasury strategy. Buys back PURR with a share of protocol revenue and stakes it. |
Each vault page shows APY, TVL and total revenue, a chart switchable between TVL, APY and revenue over 1D, 1W, 1M or ALL, and your position.
Deposit and receive PLP
Deposits convert USDC into vault shares (PLP) at the vault's current rate. The Receive field shows the exact PLP you get before you confirm.
| Field | Type | Description |
|---|---|---|
| deposit | USDC | Taken from your free balance. Cannot exceed it. |
| rate | PLP per USDC = 0.9804 | Set by the vault's net asset value. Moves as the vault earns or loses. |
| receive | PLP | deposit × rate. |
| lock-up | days = 4 | Minimum time before a redeem request can be claimed. |
| deposit fee | % = 0.00% | No fee on deposit. |
- Choose a vaultTabs at the top of the page switch between PLP-USDC, PLP-HYPE and Cat Treasury.
- Enter an amountMax fills the field from your free USDC.
- ConfirmThe button reads the exact amount, e.g. "Deposit 5,000 USDC". TVL updates immediately.
Redeem requests
Switch the form to Redeem, enter PLP, and a request is queued. The request appears in Redeem Requests with a progress bar and a countdown. Once the lock-up has elapsed the row reads "Ready to redeem" and the button claims USDC into your free balance at the rate at request time.
How the vault earns
- Deposit USDC and receive PLP
- The vault is the counterparty to every trade on PurrpetualWhen traders lose, the vault gains, and the reverse.
- Fees, funding and trader losses accrue to PLP holdersThe share price rises as revenue accrues, so PLP redeems for more USDC over time.
Est. Earnings on the position card is a 30-day projection at the current APY on your redeemable value. It is an estimate, not a guarantee.