# Vaults

Vaults are a permissionless liquidity primitive built completely onchain and integrated directly into Aftermath Perpetuals. They enable curators—whether individual traders, algorithmic market makers, or professional trading firms—to deploy sophisticated strategies using pooled capital, while providing depositors easy access to managed perpetuals trading strategies.

### How Vaults Work

Anyone can create a vault and customize its parameters, including lock periods, fee structures, and metadata. Curators manage the vault's positions across Aftermath Perpetuals markets, executing strategies that may include market making, directional trading, liquidations, and more.

Depositors contribute collateral to a vault and receive LP tokens representing their proportional share. When the vault generates profits, depositors share in the gains minus the curator's fee. Conversely, if the vault incurs losses, depositors bear their share of those losses as well.

### Key Features

**Permissionless Creation.** Anyone can create a vault by locking a minimum amount of collateral and setting their desired parameters. No KYC or prior approval process is required. This entire flow is provided directly on our frontend, meaning you can create your own vault in as little as 5 minutes.

**Flexible Strategies.** Vaults can trade across multiple perpetuals markets, place limit and market orders, manage collateral allocation, and execute liquidations. These actions can be combined to produce any number of onchain trading strategies across Aftermath Perpetuals.

**Transparency.** Vaults are entirely on-chain. All parameters—fee structure, lock periods, force withdrawal delays, curator information—are publicly observable. Every trade, position change, and withdrawal is recorded on-chain, allowing depositors to fully audit vault activity and performance.

**Guaranteed Withdrawals.** After a configurable lock period and force withdrawal delay, depositors can always retrieve their funds—even if the curator becomes unresponsive or malicious.

### Risk Disclosure

**Vaults are not risk-free.** Depositors are exposed to:

* **Strategy Risk**: Vault performance depends entirely on the curator's trading strategy. Past performance does not guarantee future results.
* **Market Risk**: Perpetuals trading is inherently risky. Positions can be liquidated during volatile market conditions.
* **Smart Contract Risk**: While the vault contracts have been designed with security in mind, depositors should understand they are interacting with on-chain smart contracts.
* **Curator Risk**: Curators control how vault funds are deployed. While force withdrawal mechanisms exist, poor strategy execution or malicious behavior can result in losses.

Users should carefully assess a vault's historical performance, curator reputation, and strategy description before depositing.

### Parameters and Limits

{% hint style="info" %}
These parameters are configurable by the protocol and may change after launch.
{% endhint %}

| Parameter                           | Limit             |
| ----------------------------------- | ----------------- |
| Maximum curator fee                 | 20% of profits    |
| Maximum lock period                 | 60 days           |
| Maximum force withdrawal delay      | 1 day             |
| Minimum deposit                     | $1 USD equivalent |
| Minimum curator locked liquidity    | $1 USD equivalent |
| Maximum markets per vault           | 12                |
| Maximum pending orders per position | 70                |


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