> For the complete documentation index, see [llms.txt](https://docs.aftermath.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.aftermath.finance/perpetuals/vaults.md).

# Vaults

Permissionless, onchain liquidity management for Aftermath Perpetuals

Vaults are a permissionless liquidity primitive built onchain and integrated into Aftermath Perpetuals. Curators, from individual traders to algorithmic market makers and professional trading firms, run strategies with pooled capital. Depositors get 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. If the vault incurs losses, depositors bear their share of those losses.

### 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. The whole flow is on our frontend, and you can create a 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. Curators can combine these actions into onchain trading strategies across Aftermath Perpetuals.

**Transparency.** Vaults are entirely on-chain. All parameters are publicly observable: fee structure, lock periods, force withdrawal delays, and curator information. Every trade, position change, and withdrawal is recorded on-chain, so depositors can 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                |