On 25 August 2026, Volta90’s share vault moved from Arbitrum to Ethereum. The trading book is the same Hyperliquid strategy you already know. The share token, fee schedule, and high-water mark are new. This note is the short public version of what that means if you hold - or plan to hold - VLT90.
Why we moved
The Arbitrum vault was our proof-of-concept rail: same desk, same risk framework, smaller surface area while we proved operations end to end. Ethereum is where we want the product to live for the next chapter - deeper DeFi adjacency, a cleaner institutional path, and a fee schedule that matches how we want to run the fund going forward.
The strategy did not restart from zero. Capital and risk still sit on the same Hyperliquid trading wallets. What restarted is the share layer: a new Lagoon vault on Ethereum mainnet, with a fresh supply of VLT90 shares.
- New vault (Ethereum):
0x10dBAf26e61db145C9aF764fcD3bdD3993e3cE8A - Legacy vault (Arbitrum):
0x9e6de1f581d63129aF453fe1ea7253b280B4dcA8- deprecated; kept for historical reference only. The public app and all live subscriptions / redemptions point at Ethereum
Fee structure: what changed
| Arbitrum (legacy) | Ethereum (current) | |
|---|---|---|
| Management fee | 2% / year | 0% |
| Performance fee | 20% | 20% (unchanged) |
| Entry fee | None | None |
| Exit fee | None | 2% on redeem |
Three takeaways:
- No management fee. We dropped the 2% annual drag. Alignment is through performance, not a standing AUM charge.
- Performance fee stays at 20%, still measured on the vault’s global price-per-share (PPS), subject to the high-water mark below.
- Exit fee is new. Redemptions on the Ethereum vault carry a 2% exit fee on-chain. Under product terms, that 2% is refunded to you if you hold more than three months; if you exit earlier, it accrues to the curator. There is still no entry fee.
Weekly settlement, async Lagoon deposits and redeems, and whitelist access are unchanged in spirit - you still subscribe and redeem in USDC against the weekly epoch.
High-water mark reset
Because Ethereum is a new share vault, the high-water mark starts fresh at $1.00 (par) with the new share supply. On Arbitrum, the HWM had already climbed with the legacy book - so performance fees there were measured against a higher bar.
On Ethereum:
- HWM starts at par for the new vault
- Going forward, the HWM resets quarterly (every three months), on the product calendar we publish in vault details and product terms
Net effect for LPs: you are not inheriting the Arbitrum HWM. Performance fees on the new vault are assessed against the Ethereum share price path from migration onward, with periodic quarterly resets as documented.
What stayed the same
- Strategy and book - multi-asset directional book on Hyperliquid, same operator desk, same risk guardrails
- Ticker - still VLT90 (new contract / share supply)
- Cadence - weekly async settlement
- Reporting - epoch bilans, live allocations, transparency, and performance in the app
How to read performance after the move
In the app, Performance defaults to Ethereum-only history from the migration cutover. That is the on-chain share price of the live vault - the one that matters for fees and redemptions.
If you want a longer continuity view, you can toggle With legacy. That stitches a synthetic PPS by chaining Arbitrum strategy returns onto the Ethereum share price at cutover so the curve stays continuous. It is a reading aid, not the on-chain Arbitrum PPS. For the native Arb track record, use the Lagoon Arbitrum vault.
What you should do as an LP
- Treat Ethereum VLT90 as the live product for new capital and ongoing reporting
- Read fees on vault details and the current product terms before you subscribe or redeem
- If you still hold legacy Arbitrum shares: nothing to do. Those shares are valueless; the Arbitrum vault is deprecated. Subscriptions and redemptions run on Ethereum only - not on Arbitrum
Questions: contact or your usual desk channel.
Capital at risk. This note is informational, not an offer or solicitation.