Volta90’s share vault now lives on Ethereum mainnet. 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.
Timeline that matters:
- 4 September 2026 - Ethereum share vault goes live for the product (subscriptions, redemptions, live marks).
- 7 September 2026 - Arbitrum vault settlement closed for good. From that day, we run Ethereum only.
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 Lagoon vault on Ethereum mainnet, with a fresh supply of VLT90 shares.
- Live vault (Ethereum):
0x401550Bc1CE4fB0FfDd86015f49142BBAAD29ad8 - 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0x9e6de1f581d63129aF453fe1ea7253b280B4dcA8- deprecated; kept for historical reference only.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 on 1 Jan, 1 Apr, 1 Jul, and 1 Oct (UTC calendar). The reset applies at the first weekly settlement on or after each date (see 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. The first quarterly reset on Ethereum falls on 1 Oct (settlement the following Monday). Later resets follow the same Jan / Apr / Jul / Oct calendar.
What stayed the same
- Strategy and book - multi-asset directional book on Hyperliquid, 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
The Performance chart in the app is one continuous line from April 2026 through today. It spans the Arbitrum era, then the live Ethereum vault, even though only Ethereum is active for subscriptions and redemptions.
Two eras, one book
| Legacy (Arbitrum) | Live (Ethereum) | |
|---|---|---|
| Vault | 0x9e6d…dcA8 |
0x4015…29ad8 |
| Role | Proof-of-concept rail (Apr–early Sep 2026) | Current product |
| On-chain PPS | Native Arb share price | Native Eth share price (fees / redemptions) |
| Status | Closed 7 September 2026 | Live from 4 September 2026 |
Capital and risk stayed on the same Hyperliquid wallets throughout. What changed is the share layer: new Lagoon contract on Ethereum, new supply, fresh HWM at par.
The first Lagoon settlement window on Ethereum opened on 4 September 2026 at a share price of about $1.046 - not $1.00 par - because the book already carried live marks when the Ethereum vault went live.
How the chart is built
Our oracle snapshots the HL-backed NAV every hour. On Arbitrum, PPS was NAV / Arb supply. On Ethereum, PPS is NAV / Eth supply. Those are different share tokens, so the app does not invent a synthetic rebase between them.
Instead the Performance line is simply:
- Before the Ethereum cutover - raw Arbitrum oracle PPS (strategy history on the old rail).
- From the Ethereum cutover onward - raw Ethereum oracle PPS on the live vault, then weekly Lagoon settlement marks.
- Net PPS in the app - the same gross series passed through our fee / high-water-mark model so the chart matches what LPs economically experience post-fee.
What this is - and is not
- Is: a reading aid for strategy track record across the chain move; the line we use for return-since-inception, Sharpe, and drawdown in the app.
- Is not: a claim that historical Arbitrum on-chain PPS is your current Ethereum share price; not Lagoon’s accounting for your live position (use live Eth marks and vault details for that).
For native Arbitrum on-chain history, see the deprecated Lagoon vault. For live marks, fees, and redemptions, use Ethereum only.
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 (closed 7 September 2026). Subscriptions and redemptions run on Ethereum only
Questions: contact or your usual desk channel.
Capital at risk. This note is informational, not an offer or solicitation.