Author: @BlazingKevin_, the Researcher at Movemaker

The vaults ecosystem on the Hyperliquid platform provides investors with a unique window to observe and participate in on-chain derivative strategies executed by professional managers. This article conducts a systematic quantitative analysis and strategy deconstruction of the top-performing vaults within this ecosystem.

Evaluation Framework and Data Methodology

To conduct an objective and multi-dimensional comparison, we selected five representative vaults on Hyperliquid that rank highly in terms of managed scale and performance: AceVault, Growi HF, Systemic Strategies, Amber Ridge, and MC Recovery Fund.

Source: Hyperliquid

Our evaluation framework will focus on the following core indicators to construct a complete profile of each vault's strategy:

• Performance Indicators: Total PNL, number of profitable trades, total number of trades, win rate, profit factor.
• Trading Efficiency Indicators: Average profit and loss per trade, average profit per trade, average loss per trade.
• Risk Management Indicators: Maximum drawdown, standard deviation of PNL, profit-loss volatility ratio (i.e., average profit-loss / standard deviation).
• Strategy Attribution Indicators: Profit and loss contributions from various assets, long and short position preferences for specific assets.

In terms of data acquisition, we extracted the longest available historical trading data for each vault stored on Hyperliquid. It should be noted that due to the platform's data storage limitations, the historical data period for high-frequency trading vaults (HFT) is relatively short, with our analysis window ranging from three days to two months; for strategies with lower trading frequency, we can observe longer historical performance.

AceVault Hyper01

Analysis Data Period: October 16, 2025 - October 20, 2025

Source: Movemaker

1.1 Strategy Overview and Market Position

AceVault Hyper01 is not only one of the largest strategy vaults by total value locked (TVL) in the Hyperliquid ecosystem, but its performance is also noteworthy. As of October 20, 2025, the vault's TVL has reached $14.33 million. Since its operation began in August 2025, this strategy has accumulated a profit of $1.29 million, with an annualized return (APR) of 127% over the past month, demonstrating strong and sustainable alpha generation capability.

1.2 Trading Behavior and Performance Quantification

During our selected four-day analysis period, the vault recorded a total of 19,338 closing records, providing us with a high-precision sample to deconstruct its strategy.

• Core Performance Indicators:

• Net Profit (Total PNL): +$103,110.82

  

  Data Source: Hyperliquid; Produced by: Movemaker

• Win Rate: 28%

• Profit Factor: 3.71

• Profit and Loss Structure Analysis:

• Average Profit and Loss (Avg. PNL): +$5.33

• Average Profit (Avg. Win): +$26.00

• Average Loss (Avg. Loss): $2.70

• Risk Indicators:

• Maximum Drawdown (Max Drawdown): $791.20

• Standard Deviation of PNL (StdDev of PNL): 26.84

• Profit-Loss Volatility Ratio (Avg. PNL / StdDev): 0.199

1.3 Strategy Profile and Risk Attribution

Strategy Profile: High-frequency, asymmetric, systematic short

AceVault's trading frequency ranks among the highest of all vaults, belonging to the high-frequency trading (HFT) strategy category. Its win rate is only 28%, while the profit factor is as high as 3.71, presenting a typical characteristic of trend-following or momentum strategies: the strategy does not rely on a high win rate but instead covers a large number of strictly controlled losses (average loss of $2.70) with a few but highly profitable trades (average profit of $26.00).

This highly asymmetric profit and loss structure is at the core of its profit model.

Profit Attribution: Comprehensive victory of altcoin shorts

The strategy's trading targets are broad (covering 77 assets), but its long and short operations exhibit remarkable consistency and discipline:

• Long Positions: Only executed on three mainstream assets: BTC, ETH, and HYPE.
• Short Positions: Only executed short positions on all other 74 altcoins.

Data Source: Hyperliquid; Produced by: Movemaker

During this analysis period, the strategy's profit sources are extremely clear:

• Short Positions: Cumulative profit of +$137,804
• Long Positions: Cumulative loss of $33,726

This indicates that all of AceVault's net profit comes from its systematic shorting of 74 altcoins. The position contributing the most profit comes from the short position in $FXS (+$34,579), while losses are concentrated in the long position of $HYPE (-$16,100).

Risk Management: Extreme loss control

The strategy demonstrates textbook-level risk management capability. With a TVL of $14.33 million and nearly 20,000 trades, its maximum drawdown over four days is strictly controlled at $791.20, a remarkably low figure. This is highly consistent with the average loss of -$2.70, proving that its strategy incorporates a systematic and extremely strict stop-loss mechanism.

1.4 Summary

AceVault Hyper01 is a logically clear, strictly executed, and highly systematic high-frequency strategy. Its core model is to hold a basket of mainstream assets in long positions (possibly as a beta hedge or long-term holding) while systematically executing high-frequency short strategies in the broader altcoin market.

During the analyzed market period, the strategy's excess returns entirely stem from its precise capture of the altcoin downturn. Its top-tier risk control system ensures that when executing a low win rate strategy, losses are strictly limited to a controllable small range, thus achieving a healthy and robust overall profit.

Growi HF

Analysis Data Period: August 7, 2025 - October 20, 2025

Source: Movemaker

2.1 Strategy Overview and Market Position

Growi HF is a strategy vault in the Hyperliquid ecosystem that exhibits strong growth momentum. As of October 20, 2025, its total locked value has reached $5.1 million. The vault has been operational since July 2024, with over a year of public performance records, accumulating a profit of $1.05 million. Its annualized return over the past month is as high as 217%, demonstrating its strategy's exceptional alpha generation capability and strong profit potential.

2.2 Trading Behavior and Performance Quantification

Our analysis is based on detailed trading data from the past two and a half months, during which a total of 16,425 closing records were recorded, maintaining a highly active trading frequency among similar vaults.

• Core Performance Indicators:

• Net Profit: +$901,094

  

  Data Source: Hyperliquid; Produced by: Movemaker

• Win Rate: 38%

• Profit Factor: 10.76

• Profit and Loss Structure Analysis:

• Average Profit and Loss: +$54.86

• Average Profit: +$159.00

• Average Loss: $9.00

• Risk Indicators:

• Maximum Drawdown: $16,919

• Standard Deviation of PNL: 1841.0

• Profit-Loss Volatility Ratio: 0.030

2.3 Strategy Profile and Risk Attribution

Strategy Profile: Extremely asymmetric "long hunter" Similar to AceVault, Growi HF's profit model is also built on an asymmetric profit structure, but its manifestation is more extreme. A win rate of 38% and a profit factor of 10.76 reveal the core of its strategy: covering the majority (but with minimal losses) through a few (but highly profitable) trades.

Its profit and loss structure (average profit of $159 vs. average loss of -$9) perfectly embodies this. This is a typical "cut losses short, let winners run" trend-following strategy.

Profit Attribution: Systematic long preference and excellent asset selection The trading behavior of this strategy shows a strong long bias. Among the 20 analyzed trading assets, only $LTC was executed with both long and short positions, while the remaining 19 assets were only executed with long positions.

Data Source: Hyperliquid; Produced by: Movemaker

• Directional Profit and Loss: The vast majority of the strategy's profits come from long positions (cumulative profit +$886,000), while the only short exposure ($LTC) also contributed a small profit (+$23,554).
• Asset Profit and Loss: The strategy's asset selection ability is outstanding. During the analysis period, none of the 20 assets traded incurred a net loss. The position contributing the most profit comes from the long position in $XRP (+$310,000), which is the core profit engine for this period.

Risk Management: A combination of volatility tolerance and strict stop-loss Growi HF's risk management model is entirely different from AceVault's. Its high standard deviation of 1841 indicates that the strategy does not attempt to smooth out PNL fluctuations of individual trades, but is willing to endure significant profit variability in exchange for the opportunity to capture massive profits ("Home Run").

However, this high tolerance for upward volatility sharply contrasts with its extreme intolerance for downside risk. The average loss of -$9.00 and a maximum drawdown of only $16,919 (which is extremely low relative to a TVL of $5.1 million and a profit of $900,000) strongly demonstrate that its risk control mechanism is highly effective, systematically cutting losses before they expand.

2.4 Summary

Growi HF is a highly asymmetric, long-driven trading strategy. It does not pursue a high win rate but instead captures high-explosive long trends (average profit of $159) through an extremely strict loss control system (average loss of only $9).

During the analyzed market period, this strategy demonstrated strong profit ability in the long direction and nearly perfect asset selection ability (0 loss assets). The brilliance of its risk model lies in its successful combination of "high volatility of individual PNL" with "systematic protection against downside risk", achieving outstanding risk-adjusted returns.

Systemic Strategies

Analysis Data Period: October 13, 2025 - October 20, 2025

Source: Movemaker

3.1 Strategy Overview and Market Position

Systemic Strategies is a strategy vault in the Hyperliquid ecosystem that combines significant management scale with a long operational history. As of October 20, 2025, its total locked value is $4.3 million. The vault has been operational since January 2025, with over 9 months of performance records, accumulating a profit of $1.32 million, which proves the historical validity of its model over a longer time period.

However, its annualized return (APR) over the past month is only 13%, indicating that the strategy's profitability has significantly slowed down recently.

3.2 Recent (Past Week) Trading Performance Analysis

The following is a deep analysis based on the vault's 11,311 closing trade records from the past week. The data clearly shows that the strategy has encountered significant headwinds in the recent market environment, leading to a substantial performance drawdown.

• Core Performance Indicators:

• Net Profit: -$115,000

  

  Data Source: Hyperliquid; Produced by: Movemaker

• Win Rate: 22%

• Profit Factor: 0.56

• Profit and Loss Structure Analysis:

• Average Profit and Loss: -$10.22

• Average Profit: +$61.00

• Average Loss: $30.00

3.3 Strategy Profile and Risk Attribution

Strategy Profile: Ineffective asymmetric model The profit factor of this vault is far below the breakeven point of 1.0, which is a direct quantitative reflection of its net loss during this period.

However, a crucial detail is hidden in the profit and loss structure: the strategy's average profit (+$61) is still twice that of the average loss (-$30). This indicates that the "asymmetric profit" logic (i.e., earning more when profitable and controlling losses when losing) in its design has not been destroyed.

Therefore, the massive losses during this period did not stem from a failure in risk management (such as stop-loss), but rather from catastrophic failures in signal generation or market timing, leading to an extremely low win rate of only 22%. In other words, the strategy's trading system generated a large number of erroneous trading signals during this week; although the cost of each erroneous stop-loss was controllable, the cumulative effect ultimately overwhelmed the profits.

Risk Exposure and Performance Attribution The strategy has recently endured significant pressure, and its risk indicators confirm this:

• Risk Exposure: The maximum drawdown during the analysis period reached $128,398. This figure is nearly equal to or even exceeds the total loss for the week, indicating that the strategy experienced a severe and unrecoverable capital drawdown during the analysis period.
• Directional Attribution: Losses were widely distributed across both long and short positions. Among them, short positions incurred a cumulative loss of $94,800, while long positions incurred a cumulative loss of $23,953. This strongly indicates that during this analysis period, the strategy's signals, whether bullish or bearish, were contrary to market trends.
• Asset Attribution: Among the 56 assets traded, most recorded losses. The largest single-asset loss came from the long position in $PENDLE (-$22,000), while the largest single-asset profit came from the long position in $LDO (+$13,000), but the scale of individual profits was far from enough to offset the widespread losses.

Data Source: Hyperliquid; Produced by: Movemaker

3.4 Summary

The long-term profit record of Systemic Strategies proves the historical validity of its model. However, the performance data from the past week provides a typical case of adaptive failure of a strategy model in a specific market environment.

The strategy's long and short signals have faced challenges in the current market cycle, leading to a severe collapse in win rate (rather than in the profit-loss structure) and ultimately triggering a significant capital drawdown. This performance can be seen as an important stress test of the strategy model, clearly revealing its vulnerabilities under specific market conditions.

Amber Ridge

Analysis Data Period: July 12, 2025 - October 20, 2025 (Complete Strategy Lifecycle)

Source: Movemaker

4.1 Strategy Overview and Market Position

Amber Ridge is a strategy vault in the Hyperliquid ecosystem with a very clear strategy profile and distinctive style. As of October 20, 2025, its total locked value is $2.5 million. Since its operation began in July 2025, the vault has accumulated a profit of $390,000, with an annualized return of 88% over the past month, demonstrating significant profit potential.

4.2 Trading Behavior and Strategy Profile

The following analysis is based on all 4,365 historical trading records since the vault's launch, providing a complete deconstruction of its strategy.

• Strategy Profile: Clear "long mainstream, short altcoin" structure The strategy's profile is very clear, characterized by a typical "long mainstream, short altcoin" hedging or relative value structure. Among the 28 assets traded, the strategy exhibits strong discipline:
• Long Positions: Only executed on Bitcoin, Ethereum, and SOL.
• Short Positions: Only executed short positions on the remaining 25 altcoins.

4.3 Profit and Loss Structure Analysis

• Core Performance Indicators:

• Net Profit: +$390,000

  

  Data Source: Hyperliquid; Produced by: Movemaker

• Win Rate: 41%

• Profit Factor: 1.39

• Profit and Loss Structure Analysis:

• Average Profit and Loss: +$90.00

• Average Profit: +$779.00

• Average Loss: $389.00

The profit factor of 1.39 indicates that the strategy is in a healthy profit state. Its profit and loss structure (average profit +$779 vs. average loss -$389) is a typical manifestation of "cut losses short, let winners run." Unlike high-frequency strategies, this strategy's average loss amount is relatively large, but its explosive profit potential is sufficient to cover these losses.

4.4 Risk Analysis: High Volatility and Huge Drawdowns

While achieving considerable returns, this strategy also comes with extremely high risk exposure.

• Risk Exposure: Its historical maximum drawdown reached $340,000.
• Key Insight: This drawdown value is almost equivalent to the strategy's total accumulated profit ($390,000). This reveals that the strategy has extremely high volatility and fragility, and investors have historically faced the extreme risk of nearly losing all profits.
• Performance Volatility: The standard deviation of individual profits and losses is as high as 3639, while the profit-loss volatility ratio is only 0.024. This extremely low value confirms that the strategy's profits do not come from stable small accumulations, but rather rely heavily on a few massive profitable trades to secure victory.

4.5 Profit Attribution Analysis

• Directional Profit and Loss: The strategy's entire net profit comes from its long positions. Data shows that long positions accumulated a profit of $500,000, while short positions accumulated a loss of $110,000. This clearly indicates that during the analyzed market cycle, the profits from going long on mainstream coins far exceeded the losses from shorting altcoins.

• Asset Profit and Loss: High Concentration of Profits and Losses The strategy's performance exhibits extreme concentration:

• Maximum Profit: Comes from the long position in $ETH, contributing +$320,000 in profit. This trade alone contributed nearly 82% of the total profit.

• Maximum Loss: Comes from the short position in $PYTH, resulting in a loss of $180,000.

  

  Data Source: Hyperliquid; Produced by: Movemaker

4.6 Summary

Amber Ridge is a logically clear but high-risk "long mainstream, short altcoin" strategy. Its historical performance proves the model's significant profit potential during specific market cycles (i.e., when mainstream assets rise faster than altcoins).

However, investors must be acutely aware of its risk-return characteristics:

1. High Concentration of Profits: The strategy's success relies almost entirely on a few "home run" trades (especially the long position in $ETH).
2. Potential for Huge Drawdowns: The strategy carries a significant potential drawdown risk that is almost equivalent to its total profits.

This is a typical "high-risk, high-reward" strategy, whose performance heavily depends on market beta and the manager's timing ability, suitable only for investors with a very high risk tolerance.

MC Recovery Fund

Analysis Report Analysis Data Period: August 10, 2025 - October 20, 2025 (Complete Strategy Lifecycle)

Source: Movemaker

5.1 Strategy Overview and Market Position

MC Recovery Fund is a strategy vault in the Hyperliquid ecosystem that is highly focused. As of October 20, 2025, its total locked value is $2.42 million. Since its operation began in August 2025, the vault has accumulated a profit of $450,000, with an annualized return of 56% over the past month, demonstrating robust return capability.

5.2 Trading Behavior and Strategy Profile

The following analysis is based on all 1,111 historical trading records since the vault's launch. Its trading frequency is the lowest among the five vaults analyzed, clearly reflecting its non-high-frequency, more selective trading style. The strategy is highly focused, operating only on Bitcoin, Ethereum, SOL, and HYPE.

• Strategy Style: Outstanding Long and Short Profitability This vault demonstrates excellent long and short alpha capture capability. Specifically:
• Executed both long and short trades on $BTC, and both were profitable.
• Executed only long trades on $ETH and $HYPE, both profitable.
• Executed only short trades on $SOL, achieving profits.

This indicates that the strategy does not merely follow market beta, but rather holds clear, pre-set directional judgments on specific assets based on its independent research framework.

5.3 Profit and Loss Structure Analysis

• Core Performance Indicators:

• Net Profit: +$450,000

  

  Data Source: Hyperliquid; Produced by: Movemaker

• Win Rate: 48%

• Profit Factor: 43.1

• Profit and Loss Structure Analysis:

• Average Profit and Loss: +$404.00

• Average Profit: +$862.00

• Average Loss: $18.00

The strategy's win rate (48%) is close to breakeven, but its profit factor has reached an astonishing 43.1. This is an extremely rare and outstanding figure, which is the core foundation of the strategy's success, indicating that its total accumulated profit is over 43 times its total accumulated loss. Its profit and loss structure is nearly perfect: average losses are strictly controlled at an astonishing -$18, while average profits reach +$862.

5.4 Risk Analysis: Extreme Risk Control

The risk management capability of this strategy is its most prominent highlight.

• Risk Exposure: Its historical maximum drawdown is only $3,922. Compared to its accumulated profit of $450,000 and a TVL of $2.42 million, this drawdown is extremely small, almost negligible.
• Performance Volatility: Although the standard deviation of individual profits and losses is high (2470), this does not stem from a loss of control over risk, but is entirely driven by a few massive profitable trades. The extremely low average loss (-$18) and minimal maximum drawdown together prove that the strategy's performance on the risk side (i.e., losing trades) is extremely stable and consistent.

5.5 Profit Attribution Analysis

• Directional Profit and Loss: The strategy has achieved considerable and balanced profits in both long and short directions. Long positions accumulated a profit of $240,000, while short positions accumulated a profit of $210,000. This proves that it is a mature "all-weather" strategy capable of adapting to different market directions.
• Asset Profit and Loss: All four assets traded achieved profits. Among them, the long position in $HYPE contributed the largest single-asset profit (+$180,000), making it one of the core profit sources of the strategy.

Data Source: Hyperliquid; Produced by: Movemaker

5.6 Summary

MC Recovery Fund is a textbook example of risk management. It does not pursue high-frequency trading or high win rates, but captures alpha through an almost perfect, highly asymmetric profit-loss structure, achieving long-term stable growth.

The core of its success lies in its highly disciplined system, which strictly controls the vast majority of losing trades within a very small, fixed range (average -$18) while allowing profitable positions to fully develop. This is a highly mature, low-risk quality strategy suitable for investors seeking stable returns.

Summary

Through in-depth quantitative analysis of the five top vaults on Hyperliquid (AceVault, Growi HF, Systemic Strategies, Amber Ridge, MC Recovery Fund), we penetrate the surface of high APR and total profits to gain insight into the core of their strategies—not all high returns are "created equal."

Data Source: Hyperliquid; Produced by: Movemaker

Our analysis reveals several key conclusions:

1. Risk control, not win rate, is the cornerstone of top strategies: Contrary to conventional wisdom, the most successful vaults in this analysis do not rely on high win rates (AceVault 28%, Growi HF 38%, MC Recovery 48%). Instead, their victories stem from a common, strictly executed logic: asymmetric profit-loss structures.
2. A model of "asymmetric victory": MC Recovery Fund is the ultimate embodiment of this model. Its 43.1 profit factor is astonishing, backed by near-perfect risk control: average losses of only $18, while average profits reach +$862. Growi HF (profit factor 10.76) is similarly structured. This indicates that their profit models are not built on "winning more often," but rather on "sustaining minor injuries when losing, while capturing massive returns when profitable."
3. Maximum drawdown is the "stress test" of a strategy: Comparing the "maximum drawdown" and "drawdown ratio" columns in the chart clearly delineates the robustness of the strategies.

• MC Recovery Fund (drawdown $3,922) and AceVault (drawdown $791) demonstrate textbook-level risk control, with their historical maximum drawdowns being almost negligible.
• In contrast, Amber Ridge experienced a drawdown of $340,000, accounting for 87% of its total profits, indicating that investors nearly faced "profit zeroing" extreme volatility. The recent $128,000 drawdown of Systemic Strategies also exposed the fragility of its model.

1. Sources of alpha vary: Successful strategies take different paths. AceVault profits through high-frequency systematic shorting of altcoins; Growi HF is an aggressive long hunter, capturing trends under strict risk control; while MC Recovery Fund demonstrates mature long-short balance capabilities, making it an "all-weather" strategy. This proves the depth of the Hyperliquid ecosystem, allowing different types of alpha strategies to coexist.

For investors, evaluating vaults should never be based solely on surface APR. The true value of a strategy lies in its profit factor and maximum drawdown, which reveal its risk management capabilities. In the high-volatility, high-leverage arena of Hyperliquid, asymmetric profit-loss structures are the core of achieving long-term profitability, while extreme risk control is the only path to victory.

About Movemaker

Movemaker is the first official community organization authorized by the Aptos Foundation, jointly initiated by Ankaa and BlockBooster, focusing on promoting the construction and development of the Aptos ecosystem in the Chinese-speaking region. As the official representative of Aptos in this region, Movemaker is committed to building a diverse, open, and prosperous Aptos ecosystem by connecting developers, users, capital, and numerous ecological partners.

Disclaimer:

This article/blog is for reference only, representing the author's personal views and does not reflect the position of Movemaker. This article does not intend to provide: (i) investment advice or recommendations; (ii) offers or solicitations to buy, sell, or hold digital assets; or (iii) financial, accounting, legal, or tax advice. Holding digital assets, including stablecoins and NFTs, carries high risks, significant price volatility, and may even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. For specific issues, please consult your legal, tax, or investment advisor. The information provided in this article (including market data and statistics, if any) is for general reference only. Reasonable care has been taken in compiling this data and charts, but no responsibility is accepted for any factual errors or omissions expressed therein.