Why VaultScope?

Hyperliquid's native vault dashboard shows you the basics — but basics aren't enough when real capital is at stake. Here's what's missing.

No Risk-Adjusted Metrics

Hyperliquid shows APR but not Sharpe, Sortino, Calmar, or max drawdown. A vault returning 200% APR with 80% drawdowns is far riskier than one returning 50% with 5% drawdowns — but the native dashboard can't tell you that.

No Portfolio Construction

You can't combine multiple vaults into a weighted portfolio to see composite risk and return. There's no way to test how diversification across vaults improves your overall Sharpe ratio.

No Correlation Analysis

Vaults that appear different may be highly correlated under the hood. Without a correlation matrix, you can't identify diversification opportunities or hidden concentration risks.

APR Alone Is Misleading

Raw APR without volatility context is dangerous. A vault with 100% APR and 2x volatility has the same Sharpe as one with 50% APR and 1x volatility — but only risk-adjusted metrics reveal this.

Limited Filtering & Sorting

The native dashboard offers minimal filtering. You can't sort by drawdown, filter by Sharpe ratio, or screen for vaults that meet specific risk criteria.

No Historical Comparison

There's no way to overlay equity curves from multiple vaults on a single chart. Comparing performance across vaults requires opening multiple tabs and eyeballing.

How We Calculate

VaultScope computes every metric from actual on-chain data — no estimates, no simulations.

Data Source

VaultScope fetches actual trade fills and PnL history directly from the Hyperliquid API — not estimated or simulated data.

AUM-Adjusted Returns (Modified Dietz)

Returns are computed as PnL change divided by effective capital (AUM adjusted for deposits and withdrawals), so deposit inflows don't inflate reported returns.

Frequency-Aware Annualization

Volatility and risk ratios are annualized based on the actual observation frequency of each vault's data, not assuming daily observations. This prevents overstating volatility for vaults with sparse historical data.

Equity Curve

A deposit-agnostic cumulative return index (starting at 100) built from the AUM-adjusted returns, so the curve reflects pure trading performance regardless of capital flows.

HLP Vault Data Limitations

Hyperliquid protocol (HLP) vaults return sparse historical data (~92 snapshots over 1000+ days). Their fills API only returns recent days, so historical trade stats are unavailable. VaultScope marks these vaults with a yellow warning — risk metrics are approximate due to low observation counts. Denser data is accumulated going forward.

VaultScope fills every gap above — Sharpe, Sortino, Calmar, drawdown analysis, portfolio construction with custom weights, correlation matrices, and side-by-side equity curve comparisons. All for free.