INFINIT

Onchain lending vaults went from $1.5B to $10B in two years. Meanwhile, actively managed onchain trading vaults are at roughly zero. Not for lack of demand. You just couldn't run a real hedge fund book on one onchain venue. Hyperliquid fixed that this year, and @Infinit_Labs is the first team I've seen build the actual fund wrapper around it. So I pulled the full trading wallet of their first vault and rebuilt it day by day, across 340 fills, incl. every funding payment and the daily marks. Here's what I found: Why HL, why now? CTA momentum is the oldest strategy in managed futures. Rank markets by relative strength, long the top, short the bottom, across stocks, commodities and crypto. Dollar neutral, so the return comes from selection, not direction. It only works if all three asset classes sit on one margin account tho. Until HIP-3 came to Hyperliquid, that didn't exist onchain. Today 23 HL markets clear INFINIT's $100M open interest floor. 10 are crypto. 13 are stocks, indices and commodities (S&P 500, Nasdaq 100, Gold, Silver, Brent, WTI, SK Hynix, MU, SPCX, GOOGL, META and a few more). That means: One venue, 24/7, one margin system, and this universe is why a cross-asset vault can exist now and couldn't 12 months ago. Simultaneously, the rapid advances in AI play a similarly crucial role. Not for the signals tho. Relative-strength ranking with systematic entries and exits is quant, not some sort of agentic magic, and Apex says so themselves. Yet, AI is the ops layer, and that's another crucial part worth paying attention to: - Trading credentials can open and close positions but can't withdraw. Deposits sit behind a 3-of-4 multisig and the manager holds none of the signing keys, so a manager's key can never block withdrawals. - A trade gateway sits in front of the exchange. Any order outside the eligible list or the declared limits gets blocked before it lands. - Monitoring agents check live trading against the manager's published mandate. Breaches go to a human risk team, unresolved ones pause trading access. - Share accounting and investor reporting run on the same stack. That's pretty much the middle office of a fund, running almost fully autonomously, and it's the reason a $500K vault can be run with institutional process at all, and the reason MS2 can take more capital without hiring ten people. So, what does the wallet (and onchain data) say? APEX MS1, operated by Apex Quant Capital had $506K deposited on the 3rd of August and its first fill on the 10th of August. The overall return is about 40% annualized as of today, +8.4% actual over 78 days, before vault fees. The peak was +8.5% on the 23rd of October, and Apex reports roughly 40% annualized after fees through September, which lines up. A few more stats: - The worst drawdown was (only) 3.7%, all of it in the first week. - Dollar neutral in practice, not just on paper. Net exposure averaged 1% of gross across 70 active days, with 7.5% on the worst day. Right now it's $143K long vs $131K short. - 1x isolated on every position, every day. Gross exposure peaked at 1.04x capital. - Ten equal position slots of about $45K at launch, roughly 9% of capital per market. - The book went fully to cash twice when the signal had nothing. "Holds cash when conditions aren't right" is actually part of the strategy, not just marketing. - 20 markets traded with $12M volume, $2.2K fees paid, and $3.1K funding received. Current book, in case you're curious (on the 26th of October): long S&P 500 against short ETH, SOL, XRP, HYPE and ZEC. So what does that mean? Eleven weeks in, neutrality, leverage, market eligibility and cash discipline all check out onchain, and the two numbers Apex publishes match the wallet. The PnL split is what you’d expect from a momentum book in this tape. Crypto had the trends and made the money, SOL, ZEC and HYPE about $57K net. Single stocks chopped and the stops gave back about $25K. Indices flat, commodities about +$13K in October on Brent, Gold and WTI. Losers cut, winners left to run. And the trend is now moving into commodities, with the book flipped long the S&P. That’s the whole point of a cross-asset book. MS1 got a first taste in October, MS2 is where it gets tested properly. Wen MS2? Deposits open on the 28th of October until the 11th of November, and I'm looking to deposit too. Why? Bc a fund-structured vault with public fills, trade-only keys and a manager putting up first-loss capital for APEX 1 and 2 is the first version of this I'd actually put money in. This is likely the model the next wave of onchain asset management gets built on, and it's live on HL right now. What I'll be watching? - Fee terms and the size of Apex's first-loss commitment - Whether the stock and commodity legs keep contributing - How the strategy behaves at size ($500K is a pilot and the real capacity test is more capital in the same 23 markets) NFA tho ofc.