SP500 Hyperliquid Synth

This vault maintains continuous long exposure to the S&P 500 via the Hyperliquid HIP-3 perpetual market xyz:SP500, targeting roughly 1× notional relative to equity.

Capital allocation (default targets)

• ~50% of equity as margin on the HIP-3 dex to collateralize the long perp
• ~50% supplied to Hyperliquid Earn to earn yield on idle cash
• Position size is scaled so notional ≈ 1.0 × total equity

Scope of permissions

This strategy is curated by 9Summits. All permissions are public and managed onchain using Zodiac Role Modifier. Current permissions are the following:

• Approve USDC to vault for redemptions
• Send USDC to Fordefi HL trader address
• Settle vault

Permission scope for address 0x500d55DDbFfFEa25282D97746b68CC062ED72Bc5 (Fordefi) are

• Trade on xyz:SP500/USDC
• Rebalance beween HL earn and Perp position

How it works

A stateless rebalancer. It reads live on-chain state (equity, position size, mark price, margin, Earn balance). When any leg drifts beyond a small relative threshold, it:

• Adjusts the long position
• Moves USDC between default perp, spot, HIP-3 margin, and Earn to restore the target split

Risks

• Perpetual basis / funding: long exposure can under- or outperform cash S&P due to funding rates and basis
• Liquidation / margin: although global leverage is ~1×, the position sits on a HIP-3 account with its own leverage settings (2x); large adverse moves or failed rebalances can stress margin
• Tracking error: maker-only execution can delay fills; the vault may temporarily deviate from target exposure
• Smart-contract / protocol / operational risk (Hyperliquid, Earn, bridge)