Getting started
Key concepts
The terms used across the app and these docs.
| Term | Meaning |
|---|---|
| Index token | An ERC-20 on Elysium (HYPE5 or HYPE10) tracking a basket of Hyperliquid markets. One token is one share of the whole fund. |
| NAV | Net asset value: everything the fund holds on HyperCore, valued at Hyperliquid prices, divided by tokens in circulation. |
| HyperCore | Hyperliquid's trading layer: its order books, spot balances and perp positions. The reserve lives here. |
| Elysium | Kinetiq's chain (id 99901) where your tokens, the vault and rUSD live. Gas is paid in HYPE. |
| Spot | The asset itself, held as a HyperCore spot token, for example UBTC. |
| 1x long | A perp position whose full notional is posted as USDC margin. It moves one for one with the asset and borrows nothing. |
| Rebalance | The monthly reset of the basket to the latest ranking and target weights. |
| Settlement | The step where the fund trades on HyperCore and a signed result mints or burns your tokens on Elysium. |
| Vault | Your rUSD position: HYPE5 you deposited and rUSD you owe. |
| Collateral ratio | Value of a vault's HYPE5 divided by its rUSD debt. |
| Epoch | One day of RSRV airdrop accounting. |
Something unclear? Tell us.