Vaults

Pear Vaults turn pair-trading skill into a product. A vault is a managed pool of capital that runs long/short strategies on behalf of its depositors. Great at relative value? Run a vault and earn a performance fee on the returns you generate. Rather not do the work? Deposit into a vault and get the upside of a pro's book.

Pear Vaults are live at vaults.pear.garden, starting with the flagship Agent Pear Vault. This page describes how they work.

For depositors

• Browse vaults with their live, on-chain track record: returns, drawdown, and terms shown on the vault page before you deposit.
• Deposit in a click; your capital rides alongside the manager's on the same terms.
• Withdraw under each vault's stated policy.

For vault managers

• Run your strategy with Pear’s pair/basket tooling: pairs, baskets, the pair stats (correlation, cointegration, z-score, and hedge ratio), and Auto-Rebalance.
• Set your vault’s terms: performance fee (charged on realized profits) and withdrawal fee, both shown to depositors up front.

How a vault works

• Vaults are ERC-4626 contracts on HyperEVM (Hyperliquid's EVM chain). Depositors receive vault shares representing a pro-rata claim on the vault's net asset value (NAV) and can request redemption at any time.
• Execution layer. Vault contract actions (deposits, withdrawals, NAV tracking, and fee enforcement) run on HyperEVM. Trading capital is bridged to Hyperliquid Core, where the vault's strategy trades perps with Pear's pair/basket tooling, and recalled to HyperEVM to meet redemptions.
• Restricted agent wallet. Trades are placed through a dedicated agent wallet with trade-only permissions: it can open and close positions but cannot withdraw funds or move collateral to any external address.
• Reserves and fees. A cash reserve is kept on-chain in the vault contract to back redemptions; the rest is deployed as trading collateral. Each vault sets its own performance fee (charged on realized profits) and withdrawal fee, both read from the contract and shown to depositors up front; the performance-fee rate is fixed when the vault receives its first deposit.
• Vault shares are not freely transferable. You deposit and withdraw through the vault.

The Agent Pear Vault

The first live vault, Agent Pear, runs an autonomous mean-reversion strategy: it tracks the Z-score of the price spread between correlated assets, opens a long in the undervalued leg and a short in the overvalued one when the spread stretches beyond two standard deviations (|z| > 2), and closes as it reverts toward the mean (z ≈ 0). Its parameters:

• Capacity. Phase 1 opens with a $1M TVL cap; capacity expands in later phases.
• Cash buffer. A minimum of 20% of TVL is held in stablecoins at all times to service redemptions.
• Risk per trade. The vault is designed so the maximum loss on any single signal stays below 1% of TVL.
• Signal sizing. Each signal is scored from 1 to 10 on Z-score, liquidity, open interest, and pairwise volatility, and position size follows the score.
• Withdrawals. Requests process instantly when the vault holds enough stablecoins, and queue when open positions must be closed first.

Its on-chain address is listed in Smart contract addresses.

Wallet architecture

Every vault separates the key that can move funds from the key that can trade, so a compromised trading key can never drain a vault.

• Vault admin (multi-sig): creates and configures the vault, and is the only role that can deposit or withdraw funds.
• Trade signer: signs trade requests only. It cannot withdraw or move collateral to any external address.
• Vault trading wallet (one per vault): holds the vault's working capital on HyperCore and places trades programmatically. It can trade but cannot move funds out.

The worst a compromised trade signer can do is place rogue trades; it can never move funds. Only the admin multi-sig can withdraw, and each vault's capital is isolated in its own trading wallet.

Security & audits

• Non-custodial by design. Deposits sit in the ERC-4626 vault contract; the agent wallet that trades them cannot withdraw or reassign collateral. Administrative keys are protected with MPC and additional operational-security controls.
• Audited by Shieldify. The Pear Vault contracts have been reviewed by Shieldify:
  • Vault Security Review
  • Vault Extended Security Review

See Audits & security for Pear's full review history.