Crypto
Native Hyperliquid perpetuals. Pairs are formed inside a sector of assets that already share a factor, with a few anchor relationships the research process keeps on purpose. This book is not tied to a cash-market clock.
Hermes · pairs on Hyperliquid
Trade the gap between two related markets.
Runway vault holds Hermes, Runway's automated statistical-arbitrage strategy. Admitted investors subscribe for shares on HyperEVM. Share value follows the vault's net asset value.
Deposit
Deposit a supported asset from any supported chain. USDC is credited to your wallet on Hyperliquid. Vault shares require admission.
The books
A crypto book and a traditional-finance book.
Traditional finance
Hyperliquid HIP-3 perpetuals on equities, indices, commodities, and foreign exchange. The same sector rule applies. A crypto leg is never hedged with a traditional-finance leg. US equity pairs follow the cash session: new risk is held back around the open, the close, weekends, and earnings, and those pairs are flattened before the session ends.
The method
How a pair is traded.
Hermes trades the gap between two perpetuals that have historically moved together. The hedge is meant to leave little net market exposure. Hedge ratios drift, and a pair can lose money when the relationship breaks.
01
Related markets
The scan looks for two names in the same book and the same niche whose prices have moved together. Many candidates are tested, so a relationship that is likely chance is discounted before it can be traded.
02
A testable gap
A hedge ratio sets the size of one leg against the other, and it can be updated when the relationship drifts. Stationarity tests ask whether the gap has historically come back together. A half-life estimate asks whether that has happened on a horizon short enough to trade. A break test stands the pair down when the relationship has recently failed.
03
Trade the dislocation
When the gap is wide relative to its own recent history, Hermes buys one leg and sells the other. Notionals are set so the pair is intended to be market-neutral. Both legs are sent together. Funding, fees, and slippage are costs of the round trip, and the gap has to be wide enough to cover them.
04
Close or cut
The pair is closed when the gap returns toward its recent average. It is cut if the gap keeps widening, if the statistical relationship breaks, or if exposure and drawdown limits say the book should stop adding risk. Equity pairs are also closed for the cash-market session, including over weekends.
How it is run
Gates before size.
Rules, then discretion
The live pair decision is a deterministic gate. An advisory model can explain a candidate. It does not place the spread, and it does not override a failed cointegration, break, or session check.
Research before capital
A pair is considered for live capital only after walk-forward research on held-out history. Those studies stay in the research record. They are not a forecast, and they are not shown here.
Size and halt
Position size starts from a fraction of a Kelly estimate, then volatility and hard exposure caps. Repeated failures and a drawdown limit can halt new risk. The vault subscription is a separate step from any order.
Risks
Capital can be lost.
Loss of principal
You can lose some or all of the capital you subscribe. Share price can fall.
Leverage and liquidation
Each pair is two perpetual positions on margin. A leg can be liquidated. Funding payments between longs and shorts, plus trading fees, can erase the gap the strategy is trying to capture.
The relationship can break
A pair that used to move together can stop. Mean reversion describes history. The gap can keep widening, and both the hedge and the test can be wrong at the same time.
Cash-market hours
Traditional-finance pairs follow the underlying cash session. Prices can gap at the open, go stale when the underlying is closed, and move through earnings. Equity pairs are flattened around the close and over weekends. A flatten can fail or fill poorly.
Exchange and valuation
Trading depends on Hyperliquid remaining available and on the vault's accountant updating net asset value. A delayed or wrong valuation changes the price at which you subscribe or redeem.
Smart contract
The vault, the share token, and the bridge contracts can fail or be abused. A contract bug can lock or lose assets.
Bridges
Cross-chain transfers can be delayed, refunded, or stuck. A transfer sent to the wrong address cannot be recovered by this portal. An incomplete amount has to be topped up at the same deposit address.
Redemption timing
Redemption is asynchronous. The vault can gate, delay, or size redemptions. USDC arrives on HyperEVM, which is not a bank withdrawal.
Keys and operations
Losing the wallet that holds the shares can mean losing the investment. The agent and the operator depend on key management, infrastructure, and people.
Regulation
This is a private pooled vehicle. Admission, investor limits, and commodity-pool treatment are set by the offering and by counsel. The rules can change.
Fees
Fee schedule
Management fees, performance fees, and any subscription or redemption fee are stated in the offering documents. This portal does not display a fee number until those documents are attached and, where the contract exposes them, until the vault reports them.