Using Vaults (depositing & withdrawing)
Depositing into a Perennial Vault is very similar to intersacting with other types of vaults in DeFi.
Depositing into a Vault
Enter Amount
Perennial is cash-settled, meaning protocol P&L is USD denominated.
Enter in the amount of USDC you wish to deposit into the vault. This amount will be split between multiple Perennial markets (to start — this will only be two markets: eth-long & eth-short).
Deposit Amount
Click deposit button and confirm transaction
After the delayed settlement period (as is the case with all maker & taker positions), your cpaital is now deposited into the vault.
Value — USDC deposited
Profit / Loss — Net change in value from (wins/losses from exposure & fee earnings)
Annualized funding — The effective funding rate being earned by vault depositors (does not include open/close fees which may offer additional yield).
Hovering over the annualized funding number shows a tooltip with leverage & delta.
Leverage — the ratio of the vault's position amount to its collateral.
Note: A users's true leverage (or effective leverage) is often much lower, since some capital may sit idle & exposure is partially hedged. See this section for more info: Considerations
Delta — the exposure of the vault to the given price feed
A delta of 1 would indicate 100% utilized long exposure.
A delta of (-1) would mean that the vault is taking on 100% utilized short exposure.
A delta of 0 would indicate a fully delta neutral position (no long or short exposure to the price feed.
LPs can calculate their net exposure, by the following formula: Exposure = leverage * delta
Congratulations! Your USDC has been deposited in the Vault
You are now earning fees.
Withdrawing from a Vault
Enter amount & Click Withdraw
Enter amount to withdraw, and click the withdraw button. This begins the process of withdrawing.
(If first time withdrawing) Approve Perennial to withdraw from Vault
Only needs to be done if this is the first time withdrawing with this address.
Wait for position to settle
Like all positions in Perennial, delayed settlement must occur to prevent frontrunning. Wait a short period of time before claiming funds.
Claim funds
(If first time withdrawing) Approve Perennial to claim vault rewards
Only needs to be done if this is the first time withdrawing with this address.
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