Analysis of Hyperliquid Head Vault Strategy: From High Frequency Alpha to Risk Management The Vault ecosystem on the Hyperliquid platform provides investors with a unique window to observe and participate in on chain derivative strategies executed by professional managers. This article conducts a systematic quantitative analysis and strategic deconstruction of the most prominent head vaults in this ecosystem. Evaluation Framework and Data Methodology For objective and multidimensional comparison, we have selected five representative vaults on Hyperliquid that rank among the top in terms of management scale and performance, namely AceVault, Growi HF, Systematic Strategies, Amber Ridge, and MC Recovery Fund. Our evaluation framework will revolve around the following core indicators to build a complete portrait of each vault strategy: Performance indicators: Period total revenue (PNL), number of profits, total number of transactions, win rate, and profit factor. Transaction efficiency indicators: Average single profit and loss, average single profit, average single loss. Risk management indicators: Max Drawdown, Standard Deviation of Single Profit and Loss, and Profit and Loss Volatility Ratio (i.e. Average Profit and Loss/Standard Deviation). Strategic attribution indicators: Profit and loss contributions of various currencies, preference for long and short positions in specific currencies. In terms of data acquisition, we extracted the longest available historical transaction data for each vault stored in Hyperliquid. It must be pointed out that due to the platform's data storage limitations, the historical data cycle of the High Frequency Trading Treasury (HFT) is relatively short, and the analysis window we can obtain ranges from three days to two months; For strategies with lower trading frequency, we can observe longer historical performance. AceVault Hyper01 Analysis data cycle: October 16th, 2025- October 20th, 2025 1.1 Strategy Overview and Market Position AceVault Hyper01 is not only one of the largest strategic vaults in the Hyperliquid ecosystem in terms of managed asset size (TVL), but its performance is also remarkable. As of October 20, 2025, the TVL of the vault has reached $14.33 million. Since its operation in August 2025, this strategy has achieved a cumulative profit of $1.29 million, with an annualized rate of return (APR) of 127% in the past month, demonstrating strong and sustainable alpha generation capabilities. 1.2 Transaction Behavior and Performance Quantification During the four-day analysis period we selected, the vault recorded a total of 19338 liquidation records, providing us with high-precision samples for deconstructing its strategy. Core performance indicators: Net profit (Total PNL):+103110.82 Win Rate: 28% Profit Factor: 3.71 Profit and loss structure analysis: Average single profit and loss (Avg. PNL):+5.33 Average single profit (Avg. Win):+26.00 Average single loss (Avg. Loss): 2.70 Risk indicator: Max Drawdown: 791.20 Standard deviation of single profit and loss (StdDev of PNL): 26.84 Profit and loss volatility ratio (Avg. PNL/StdDev): 0.199 1.3 Strategy Profile and Risk Attribution Strategy portrait: high-frequency, asymmetric, systematic bearish AceVault has the highest trading frequency among all vaults and belongs to the High Frequency Trading (HFT) strategy. Its win rate is only 28%, while the breakeven factor is as high as 3.71, which presents a typical trend tracking or momentum strategy feature: the strategy does not rely on high win rates, but fully covers a large but strictly controlled loss (average loss of 2.70) through a few but profitable trades (average profit of 26.00). This highly asymmetric profit and loss structure is the core of its profit model. Profit attribution: comprehensive victory of altcoin bears This strategy has a wide range of trading targets (covering 77 assets), but its long and short operations exhibit astonishing consistency and discipline: Long position operation: only applicable to BTC, ETH, and HYPE, the three mainstream assets. Short Operation: Perform only short operations on all 74 other altcoins. During this analysis period, the profit sources of the strategy were extremely clear: Short position: Accumulated profit+137804 Long position: Accumulated loss of 33726 This indicates that AceVault's entire net profit comes from its systematic short selling on 74 altcoins. The position with the highest profit contribution comes from FXS's short position (+34579), while the loss is concentrated in HYPE's long position (-16100). Risk Management: Ultimate Loss Control This strategy demonstrates textbook level risk management capabilities. With a TVL of $14.33 million and a trading frequency of nearly 20000 transactions, its maximum drawdown within four days was strictly controlled at 791.20, which is an extremely impressive figure. This is highly consistent with the average single loss of -2.70, proving that its strategy has a systematic and extremely strict stop loss mechanism built-in. 1.4 Summary AceVault Hyper01 is a logically clear, rigorously executed, and highly systematic high-frequency strategy. Its core model is to hold long positions in a basket of mainstream assets (possibly as beta hedging or long-term holdings), while systematically executing high-frequency short strategies in the broader altcoin market. During the analyzed market cycle, the excess returns of this strategy are entirely derived from its precise capture of the downtrend in altcoins. Its top-level risk control system ensures that losses are strictly limited to a controllable small range when implementing low win rate strategies, thereby achieving healthy and strong overall profits.