Epoch 4 - NAV +2.3% on published week close, sleeves settled

Epoch card

Executive summary

• Vault headline assets rose about $103.59 (+2.34% vs opening NAV). Share price moved +2.34% on the published epoch accounting.
• Oracle sleeve move (perps: Δ unrealised P&L; spot: notional; cash excluded): SPACEX +$34 vs USAR −$5.
• Net flows this week: +$1,000.00 (deposits vs withdrawals).
• Liquidity / wallets: routine multisig → Hyperliquid buffer cadence; merged ledger shows no extra wallet hop worth calling out beyond the standard rails (see appendix).

Performance

Over 2026-05-04 → 2026-05-11, net share price printed low 1.015911 and high 1.045033. The largest drawdown from a running intra-week high landed at 1.22%. That is the clearest stress point on the path. Volatility showed up in the band: low to high spanned ~2.86% versus week-open net PPS. Net PPS closed well above week open (≈ +2.18%), headline bullish drift on this measure. Open Performance in the app for the same net PPS basis with full zoom.

What drove the week

From week-open to week-end oracle snaps (cash sleeves excluded; perps: Δ unrealised P&L; spot: notional), sleeve-level marks moved most in favour of SPACEX +$34 and most against USAR −$5. For every name with a listed clip this week, sleeve-level move (week open → week end, cash excluded; perps: Δ unrealised P&L; spot: notional) moved: CRCL +$24, WTIOIL +$11, SEMIS +$7, XYZ100 +$6, GOLD +$3, NUCLEAR −$2, and BTC +$0. Short clips sat inside that rotation while the rest of the book stayed mostly long.

Allocation by asset class & gross exposure

The clearest sleeve moves vs week open are Metals & Commodities +1.2 pp, Cash −1.1 pp, and Indices & ETFs +0.5 pp. Gross exposure (deployed notional / NAV) moved from 34.8% to 35.9% of NAV. (-4.4 pp on gross exposure vs prior week-end). Same asset-class bands as Allocations (History tab); figures are % of vault NAV.

Listed clips: Hyperliquid

Time (UTC)	Instrument	Side	Size	Price	Fee	Realised close P&L
2026-05-04 10:32:10	SEMIS	Close Long	0.0290	507.9200	USDH 0.0011	1.7142
2026-05-04 10:33:33	WTIOIL	Open Short	0.3800	105.4500	USDC 0.0035	-
2026-05-04 18:24:08	CRCL	Close Long	0.3500	118.3400	USDC 0.0036	7.3241
2026-05-04 18:30:12	NUCLEAR	Open Long	0.1730	144.8100	USDH 0.0019	-
2026-05-05 13:41:54	BTC	Close Long	0.0004	81291.0000	USDC 0.0151	2.6311
2026-05-05 13:43:34	GOLD	Open Long	0.0110	4575.1000	USDC 0.0435	-
2026-05-06 09:18:27	WTIOIL	Close Short	0.3160	94.9810	USDC 0.0026	0.4667
2026-05-06 09:20:49	XYZ100	Close Long	0.0006	28352.0000	USDC 0.0015	2.0838
2026-05-06 09:21:56	NUCLEAR	Open Long	0.1400	142.9800	USDH 0.0016	-
2026-05-10 21:20:47	HL spot / stable basket	Buy	99.9900	1.0001	USDH 0.0140	-

Realised P&L on closes (what Hyperliquid books when a position is closed):

• SEMIS +$2, about +11.64% vs the dollar size of that trade (size × price)
• CRCL +$7, about +17.68% vs the dollar size of that trade (size × price)
• BTC +$3, about +7.53% vs the dollar size of that trade (size × price)
• WTIOIL +$0, about +1.56% vs the dollar size of that trade (size × price)
• XYZ100 +$2, about +12.25% vs the dollar size of that trade (size × price)

Total from these closes: about +$14, or about +0.32% of the vault’s opening NAV for the week. Trading fees on those fills are not subtracted here.

GET https://api.volta90.trade/transactions/VLT90/epoch/4/timeline?full=true
GET https://api.volta90.trade/oracle/VLT90/epochs
GET https://api.volta90.trade/oracle/VLT90/snapshots?sort=asc&limit=1000&from=[epoch-open]&to=[epoch-close]
POST GraphQL PeriodSummary (vault week anchor; indexer endpoint in volta ops docs)