Epoch 5 - profit-takes & cash sleeve up, soft −0.9% settled close

Epoch card

Executive summary

• Vault headline assets fell about $51.69 (−0.94% vs opening NAV). Share price moved −0.94% on the published epoch accounting.
• Oracle sleeve move (perps: Δ unrealised P&L; spot: notional; cash excluded): HYPE +$17 vs CRCL −$23.
• Net flows this week: +$1,400.00 (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).

Operator desk note

Mid-week over 11–17 May 2026, we adjusted the Volta portfolio in several places. A key theme was taking profits against a strong US tech tape, in particular AI and semiconductors.

We booked partial profits on names that were already well ahead — SpaceX and Circle. On Monday 11 May we also cut the oil short. We reduced long copper and the Nasdaq 100 long, which had captured much of the move in large-cap tech and AI. On Wednesday 13 May we added slightly back to the oil short after the bounce in crude.

We are deliberately holding a meaningful cash weight while valuations are judged stretched. The next material adds to risk will be on weakness / a broader market pullback.

From a fundamental and geopolitical perspective, the week carries event risk and expected volatility, including the visit to China by US president Donald Trump on 14–15 May 2026.

Looking ahead, we may add a modest sleeve in financials or software to express a rotation of capital into sectors that have lagged the tech-led rally. Over time, subject to what is actually listed on Hyperliquid, we may add other thematic risk such as quantum or space.

On Friday 15 May the book reduced risk in several lines — notably SpaceX and Circle, bitcoin, and the Robot ETF.

The Trump–Xi meeting delivered no clear breakthrough. Worries about inflation and a prolonged disruption in the Strait of Hormuz are capping risk appetite. US tech and semiconductors have run hard for six weeks; a correction over the coming days or weeks would not be surprising.

Among the stress signals the Volta strategy watches, government bond yields matter: the US 10-year is back above 4.50% for the first time in months, and the Japanese 10-year has printed a multi-year high near 2.75%. If yields keep climbing, large asset owners may rotate from risk into fixed income, which would weigh on risk assets including crypto and US equities.

On that basis, on the evening of 15 May Volta cut long exposure and is running a large cash buffer to redeploy into weakness. We are comfortable waiting for a roughly 5–10% retracement in the Nasdaq before re-risking in size and rebuilding speculative sleeves.

Performance

Over 2026-05-11 → 2026-05-18, net share price printed low 1.025104 and high 1.043567. The largest drawdown from a running intra-week high landed at 1.77%. That is the clearest stress point on the path. The low-to-high band was ~1.78% off week open, a normal swing week, not a flat line. Into the last tick, PPS sat meaningfully below week open (≈ -0.96%), a soft weekly finish. 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 HYPE +$17 and most against CRCL −$23. Other listed names on the same basis moved: SPACEX −$12, BTC −$9, WTIOIL −$7, ROBOT −$4, COPPER −$3, and XYZ100 −$3. 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 Equities −2.3 pp, Cash +1.6 pp, and Crypto +1.4 pp. Gross exposure (deployed notional / NAV) moved from 29.4% to 27.8% of NAV. (-8.1 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
2026-05-11 16:15:06	SPACEX	Close Long	0.0170	2009.4000	USDH 0.0266	4.6073
2026-05-11 16:15:59	CRCL	Close Long	0.1390	129.8100	USDC 0.0016	4.5030
2026-05-11 16:17:49	WTIOIL	Close Short	0.1100	96.4520	USDC 0.0009	0.0007
2026-05-11 16:18:36	COPPER	Close Long	4.6900	6.4820	USDC 0.0026	1.9191
2026-05-11 16:19:05	XYZ100	Close Long	0.0005	29354.0000	USDC 0.0013	2.2375
2026-05-13 14:47:05	WTIOIL	Open Short	0.2800	98.9490	USDC 0.0024	-
2026-05-14 03:08:57	HYPE	Open Long	2.6000	38.6500	USDC 0.0145	-
2026-05-14 17:21:21	HYPE	Close Long	0.2600	43.5950	USDC 0.0049	1.2857
2026-05-15 10:21:12	SPACEX	Close Long	0.0110	1970.0000	USDH 0.0169	2.5478
2026-05-15 10:22:22	CRCL	Close Long	0.2480	119.2700	USDC 0.0026	5.4203
2026-05-15 10:23:25	BTC	Close Long	0.0003	80483.0000	USDC 0.0101	1.5401
2026-05-15 10:25:26	ROBOT	Close Long	0.2500	40.4810	USDH 0.0008	0.8841

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

• CRCL +$10, about +20.84% vs the dollar size of that trade (size × price) (2 closes)
• SPACEX +$7, about +12.82% vs the dollar size of that trade (size × price) (2 closes)
• XYZ100 +$2, about +15.24% vs the dollar size of that trade (size × price)
• COPPER +$2, about +6.31% vs the dollar size of that trade (size × price)
• BTC +$2, about +6.60% vs the dollar size of that trade (size × price)
• HYPE +$1, about +11.34% vs the dollar size of that trade (size × price)
• ROBOT +$1, about +8.74% vs the dollar size of that trade (size × price)
• WTIOIL +$0, about +0.01% vs the dollar size of that trade (size × price)

Total from these closes: about +$25, or about +0.45% 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/5/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)