> For the complete documentation index, see [llms.txt](https://docs.ensemble.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ensemble.io/readme.md).

# Ensemble

USDC vaults for defined long and short strategies on HyperEVM and HyperCore.

Ensemble lets you put USDC into a trading strategy and hold shares in its results. The vault manages the positions. Your shares gain or lose value as the strategy trades and pays its costs.

Ensemble uses perpetual futures on HyperCore, with deposits, shares, and withdrawals accounted for by contracts on HyperEVM.

{% hint style="warning" %}
These vaults use leverage. Losses can accumulate quickly, and the value of your shares is not a guarantee that you can withdraw that amount immediately. Read [the risks](/start-here/risks-before-you-deposit.md) before depositing.
{% endhint %}

## Choose a market view

Each vault takes a different position on prices. BULL targets gains when its basket rises. BEAR and VOL target gains when their baskets fall. A move in the opposite direction produces losses, amplified by leverage.

| Vault                   | Direction | Configured basket                  | Target exposure | EVM cash buffer |
| ----------------------- | --------- | ---------------------------------- | --------------: | --------------: |
| [BULL](/vaults/bull.md) | Long      | BTC 50%, HYPE 50%                  |              3x |             15% |
| [BEAR](/vaults/bear.md) | Short     | BTC 33.33%, ETH 33.33%, SOL 33.34% |              2x |             15% |
| [VOL](/vaults/vol.md)   | Short     | BTC 100%                           |              6x |             45% |

Target exposure describes the strategy, not a guaranteed return multiple. Funding, fees, execution, and rebalancing affect the result. These strategy settings matched production at the [October 13, 2026 observation](/reference/production-settings.md). Read deployed contracts for current mutable values.

Production fees and limits are listed in [Production settings](/reference/production-settings.md). They differ from some API product metadata.

## Find your next step

Start with the vault comparison if you are deciding whether to deposit. Use the integration guides if you are building software that reads or transacts with a vault.

<table data-view="cards"><thead><tr><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><strong>Choose a vault</strong></td><td>Compare direction, leverage, baskets, and fees.</td><td><a href="/start-here/choose-a-vault.md">Choose a vault</a></td></tr><tr><td><strong>Use your shares</strong></td><td>Deposit, monitor a position, and check withdrawal capacity.</td><td><a href="/use-ensemble/using-ensemble.md">User guides</a></td></tr><tr><td><strong>Build an integration</strong></td><td>Read state, simulate transactions, and interpret receipts.</td><td><a href="/build/integration-quickstart.md">Integration quickstart</a></td></tr><tr><td><strong>Understand the controls</strong></td><td>Review transaction limits, emergency states, and privileged roles.</td><td><a href="/safety/safety.md">Safety</a></td></tr><tr><td><strong>Check the numbers</strong></td><td>Trace returns and reported balances to their source.</td><td><a href="/data-and-transparency/data-and-transparency.md">Data and transparency</a></td></tr></tbody></table>

## How capital moves

Your deposit first reaches the vault on HyperEVM. The vault keeps some USDC available for withdrawals and moves capital to HyperCore for trading. Returning trading capital requires a separate settlement process.

```mermaid
flowchart LR
    User["Your USDC"] --> Entry["Deposit and policy checks"]
    Entry --> Vault["Vault on HyperEVM"]
    Vault --> Shares["Your vault shares"]
    Vault --> Core["Positions on HyperCore"]
    Core -->|"Capital return and confirmation"| Vault
    Vault -->|"Eligible withdrawal"| Payout["Your USDC payout"]
```

Both direct ERC-4626 calls and CircuitBreaker router calls enforce CircuitBreaker policy. The vault determines shares, NAV, fees, and strategy state. VaultLens groups on-chain reads and previews for integrations.

Read [the lifecycle](/how-it-works/vault-lifecycle.md) for transaction states and [share accounting](/how-it-works/nav-and-share-accounting.md) for valuation.