> 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/vaults/ibull.md).

# iBULL

Review iBULL's leveraged short strategy, independent vault terms, liquidity and risks.

iBULL targets 3x short exposure to BTC and HYPE. It reverses the direction of [BULL](/vaults/bull.md)'s configured strategy. A short position benefits when prices fall and loses when they rise.

{% hint style="warning" %}
Leverage can cause rapid losses. Fees and strategy settings can change. Read current contract configuration before transacting. See [Fees and caps](/how-it-works/fees-and-caps.md).
{% endhint %}

## At a glance

The table describes this vault's strategy and current fee terms.

| Property                               | Configured value  |
| -------------------------------------- | ----------------- |
| Direction                              | Short             |
| Basket                                 | BTC 50%, HYPE 50% |
| Target exposure                        | 3x                |
| Collateral                             | USDC              |
| EVM cash buffer                        | 15%               |
| Routine rebalance interval             | 4 hours           |
| Drift threshold                        | 10%               |
| Management / deposit / withdrawal fees | 2% / 0.1% / 0.3%  |

The total deposit cap is $500,000 and the static deposit-window cap is $50,000. Current capacity also depends on route maxima, usage, account controls, state and liquidity.

## How the configured strategy works

iBULL targets short perpetual positions across BTC and HYPE. The asset weights above apply to the perpetual sleeve. Its 15% USDC reserve target supports operations and redemptions on HyperEVM; trading positions sit on HyperCore.

The raw target notional is total NAV multiplied by 3x leverage. The cash-buffer percentage does not apply a second discount to that target. Execution costs and contract safety checks can adjust or constrain actual positions.

## What inverse means

The inverse label describes direction relative to [BULL](/vaults/bull.md), not a guaranteed negative of that vault's return. Each vault has independent positions, settings, fees, liquidity and state. The owner can change either vault's configuration separately.

Funding, slippage, fees, reserve levels, rebalance timing and compounding affect the two vaults independently. Holding both does not guarantee a neutral position or protection from loss.

iBULL is a directional leveraged strategy. It is not an options, VIX or volatility product.

## Fees and execution costs

The annual management fee is 2%, the deposit fee is 0.1% and the withdrawal fee is 0.3%. The builder fee is 0.1% of contract-observed executed notional, separate from HyperCore exchange fees. Funding can be paid or received depending on the market. See [Fees and caps](/how-it-works/fees-and-caps.md).

## Liquidity and redemptions

Shares are held in your wallet, while the vault pools the positions. A normal redemption must fit spendable HyperEVM USDC, current CircuitBreaker limits and vault state. Pauses, pending work or emergency conditions can block it.

Larger exits may require capital to return from HyperCore asynchronously. An unavailable normal redemption does not create a withdrawal queue. Read [Liquidity and redemptions](/safety/liquidity-and-redemptions.md).

## Material risks

A sharp rally in either asset can cause rapid losses. The short HYPE leg adds concentrated exposure to HYPE-specific moves.

You have no individual margin call, but the vault can be liquidated and lose all capital. Reserves and emergency controls reduce risk without guaranteeing protection. Funding, execution, software, withdrawal liquidity and privileged configuration or upgrades add further risks.

## Where the numbers come from

Current contract configuration controls this vault's settings. The vault determines accounting and fees; CircuitBreaker determines transaction policy and limits. Verify its [contract address](/protocol-transparency/contract-addresses.md) and read current capacity before signing. See [Parameters and limits](/reference/parameters-and-limits.md).

## Next steps

Compare the paired [BULL](/vaults/bull.md) strategy and review [Risks before you deposit](/start-here/risks-before-you-deposit.md) before using [Connect and deposit](/use-ensemble/connect-and-deposit.md).