Newsletter · Announcement

Our first vault is open on Lagoon.

Our market-making strategy, on HyperEVM, open to anyone through Lagoon.

Two Twenty Capital · October 2026 · 4 min read

Oil painting of the Capitoline Hill at dusk across the Tiber
The Capitoline at dusk. Rome kept its mint here, in full view of the city.

Today the first II·XX vault opens on Lagoon. It runs on HyperEVM and trades on Hyperliquid, and anyone can deposit USDC into it from their own wallet. It is the strategy our desk has spent the past year building and testing, now open to depositors through a contract anyone can read.

I

How the vault earns

The vault runs our market-making engine on Hyperliquid's most liquid markets. It earns from the trading that passes through those markets, not from calling their direction.

What it doesMarket makingOur systematic engine works orders in Hyperliquid's deepest markets and is paid by the flow that passes through them.
What holds it backHard limitsEvery position is sized by rules, with a ceiling on how much the vault can hold at once. The ceiling is set before the first trade, not during a bad week.

The limits were set against the hardest stretch in our data, the August 2024 sell-off, and the record below runs straight through it.

The desk is paid by how much the market trades, not by where it goes.

II

The record

Measured across the hardest stretch we have data for, including the August 2024 sell-off.

Annual return+41.4%
Max drawdown13.5%
Positive months26 / 28
Sharpe3.26

Simulated results, not live performance, before the vault's fees. Past performance, simulated or real, does not guarantee future results. See the full record.

III

How the vault is built

  • Lagoon v0.6.0. The vault uses Lagoon's open-source vault standard, deployed through Lagoon's official factory. Its contracts have been reviewed by Nethermind Security and Trail of Bits.
  • A Safe behind a timelock. The assets sit in a Safe whose only owner is a timelock, so any change to the vault is public and has to wait before it can run.
  • A key that can only trade. Our desk's key can place trades and set leverage. It cannot withdraw or move funds.
  • Your shares, your wallet. Deposits and withdrawals settle once a day at a value the contract computes from on-chain balances.

IV

Terms

Currency
USDC
Network
HyperEVM, trading on Hyperliquid
Fees
2% a year and 20% of new highs, enforced by the vault's contract
Settlement
Daily, 00:00 UTC
Access
Open to anyone through Lagoon, where permitted

If you would like to talk to the desk before depositing, or are planning a larger allocation, write to us and a member of the team will reply.

Write to the desk Read about the vault

The desk, Two Twenty Capital