one of the most interesting vaults on Hyperliquid currently reports a 29.8% annualized return. the idea is simple: long $HYPE short a changing basket of altcoins both sides can make money: the HYPE position profits when HYPE rises, while the shorts profit when those alts fall. right now, the short side is doing most of the work, 97% of the profit on the vault’s open positions comes from shorting alts. that figure only covers positions still open. it does not include HYPE profits that may have already been locked in through earlier trades. the vault regularly changes its shorts. public trades suggest it adds newer or weaker coins, reduces positions that stop working and adjusts how much it shorts. it also actively buys and sells HYPE as the price moves. so this isn’t one trade held for a year. it is the same idea carried out through thousands of smaller decisions: trade HYPE, keep finding weaker alts to short and make money from both sides. the exact selection rules are private, but that is the pattern visible in the vault’s public trades.