Gauntlet | dYdX MegaVault Update: 1-Month Insights September 2025

Please see our 10-10 post-mortem report here.

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can you explain why HLP vault is up +178% this month

HLP is composed of four off-chain subvault strategies. The primary source of their performance on 10-10 is their liquidator strategy subvaults which benefits from liquidations on the venue.

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why is MegaVault making a loss of $56,377 on a token with zero volume, zero trades and zero open interest

The screenshots you cited are comparing 30d p&l against 24h volume/trades/open interest. The MegaVault operator has mandates to provide liquidity to tail markets which tend to experience spikey one-sided flow i.e. sometimes there will be a lot of volume and trading, and sometimes there is none.