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

**URL:** <https://dydx.forum/t/gauntlet-dydx-megavault-update-1-month-insights-september-2025/4535>\
**Category:** dYdX Chain\
**Created:** [October 11, 2025, 10:02am UTC](https://dydx.forum/t/gauntlet-dydx-megavault-update-1-month-insights-september-2025/4535 "2025-10-11T10:02:58Z")\
**Posts on this page:** 1\
**Showing post:** 3

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**Author:** ![gauntlet](https://dub1.discourse-cdn.com/flex013/user_avatar/dydx.forum/gauntlet/32/1710_2.png) [@gauntlet](https://dydx.forum/u/gauntlet)\
**Post date:** [October 29, 2025, 10:02pm UTC](https://dydx.forum/t/gauntlet-dydx-megavault-update-1-month-insights-september-2025/4535/3 "2025-10-29T22:02:58Z")

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Please see our 10-10 post-mortem report [here](https://dydx.forum/t/gauntlet-dydx-megavault-10-10-post-mortem/4693).

> Blockquote  
> can you explain why [HLP vault](https://app.hyperliquid.xyz/vaults/0xdfc24b077bc1425ad1dea75bcb6f8158e10df303) 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](https://x.com/chameleon_jeff/status/1977066751717429516).

> Blockquote  
> 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.

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