Hyperliquid retired the copytrading vault button and handed the surface to engineers. It got promoted from feature to infrastructure. So if you want to open a trading vault and start accepting deposits on Hyperliquid now, the answer is not “click the old button.” Hyperliquid priced native vault creation out of the casual UI flow by raising the cost from $100 to $10,000. In the docs, the old model is now labeled legacy HyperCore vaults: useful historically, but no longer a fit for what Hyperliquid has become. The old model was simple. A vault leader created a vault inside HyperCore. Users deposited USDC. The leader traded. Profits were split by shares. Clean PAMM-style copytrading and managed deposits, with the leader taking a fixed 10%. The problem is that legacy vaults are stuck in 2023. No spot trading. No HIP-3 assets. Weak composability. User shares never become real first-class onchain assets. For the current Hyperliquid stack, that box got too small. So the old button is not coming back in the same form. The vault mechanic is moving to HyperEVM. The new model is still permissionless, but much more technical. You launch the vault as a HyperEVM smart contract. Inside it, you can build ERC-4626 accounting, share tokens, fees, entry and exit rules, whitelists, agent permissions, risk limits, redemption logic, and your own capital-management mechanics. The link back to HyperCore runs through CoreWriter, a system contract that receives actions from HyperEVM and pushes them into the main Hyperliquid exchange. Through CoreWriter, a vault can do vaultTransfer, place orders, move assets between EVM and Core, add API wallets, and delegate authorized agents. Order actions and vault transfers carry a few seconds of onchain delay, but that is the basic architecture. So vault creation is still permissionless. It just moved from “open a vault” to “engineer a fund primitive.” You have a few real paths now. First: build your own HyperEVM + CoreWriter vault from scratch. Deploy the contract. Define share accounting, fees, withdrawal rules, execution roles, risk controls, and the strategy. Cleanest permissionless path, but dangerous if you are not serious about engineering. Second: use hyperliquid-dev/hyper-evm-lib. That is the official dev kit for HyperEVM contracts. It ships CoreWriterLib, bridging helpers, precompile reads, a token registry, and useful contract functions. Same path, less low-level plumbing. Third: study open-source templates like manhashed/hyperliquidvault or adamocallaghan/hyperevm-vault. They give you pieces: CoreWriter integration, deposit and withdrawal flows, limit orders, bridge logic, API wallet support, and ERC-4626-style vault structure. But these are not deploy-and-start-collecting-deposits products. They are scaffolds. Before touching real capital, you need tests, threat modeling, permission review, withdrawal logic review, role review, and a proper audit. A vault is not just a contract. It is custody, accounting, execution, permissions, and reputation bundled into one failure surface. Markets are hard enough already. You do not want extra blow-up risk from sloppy vault infrastructure. Is anything ready out of the box? Hypermax SmartFund looks closest to a productized managed-fund wrapper on top of HyperEVM: ERC-4626 share tokens, custom fees, flexible redemption periods, HyperCore liquidity and orderbook access, and risk controls. Promising, but still early. Not institutionally de-risked yet. D2, Rip, and Raga show vault-like products are live in the ecosystem. But none gives every outside manager a self-serve button to open their own vault, so they are not replacements for the old native flow. Old HyperCore vaults were a product. New HyperEVM vaults are a builder surface. The old UI button is gone. The vaults came back as infrastructure. The de facto top spot in this new vault business is still wide open. And Jeff already handed you the building blocks.
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