Disclaimer: A permissionlessly created vault is deployed and operated by its creator, not by Orderly. Orderly does not vet, operate, or backstop these vaults. Users should assess the vault’s strategy, track record, and risk profile before depositing.
Standard Vault vs. Permissionless Vault
| Feature | Standard Vault (Current) | Permissionless Vault |
|---|---|---|
| Who creates it | Orderly team (manual onboarding) | Any EOA wallet holder |
| Setup time | 2–5 business days | < 30 minutes |
| Manual steps | 29 steps, 5+ people | 1 transaction, 0 people |
| Multi-sig required | Yes (4–24h bottleneck) | No |
| Database configuration | 20+ manual SQL operations | Fully automated |
How It Works
Permissionless Vault leverages deterministic contract deployment (CREATE3), cross-chain messaging (LayerZero V2), and automated backend provisioning to turn vault creation into a single on-chain action.Creating a vault
- Configure — The creator selects vault parameters through the frontend: vault name, description, broker, strategy provider (SP) address, SP name, performance fee rate, deployment chain, and first period start time.
- Deploy — The creator signs a single
createPermissionlessVault()transaction on their chosen chain. The factory contract deploys the vault using CREATE3 (deterministic address), registers it with the cross-chain manager, and sends a configuration message to the Orderly Chain via LayerZero V2. - Register — The Orderly Chain ledger receives the cross-chain message and automatically configures the vault: broker assignment, fee rates, and strategy provider authorization. This typically completes within 1–5 minutes.
- Provision — The indexer captures on-chain events and syncs vault data to the CeFi backend, which auto-provisions all necessary accounts and configurations (replacing the 20+ manual SQL operations from the old flow).
- Live — The vault appears in the vault listing and is ready for LP deposits.
What the creator provides
| Parameter | Notes |
|---|---|
| Vault Name | Max 50 characters. Alphanumeric, spaces, hyphens, underscores, dots. Immutable after creation. |
| Description | Max 500 characters. Markdown supported. Modifiable after creation. |
| Deployment Chain | Single chain for initial deployment (Arbitrum, Base, Optimism, or Sei). More chains can be added later. |
| Broker | Selected from available brokers (searchable dropdown). |
| SP Address | The strategy provider’s wallet address. Immutable after creation. |
| SP Name | Max 50 characters. Immutable after creation. |
| Performance Fee Rate | Integer 0–50 (representing 0%–50%). Immutable after creation. |
| 1st Period Start | Must be a round hour and at least 24 hours in the future, or left unset (0). Modifiable after creation (with restrictions). |
Deployment status
After submitting the creation transaction, the frontend shows a simplified two-state model:- Pending — Transaction submitted; the vault is being provisioned across the pipeline.
- Complete — The vault is fully operational and queryable via the vault info API.
Fees & Costs
Creating a Permissionless Vault (or adding a new chain) requires the creator to pay the following fees in a single transaction:| Fee | Source | Description |
|---|---|---|
| Gas Fee | Network (RPC estimate) | Standard blockchain gas for deploying the vault contract and executing on-chain operations. Varies with network congestion. |
| Cross-Chain Fee | quoteFee() on factory contract | LayerZero V2 messaging fee for syncing vault configuration to the Orderly Chain ledger. Any excess is refunded to the creator. |
| Vault Operation Reserve | assetsTransferCrossChainFee() on factory contract | Native token (ETH) deposited into the vault contract to cover future cross-chain transfer operations (moving user funds from Vault to DEX). Currently fixed at 0.1 ETH per chain. This deposit is non-refundable and remains in the vault contract. |
Important: The Vault Operation Reserve is essential for vault operations. If the vault’s ETH balance is depleted, cross-chain fund transfers will fail and new LP deposits cannot enter the DEX for trading. The creator is responsible for maintaining sufficient ETH balance in the vault.
None of these fees are collected by Orderly Network. They are paid to the blockchain network and cross-chain infrastructure providers.
System Parameters (Non-Configurable)
The following operational parameters are set by the system and cannot be modified by the vault creator. They apply uniformly to all Permissionless Vaults:| Parameter | Value | Notes |
|---|---|---|
| Minimum Deposit Amount (LP) | 300 USDC | Minimum amount an LP must deposit into the vault. |
| Minimum Withdrawal Amount | 10 USDC | Minimum amount for LP withdrawal requests. |
| Period Duration | 3 days (4,320 minutes) | The vault operates in fixed periods for settlement. |
| Deposit Lock-up Duration | 7 days (10,080 minutes) | Deposits are locked starting from the beginning of the vault period in which the deposit is processed. |
| Reserve Margin (SP) | 50,000 USDC | Minimum margin the Strategy Provider must maintain. |
These parameters may become configurable in future versions. See What’s Next for planned expansions.
Managing Your Vault
Modifiable settings
After creation, the vault creator can update two settings:| Setting | Restrictions |
|---|---|
| Description | No restrictions. Can be changed at any time. |
| 1st Period Start | Can only be changed if the current time is more than 6 hours before the existing start time. New value must be a round hour and at least 24 hours in the future. Cannot be set back to unset (0) once set — use a far-future time to delay. |
Adding chain support
After the initial vault is live, the creator can expand to additional chains one at a time:- Call
createPermissionlessVault()on the new chain’s factory with the same parameters (same deterministic salt → same vault address). - The factory deploys the vault proxy on the new chain and sends the configuration cross-chain.
- The ledger registers the new chain for the existing vault.
- The backend updates its configuration to include the new chain.
Cross-Chain Recovery
If the LayerZero cross-chain message fails to deliver (network issue, gas spike), the vault will be deployed on the EVM chain but not yet registered on the Orderly Chain ledger.- Automatic retry — LayerZero V2 has built-in retry for queued messages.
- Manual re-send — The creator can call
resendConfiguration()on the factory to re-trigger the cross-chain message. This is safe because the ledger configuration is idempotent. - Timeout alert — If registration hasn’t completed within 30 minutes, the system alerts the operations team.
How Permissionless Vaults Differ for LPs
Permissionless Vaults work like standard Strategy Vaults in most ways — same deposit/withdrawal flow, same settlement mechanics, same period structure. Key differences:| Standard Vaults | Permissionless Vaults | |
|---|---|---|
| Who operates it | Orderly-vetted Strategy Providers | Any creator with an EOA wallet |
| Onboarding review | Reviewed by Orderly team | No review — fully permissionless |
| Strategy transparency | Varies by vault | Varies by vault |
| Risk | Orderly performs due diligence on SP | LP must independently evaluate the creator and strategy |
What this means in practice
- Do your own research. Permissionless Vaults are not vetted by Orderly. Evaluate the Strategy Provider’s track record, strategy description, and fee structure before depositing.
- Performance fee is locked in. The performance fee rate is set at vault creation and cannot be changed. What you see is what you get.
- Same infrastructure, different operator. The underlying smart contracts, cross-chain messaging, and settlement mechanics are identical to standard vaults. The difference is who creates and manages the trading strategy.
What’s Next
Permissionless Vault V1 focuses on the core creation and management flow. Planned future expansions include:- Creator transfer — Allow vault creators to transfer ownership to another address.
- Configurable parameters — Open up additional vault settings (min deposit amount, period duration, reserve margin, etc.) for creator customization.
- Enhanced analytics — Richer performance dashboards and LP reporting for permissionless vaults.
- Fee flexibility — More granular fee structures beyond the current flat performance fee.
- Vault Operation Reserve management — Tools for creators to monitor and top-up the vault’s ETH reserve balance.