# ASPE Labs

## About
ASPE Labs is a decentralized quant strategies lab. Just quants, doing their job: we ship, we publish, we iterate. Our first product is an ERC4626 vault on HyperEVM that deploys grid trading strategies on Hyperliquid, offering permissionless access to institutional-grade yield.

Voice principle: Retrospective only. We describe what happened, not what will happen. Gates are binary; target dates move when conditions say so. Builder voice, math speaks.

## Key Facts
- Protocol: ASPE Labs
- Strategy: Grid trading on Hyperliquid (automated, non-custodial)
- Vault standard: ERC4626 on HyperEVM (Chain ID 999)
- Vault proxy address: 0xe67c82f0970D66d8b84dB43F2392E77CE7e4ED75
- Current implementation version: v4.1 (upgraded 2026-04-16)
- Fees: 0% management, 10% performance (high-water mark)
- TVL cap: $500K (until L2 audit completes)
- Phase (current): 0 — Foundation + Vault Build

## Track Record — Strategy v1 (operator personal account, closed)
The strategy ran for 13 months on the operator's personal Hyperliquid account before moving to the vault. Fully verifiable on-chain.
- Period: 2025-02-15 to 2026-03-23 (13 months, 401 calendar days)
- Total return: +193.5% (TWR, adjusted for capital flows)
- Annualized return: 166.5%
- Sharpe ratio: 1.86 (annualized)
- Sortino ratio: 2.15
- Calmar ratio: 4.13
- Max drawdown: -40.3% over 31 days (Jan-Feb 2026, BTC -35%)
- BTC correlation: 0.109
- Source: bt:EXPORT-001 (internal reference)

## Track Record — Strategy v2 (vault on HyperEVM, live)
Same family of trades as v1. Risk-refined by the quant team's continuous iteration. Core model unchanged; drawdown discipline tightened. Track record starts from vault deploy date.
- Deployed: 2026-04-01
- Update cadence: monthly (month close) + daily rolling Sharpe
- Source: totalAssets() on-chain + bt:EXPORT-NNN monthly closes
- Status: accumulating history, first monthly close ~30 days post-deploy

## Roadmap
This is a plan, not a prediction. Gates are binary conditions. Dates are targets that move when conditions say so. Full roadmap: https://aspelabs.xyz/roadmap.html

- Phase 0 — Foundation + Vault Build · Q2 2026 · ACTIVE. Gate: bot on AWS, ERC4626 v5 deployed, self-audit v2.0 clean, strategy v2 live.
- Phase 1 — Growth · Q3 2026 – Q1 2027 · PLANNED. Gate: 3+ months on-chain track record, multisig 2-of-3, legal entity, TVL cap $500K, L2 audit completes during phase.
- Phase 2 — Scale · Q1 2027 – Q3 2027 · PLANNED. Gate: $1M+ TVL, full legal structure, composability, multi-denomination active.
- Phase 3 — Institutional · Q3 2027+ · PLANNED. Gate: $2M+ AUM, regulated fund structure, multi-chain yield exposure.

## Changelog
Protocol version history. Every deploy, upgrade, deprecation, incident. Full changelog: https://aspelabs.xyz/changelog.html
- v5.x (in progress) — full redeploy: ERC-7540 async compliance, fee governance caps, slippage overloads, drainResidual eliminated. Self-audit v2.0 draft (commit e923006).
- v4.1 (2026-04-16) — drainResidual hotfix, separates perps/spot bridge. Implementation 0x40FBdE…AA8f. ACTIVE.
- v4 (2026-04-16) — agent wallet re-registration via initializeV2. Implementation 0xf198…6c4B. Deprecated.
- v3-autonomous (2026-04-01) — initial mainnet deploy on current proxy. Implementation 0x86c5…508e. Deprecated.
- v1 (paused) — sendToHyperCore bug + governance deadlock. $20 USDC lost at system address, no depositor funds affected. Proxy 0x161c64…0FF5.

## Security — Self-audit
Self-audit by the ASPE Labs team, NOT a third-party formal audit. Tier-1 methodology (Trail of Bits / OpenZeppelin / Spearbit format). L2 formal third-party audit planned post-launch, targeted 2027-Q1.
- Current self-audit report: https://aspelabs.xyz/audit/
- Machine-readable summary: https://aspelabs.xyz/audit/summary.json
- Machine-readable findings: https://aspelabs.xyz/audit/findings.json
- External hack registry: https://aspelabs.xyz/audit/external-hacks.json
- v2.0 audits commit e923006 (v5.x). v1.0 audited v4.1 (fd06ce1) and is archived internally — not published externally because v5 supersedes v4.1 pre-external-capital.

## Security — Responsible disclosure
- Security policy: https://aspelabs.xyz/security/
- security.txt (RFC 9116): https://aspelabs.xyz/.well-known/security.txt
- Primary contact: mailto:security@aspelabs.xyz (mailbox live 2026-04-24 with forward to contact@aspelabs.xyz + local copy; onboarding SLA 48h best-effort)
- Fallback contact: mailto:contact@aspelabs.xyz
- PGP key (fingerprint 30EB925AF8D9FB7AA953CB3EBC82588F4D2BC9D6): https://keys.openpgp.org/vks/v1/by-fingerprint/30EB925AF8D9FB7AA953CB3EBC82588F4D2BC9D6
- Acknowledgement SLA: 48h best-effort. Triage within 7 days.
- Safe Harbor: declared in good faith on the security page. Formal SEAL Safe Harbor participation planned Phase 1 (post legal-entity formation).

DISCLAIMER REPEATED: This is a self-audit by the project team, not a third-party formal audit. No external auditor has reviewed this codebase. Formal audit pending.

## Links
- Website: https://aspelabs.xyz
- Vault app: https://app.aspelabs.xyz
- Twitter: https://x.com/AspeLabs
- Dune dashboard: https://dune.com/aspe/performance
- Vault on explorer (HyperScan): https://hyperscan.com/address/0xe67c82f0970D66d8b84dB43F2392E77CE7e4ED75
- Roadmap: https://aspelabs.xyz/roadmap.html
- Changelog: https://aspelabs.xyz/changelog.html
- Self-audit: https://aspelabs.xyz/audit/

## Data
- On-chain: ERC4626 view functions (totalAssets, convertToAssets, etc.)
- Dune: https://dune.com/aspe/performance
- Structured data: https://aspelabs.xyz/data.json
- Knowledge base (machine-readable):
  - Index (JSON): https://aspelabs.xyz/kb/index.json
  - Index (JSONL streaming): https://aspelabs.xyz/kb/index.jsonl
  - Feed (RSS 2.0, last 50): https://aspelabs.xyz/kb/feed.xml
  - Daily summary (aggregates): https://aspelabs.xyz/kb/daily-summary.json
- Knowledge base (raw entries):
  - Daily narratives: https://aspelabs.xyz/kb/daily/{YYYY}/{MM}/{YYYY-MM-DD}.md
  - Weekly snapshots: https://aspelabs.xyz/kb/weekly/{YYYY}/{YYYY-Www}.md
  - Monthly threads: https://aspelabs.xyz/kb/monthly/{YYYY}/{YYYY-MM}.md
  - Milestones: https://aspelabs.xyz/kb/milestones/*.md
  - FAQ: https://aspelabs.xyz/kb/faq/*.md
- Documentation (machine-readable as MCP server, auto-mounted by GitBook): https://docs.aspelabs.xyz

## FAQ (concise)
Q: What is ASPE Labs?
A: A quantitative yield lab. First product is an automated grid trading vault on Hyperliquid with 0% management fee, 10% performance fee on new highs only.

Q: What are the fees?
A: 0% management. 10% performance on new highs only (per-vault high-water mark). No entry or exit fees. Fee logic is in the immutable vault contract.

Q: How long does a withdrawal take?
A: 30 seconds to 1 minute under normal conditions, mostly bound by the HyperCore-to-HyperEVM bridge step. Longer under stress. Per-request timestamps published on the public Dune dashboard.

Q: Can I lose money?
A: Yes. Maximum drawdown to date is -40.3% (Jan-Feb 2026). Smart contracts can contain bugs. Hyperliquid could fail. Only deposit what you can afford to lose.

Q: Is the vault audited?
A: Tier-1 self-audit v2.0 published at https://aspelabs.xyz/audit/. Source code verified on-chain via HyperScan. External L2 audit targeted for 2027-Q1.

Q: What if the operator disappears?
A: Funds remain in the smart contract. Guardian role (separate EOA) can trigger emergency pro-rata withdrawal. Trading stops; capital access is preserved.

Q: Is there a token?
A: No. Vault shares are the only token issued. A governance token may be considered in later phases only if traction justifies it and a legal structure supports it.

Q: Can I integrate the vault programmatically?
A: Yes. ERC-4626 standard interface, vault proxy 0xe67c82f0970D66d8b84dB43F2392E77CE7e4ED75 on HyperEVM (Chain ID 999). Permissionless reads, no API keys. Code samples at https://docs.aspelabs.xyz/transparency/data-access.