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A MUTEX vault is a pooled trading account on the perps desk or the spot desk, picked when the vault is made. One person, the lead trader, trades it. Other users, the depositors, move USDC into it and receive a share: a part of the whole account, shown as money and as a percent. When the vault gains, every share gains in proportion. When it loses, every share loses in proportion, the lead trader's included.

People often search for a crypto copy trading vault, and a MUTEX vault is the vault half of that idea, not the copy half. Copy trading repeats a trader's orders in your own account, at your own fills. A vault holds everyone's money in one account, so there is one set of positions and one result, and nothing drifts between the trader and the people behind them.

Every number of a MUTEX vault is public: its equity, a share price for every day since it opened, the return since start and over 30 days, the deepest drawdown, and how many depositors it has. A Perps vault shows its open positions with their leverage and the margin in use. A Spot vault shows its USDC and each token it holds, with its value, its part of the vault and its gain on what the vault paid. The lead trader's MUTEX Arena rating and tier sit beside the vault's name.

1. Pick a vault. The MUTEX vaults list filters by desk and sorts by size, age, 30-day return, smallest drawdown or number of depositors. Open one to read its record, what it holds and its profit share.
2. Deposit USDC. Into a Perps vault from your Perp account or your Funding balance, into a Spot vault from your Funding balance or your Spot balance. Currently at least 10 USDC, and only while the vault takes new money and has room. Your deposit buys a share at the share price after the money lands. A Spot vault that holds a stock token takes deposits only while the US market is open.
3. Withdraw an amount or everything. Each deposit is free to withdraw 24 hours after it is priced, currently. The withdrawal is priced when MUTEX pays it, not when you ask. The payout lands in your Perp account from a Perps vault, or in your Funding balance from a Spot vault. While a Spot vault holds a stock token, a withdrawal asked outside US market hours waits for the open. A withdrawal cannot be cancelled once asked.

When you withdraw, the MUTEX vault gets smaller by your part of it, so the people who stay keep about the same mix of positions or tokens. On a Perps vault MUTEX closes your slice of each open position with a reduce-only market order. On a Spot vault it sells your part of each token at market. On both it shrinks the resting orders to match. You pay the fees and the price move of your own part, so the share price of everyone who stays does not move.

A MUTEX vault opens at a share price of 1.00. From then on the share price is the account's equity divided by the shares in it. Deposits and withdrawals trade shares at the price of their moment, so money coming in or going out never moves the price for anyone else. An example, not a real vault, holding only USDC at the withdrawal:

The depositor paid 2,500 USDC for 2,000 units and left with 3,000 USDC of value: a 500 USDC gain. At a 10% profit share, 50 USDC of it (33.33 units at 1.50) moves to the lead trader and 2,950 USDC is paid out, leaving the lead trader's 1,033.33 units worth exactly the 1,550 USDC in the vault.

A MUTEX vault has no management fee and no deposit fee. The lead trader earns a profit share, set when the vault is made, currently between 0% and 30%, 10% by default. It is charged only when your money leaves the vault, only on the gain of the shares that leave over what you paid for them on average, and nothing at a loss. A lead trader can lower the rate at any time, and depositors are told when they do, but can never raise it.

• Trading fees.The vault's trades pay the normal MUTEX fees of its desk, perps or spot, out of the vault's equity, so every share carries them.
• Your withdrawal's own cost. On Perps, closing your slice of each open position costs its distance from the mark price and its fees. On Spot, each sale your withdrawal needs costs its fee and what it gets under the market price. You pay that alone.

Any MUTEX user can make a vault from the app if their trader profile is public, they stake currently at least 100 USDC, and they have no other open vault on that desk. A Perps vault's stake comes from the Perp account or the Funding balance, and it needs a free account slot (bots, farms and Perps vaults share the same slots). A Spot vault's stake comes from the Funding balance or the Spot balance. The profile has to stay public while the vault is open, so depositors always know who they are backing.

The lead trader's stake is real money at risk beside the depositors'. While a MUTEX vault is open the stake cannot fall under 1% of the vault or under 100 USDC, currently, so a vault takes at most 99 times the stake from depositors. The lead trader pays no profit share on their own money, and the profit share they earn arrives as shares in the vault, free to withdraw at once.

The lead trader trades a Perps vault from the MUTEX terminal with the same order types as their own perps account: market, limit, stop, take-profit, OCO, TWAP and grid orders, with the vault's own leverage per market and their own fee and risk limits. The lead trader trades a Spot vault on the terminal's spot desk with the desk's own orders: market, limit, stop, TWAP and grid. It can buy any token the desk lists. The vault's orders never mix with their personal ones. A lead trader can also make a trading key for a Perps vault on the Trading API; it trades the vault and moves no money. A Spot vault has no trading key.

The best way to earn depositors is a record they can check. Play MUTEX Arena tables to build the rating shown beside your vault, or trade the house's money instead of depositors' on the prop desk.

The current house numbers for every MUTEX vault. MUTEX can change them; the app always shows the live ones.

A withdrawal from a Perps vault pays out at least 1 USDC. A Spot vault has no such floor. A lead trader can stop new money at any time with a switch on the vault, and a deposit bigger than the room the stake rule leaves is refused.

The lead trader closes it.A Perps vault can be closed only when it holds no open position and no resting order. A Spot vault can be closed only when it has no resting order and nothing left but USDC and dust. From that moment it takes no deposit and no new position or buy. Only the orders that wind it down pass: reduce-only orders on Perps, sells on Spot. Every depositor is paid at the share price of the close, the 24-hour hold ignored, after the profit share on their own gain: to their Perp account from a Perps vault, to their Funding balance from a Spot vault. The lead trader is paid last, with the money that is left. Token dust left in a Spot vault is no one's share, and MUTEX keeps it.

MUTEX steps in.MUTEX can stop new money, stop the vault's trading, close every position (sell every holding on Spot), or close the vault. With trading stopped, a Perps vault takes only reduce-only orders, and its other resting orders are cancelled. A Spot vault can only sell, and its resting buys are cancelled. When MUTEX closes a vault, no profit share is taken, and that lead trader cannot make another vault on either desk until MUTEX allows it.

You can always leave. A withdrawal works in every state of a MUTEX vault: open, full, with new money stopped, with trading stopped, or with its lead trader suspended. If the lead trader simply stops trading, the money sits in the account and you withdraw your share whenever you like.

• A Perps vault trades leveraged perpetual futures. Its equity can fall fast and its account can be liquidated; the shares stay, worth what is left.
• A Spot vault has no leverage and is never liquidated, but the tokens it holds can lose value.
• Past returns on a vault's record say nothing certain about its future returns.
• A withdrawal is priced when it is paid, not when you ask, so the amount can differ from the preview, and a withdrawal that cannot be paid yet stays pending until it can.
• At the close of a Perps vault, a share whose payout after the profit share is under 1 USDC is not sent; that money goes to the lead trader.

Depositors who want exposure to an active perps or spot trader without running the trades, and who want to see what the vault holds rather than trust a monthly report. Lead traders with a record who want to trade a bigger book with their own money in it and earn a profit share on what they make for others.