2x–6x on BTC, HYPE and majors. No perp account, no liquidation price of your own. Pay from any chain, sell back at the vault's price.
Leverage multiplies losses. You can lose it all.
Security review. Pashov Audit Group — audit Jul–Aug 2026, report Sep 14, 2026 — 65 findings, all fixed. Scope: BULL, BEAR, VOL; iVOL, iBULL, iBEAR not separately covered. Audits lower risk but don't remove it.
Who holds the keys. Ensemble vaults are on-chain smart contracts: your deposit, shares, NAV and trades are handled by contracts on HyperEVM/HyperCore (audited by Pashov: BULL, BEAR, VOL; the inverse iBULL, iBEAR and iVOL aren't separately covered), and routine rebalancing can be triggered by anyone. They are not fully trustless. The admin address (0x2c3c…a4d1) is a Fordefi MPC wallet, per Ensemble: the key is split across multiple parties, so it appears on-chain as a single address. It can change settings, pause or cap deposits and withdrawals, and upgrade the vault code. There is no on-chain timelock.
You never open a perp position yourself, so nothing in your wallet can be margin-called. The vault manages margin for all holders and can cut or close its positions in an emergency. The vault itself can still be liquidated: a fast move against it can erase most or all of its value.
A 1% move in BTC moves a 6x token about 6%, before fees. Leverage resets as the vault rebalances, so the path matters: if BTC rises 10% and falls back, a 6x long ends about 27% lower.
Hyper Tokens charges no fee. The vault fees below go to Ensemble, which shares an owner with Hyper Tokens. Vault fees: 0.1% to mint, taken from the tokens you receive, and 0.3% to redeem, taken from the USDC you get back. Inside the token price: a 2% a year management fee, a 0.1% builder fee on rebalance trades, Hyperliquid trading fees, and funding paid or received. On cross-chain routes the bridge's cost (Relay, or LI.FI as fallback) and network gas are in your quote. Everything is shown before you sign.
Pick what you pay with. Relay (or LI.FI as a fallback) bridges it to USDC on HyperEVM, the vault mints your token, and it lands in your wallet. Cross-chain buys include about $0.50 of HYPE so you can sell later. The quote shows the bridge's cost and time before you sign; each step needs a wallet signature.
Relay (or LI.FI as fallback) delivers USDC to HyperEVM first, then the vault mints. With Relay, both happen in one request: if the mint can't complete, Relay refunds you on the chain you paid from, minus its gas cost. With LI.FI, the USDC lands in your HyperEVM wallet first; if the mint can't complete, the USDC stays in your HyperEVM wallet — nothing is lost — and the Buy box shows 'Finish buying' so you can mint it. Paste your transaction into Track a transfer to see which step you're on.
Up to the vault's instant capacity — shown live on the Sell tab. You redeem with the vault at its price less a 0.3% fee. A larger sell is refused, not queued: sell less, or wait until the vault refills its USDC. Two things can stop a sell entirely: the vault's admin can pause or cap withdrawals (there is no timelock), and if the vault's position were liquidated on Hyperliquid there could be little or nothing to redeem. We don't run a secondary market.
Buying from another chain: no, the bridge handles it, and cross-chain buys include about $0.50 of HYPE delivered to your wallet. Selling is a HyperEVM transaction, so you need a few cents of HYPE. If you run out, get HYPE on the Hyperliquid app.
On HyperEVM, at the EVM address you entered. Phantom doesn't show HyperEVM: open that address in MetaMask or Rabby (HyperEVM network) to see and sell it.
The vault computes its price on-chain at the moment you buy or sell, from its USDC and its Hyperliquid positions, net of fees. The chart shows that price recorded every 3 hours, plus the live read.
Hyper Tokens and Ensemble are owned by the same company. Hyper Tokens is the trading site; Ensemble runs the vaults. Hyper Tokens routes your order to the vault and never holds funds; Ensemble issues the tokens and holds the USDC and the Hyperliquid positions. Ensemble vaults are on-chain smart contracts: your deposit, shares, NAV and trades are handled by contracts on HyperEVM/HyperCore (audited by Pashov: BULL, BEAR, VOL; the inverse iBULL, iBEAR and iVOL aren't separately covered), and routine rebalancing can be triggered by anyone. They are not fully trustless. The admin address (0x2c3c…a4d1) is a Fordefi MPC wallet, per Ensemble: the key is split across multiple parties, so it appears on-chain as a single address. It can change settings, pause or cap deposits and withdrawals, and upgrade the vault code. There is no on-chain timelock. Check the address on HyperEVMScan.
rHYPURR is not an Ensemble vault token, and none of the Trust section above applies to it. Per rip.xyz, it is the share token of Rip's Hypurr Vault on HyperEVM, backed by Hypurr NFTs and WHYPE reserves; Rip reports a Three Sigma audit of its vault contract. Pashov's review does not cover it. Here you swap it in a small ProjectX rHYPURR/HYPE pool with a 1% pool fee, and the pool price can differ from the vault's NAV. Liquidity is low, so even small trades move the price and you may not be able to sell at the price you see. Only use money you can afford to lose. Learn more at rip.xyz.
Anyone with a wallet, except residents of OFAC-sanctioned countries and regions. We don't geoblock; you are responsible for the laws where you live.