Fees

ASPE Labs charges a performance fee only. If there is no profit, there is no fee.

Fee structure

Fee type	Rate	Notes
Management fee	0%	No annual charge on AUM
Performance fee	10%	On new highs only (high-water mark)
Entry fee	0%	No charge on deposits
Exit fee	0%	No charge on withdrawals (v1)

High-water mark explained

The 10% performance fee only applies to new profits above the previous high. If the vault drops in value and then recovers, no fee is charged until the share price exceeds its all-time high.

Example:

1. Share price starts at $1.00

2. Rises to $1.20 — fee charged on $0.20 profit (10% = $0.02 per share)

3. Drops to $1.10 — no fee charged

4. Recovers to $1.20 — no fee charged (not a new high)

5. Rises to $1.30 — fee charged on $0.10 new profit only (10% = $0.01 per share)

The high-water mark is enforced on-chain by the smart contract.

How we compare

Protocol	Management Fee	Performance Fee	Mechanism
ASPE Labs	0%	10%	ERC4626, HWM on-chain
HLP (Hyperliquid)	0%	10%	Native vault
Typical HL vaults	0%	10%	Native vault
Traditional hedge funds	2%	20%	Contractual (2-and-20)
DeFi yield aggregators	0-2%	10-20%	Varies

Related links

• How It Works — fund flow and strategy overview

• Depositing — get started

• Contract Addresses — verify on-chain