Operations

Operations is where you run the vault day to day: settle requests, push valuations, manage fees, and control the lifecycle.

Settlement

Settlement processes the deposit and redeem requests that built up during an epoch. It is the most important recurring action you perform.

Before you settle

Push a fresh valuation first. The vault requires the oracle to have been refreshed since the last settlement, and settlement prices every request at the current NAV.

What you can settle

Action	Effect
Settle deposits	Mints shares to depositors at the latest valuation.
Settle redemptions	Makes assets claimable to redeemers at the latest valuation.
Settle both	Processes deposits and redemptions in one transaction.

Settling both nets deposits against redemptions, so you only fund the difference instead of moving the full amount in and out of your strategy.

The settlement preview

The settlement preview shows what will move: assets to or from you, the payout to your fee recipient, and the portion routed to the protocol. If it requires a top-up, you approve that before the settle transaction. A transfer error usually means the vault is not yet approved to pull your top-up.

Claiming fees during settlement

Choose a claim type.

Claim type	Meaning
No claim	Settle now, leave fees for later.
Soft claim	Compensate fees using inflows in the same transaction.
Full claim	Collect fees in full, topping up any shortfall yourself.

For redemptions this is a single switch: leave fees, or claim in full.

Standalone fee claims

You do not need to wait for a settlement. Use Claim on the accrued-fees row at any time, up to the unclaimed balance.

tip

Unclaimed fees are held as shares, so their value drifts with the price per share until claimed. Claim soon after each settlement to limit this drift.

After settling

Depositors in that batch can claim shares, redeemers can claim assets, and the app briefly shows an Updating state while the indexer catches up.

A typical cycle

1. Run the strategy during the epoch.
2. Push a fresh NAV to the oracle.
3. Settle deposits and redemptions.
4. Claim fees.
5. Repeat next epoch.

Valuation

When a vault is closed, its value comes from an oracle you keep up to date, not from on-demand liquidity. Reporting an accurate net asset value (NAV) is a core duty.

The NAV you report sets the price per share used at settlement, which decides how many shares new depositors get and how many assets redeemers get. An inaccurate valuation mis-prices everyone in the next batch.

Pushing a valuation

From Operations, use Set valuation to push total assets to the oracle. The console shows the last valuation and how long ago it was set, and prompts you when it is missing or stale.

Push a fresh NAV immediately before each settlement. The vault will not let you reuse the same valuation across two settlements.

Deviation bounds

The oracle enforces a maximum move up or down per update. You set these bounds.

• Wide enough to cover your strategy's genuine volatility between valuations.
• Tight enough that an obvious mistake gets rejected.

If a legitimate valuation exceeds your bound, the update is rejected. Adjust the bound or push the move in steps.

Freshness

The vault checks order, not a maximum age. It only ensures the oracle was refreshed after the last settlement. Actual data freshness is the oracle's job.

warning

A vault that settles rarely still needs a fresh NAV right before each settlement. The vault does not block settlement just because the oracle is old. For a strict age limit, deploy a stricter oracle.

Checklist, before every settlement

1. Mark to market: compute the current NAV.
2. Push the NAV to the oracle, within your deviation bounds.
3. Confirm the last-valuation timestamp updated.
4. Settle.

Fees

Your fee schedule defines your economics.

The four levers

Fee	Best for	Notes
Entry fee	Discouraging churn, covering onboarding cost	One-off, taken from each deposit at settlement.
Exit fee	Discouraging quick exits, protecting remaining holders	One-off, taken from each redemption at settlement.
Management fee	Covering ongoing operating cost	Annualized, charged on TVL, accrues with time.
Performance fee	Aligning your upside with depositors	Charged only on new highs, above the high-water mark.

All fees go to your fee recipient. There is no fee switch and T3tris takes no percentage of any of them.

Choosing rates

• Be legible: a simple, defensible schedule builds trust.
• Match fees to strategy: a high-touch active strategy can justify a management or performance fee, a passive one usually cannot.
• Mind the holding period: entry and exit fees bite short-term holders, management fees compound for long-term holders.
• Performance fee plus high-water mark aligns you with depositors: you earn more only on new highs, nothing while they recover a drawdown.

How changes take effect

Fee-rate changes are queued, then applied at the next settlement, not instantly. Until then, accrual uses the currently committed rate.

This matters most for the management fee, which accrues with time:

• Setting a new rate only queues it. The next settlement accrues the prior period at the old rate first, then rotates to the new rate.
• Queuing a new rate right before pausing does not retroactively change what already accrued.

Zeroing the management fee across a pause

1. Queue 0% management fee.
2. Settle (or open) to accrue the prior period at the old rate and commit 0%.
3. Pause.
4. Unpause.
5. Settle: the paused window now accrues at 0%.
6. Re-queue your normal rate and settle again to restore it.

Skipping step 2 leaves the old rate committed, and the pause window is charged at that rate. This is intended: the management fee compensates ongoing position management, which continues during a pause.

Claiming

Accrued fees are held as fee shares for your fee recipient. Claim inline during settlement (soft or full claim) or as a standalone claim at any time. Claim promptly, unclaimed fees drift in value with the price per share.

Lifecycle

A vault runs in request-based (async) mode. Over its life it can be paused and, eventually, wound down with end-of-fund. Each transition is a gated action controlled by its own role, so you decide who can perform it.

Operating mode

Day to day the vault is request-based: depositors submit requests, you process them at settlement, and value comes from the oracle. Switching the operating mode is a separate gated action, kept apart from everyday settlement.

Async settlement makes the protocol strategy-agnostic: since you never have to honor an instant withdrawal, your strategy can take the time it needs to enter or exit positions (CEX, RWA, OTC, options, epoch funds) without a forced unwind.

Pausing

Pause and unpause halt user-facing entry and exit. Useful in an emergency or during a sensitive operation.

warning

Pausing freezes user flows but not time. The management fee keeps accruing across a pause, because it compensates ongoing position management. To charge zero across a pause, follow the queue-and-settle sequence.

End-of-fund

Enabling end-of-fund is a gated action that moves the vault into a final-settlement state, so positions can be settled out in an orderly way. You can cancel it to return the vault to normal.

Use it when:

• a strategy has reached the end of its mandate;
• you are migrating depositors to a new vault;
• you are decommissioning the vault.

Communicate with depositors before winding down, and value the final settlement correctly so everyone exits at a fair price.

Who can do what

Each lifecycle action (switching mode, pause, unpause, enabling or cancelling end-of-fund) is gated behind its own role. By default these belong to the vault admin, who can delegate them.