Introduction
UNAUDITED · TESTNET ONLY — external review gates mainnet. Do not deposit anything you cannot lose.
Vessel is a delta-neutral yield protocol on Monad. It holds an asset long in spot and shorts the same notional on a perpetual-futures central limit order book. Price moves cancel; what remains is the funding rate the perp market pays to hold the short, which the litepaper calls the market price of leverage.
That funding is split across two decks. Hull is the senior deck: fixed-rate, fixed-maturity series (4-week at launch), transferable, redeeming principal plus fixed yield at maturity. Its rate is a contract parameter, not a forecast. Ballast is the junior deck: perpetual, first-loss, absorbing shortfalls before Hull and keeping the levered residual after Hull's accrual and the protocol fee.
Today the hedge venue is SimVenue SIMVENUE — SIMULATED, a simulated venue with an owner-settable funding rate behind the IVenue interface. Perpl integration is next.
The dollar leverage pays for.
What this site is for
Verifiability. Every load-bearing fact here traces to a primary source listed in Verification: the litepaper, the repository, Monad's documentation, or the venue's own docs. Anything not traceable is marked like this UNVERIFIED — PENDING GATE-0 or written out as a gap. Where sources disagree, the conflict is recorded rather than resolved silently.
As of 2026-08-29 the public repository (github.com/Lemma-Development-Labs/vessel) contains only a README and a license. No contract source, ABI, or deployed address is published, so every contract-level artifact on this site is design-stage and rendered as unverified.
Vessel is experimental, unaudited software running on Monad testnet. The app is reached from vessel.wtf. The hostname testnet.vessel.wtf does not resolve as of 2026-08-29 and is not yet live; do not treat it as a working URL.
Where to start
- Quickstart: deposit into either deck on testnet.
- Waterfall: how gross funding becomes fees, Hull accrual, and Ballast residual, and the order in which losses land.
- Risk register: what can go wrong, and what the protocol does when it does.
- Verify the hedge: check the delta band and venue state yourself.
The litepaper is at vessel.wtf/litepaper.