reap.

Capital that bids the liquidation across lending markets and perps, seizes the discount, and routes it to depositors. When leverage breaks, depositors get paid.

Open vault Read docs
scroll
TVL
n/a
vault deposits
Captured this cycle
n/a
lifetime discount seized
Trailing APR
n/a
30d, net of fees
Deleveraging events
n/a
captured live

the loop

Four steps, fully on-chain. Capital in, liquidation discount out. No discretionary trading, no directional bets — just the spread that breaks loose when leverage does.

01→

capital pooled

Depositors pool stablecoins into a single vault. One balance sheet, deep enough to win bids that a lone wallet can't.

USDCshared book
02→

auto-bids

The vault monitors health factors and auto-bids liquidations across lending and perp venues the moment positions go underwater.

AaveMorphoSparkperps
03→

seizes the discount

Liquidated collateral is acquired below market and unwound atomically. The gap between seize price and exit is the capture.

atomic unwinddiscount
04→

routed to yield

Realized capture flows back to depositor yield, with a slice routed to a REAP buyback. Compounds straight into the book.

depositor yieldbuyback
capturing across lending markets & perp venues
Aave
Morpho
Spark
Euler
Compound
Fluid
Hyperliquid
dYdX
GMX
Vertex
Venus
Fraxlend

why it's long chaos

REAP earns little on quiet days and prints during deleveraging events. Revenue tracks liquidation volume — which tracks volatility. You're not holding passive yield. You're holding exposure to the crash.

quiet days
a trickle
Markets calm, leverage healthy, few liquidations. Capture is thin. The vault waits.
crash days
a spike
Cascading liquidations, forced sellers, fat discounts. The vault bids the whole queue.
vault revenue · 90d USD / day
vault revenue ≈ market volatility

the numbers

Vault telemetry, read live off mainnet — six metrics orbiting the mark.

// reap-telemetry sys // online
total value locked
n/a
across 6,210 depositors
lifetime captured
n/a
discount seized, all-time
largest single-day
n/a
oct 10 deleveraging cascade
depositors
n/a
unique wallets
lock-up
n/a
withdrawal queue window
venues monitored
n/a
lending markets + perp dexes

live capture feed

Recent liquidations the vault has bid and won. Streaming from mainnet.

reap-capture-stream mainnet · block synced
time asset · size venue collateral discount

join the vault

  • Single-sided USDC. Deposit stablecoins, hold one fungible vault share. No position management.
  • Yield is lumpy by design. Returns arrive in bursts tied to liquidation events — not a smooth daily drip.
  • 4-day withdrawal queue. Lock-up keeps the book deep enough to bid the next cascade.
  • Buyback on capture. A slice of every realized discount routes to a REAP buyback.
the liquidation market trailing 12m
n/a
liquidated on-chain across lending markets and perps in the last year
discount left on the tablen/a
captured by elite bots + closed vaultsn/a
venues with live liquidation queuesn/a
single-day record · oct 10n/a
A profit stream normally locked behind searcher infrastructure. REAP opens it to anyone holding a vault share.

questions

The discount on liquidated collateral. When a borrower's position falls below its liquidation threshold, protocols sell their collateral at a markdown to whoever clears the debt. REAP bids those liquidations and unwinds the collateral, keeping the spread between the seize price and the exit price.
Because liquidations are lumpy. They cluster during sharp price moves and deleveraging cascades, then go quiet for weeks. Revenue tracks volatility, not a fixed rate. Expect long flat stretches punctuated by sudden capture — that lumpiness is the product, not a bug.
Liquidation bidding needs committed, on-call capital. The withdrawal queue keeps the book deep enough to win bids during a cascade rather than seeing capital flee right when it's most useful. Withdrawals are honored in order after the 4-day window.
Smart-contract risk, oracle and venue dependency, and inventory risk if seized collateral can't be unwound at the modeled price during extreme volatility. Quiet markets can produce extended periods of near-zero yield. This is not capital-protected. Size your deposit accordingly.
Vault contracts are audited by [auditor placeholder] with reports linked in the docs. Bidding logic is non-custodial and executes against permissionless liquidation interfaces. A bug bounty is live at [program placeholder].