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Your vault keeps three running totals, all valued at the time each event happened:
  • Contributed — everything you have ever deposited
  • Withdrawn — everything you have ever taken out
  • Taxed — profit that has already been charged a fee
From these, your high-water mark is contributed + taxed: the cumulative amount you can withdraw before any new fee applies. The app shows this as fee headroom — “withdraw up to $X with no fee.”

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The rules it enforces

1

Principal first, always

Withdrawals count against your contributions before anything is considered profit. You can take out everything you put in without paying a cent.
2

Profit is taxed exactly once

Once a slice of profit has been charged, it joins the taxed total — which raises the mark. Withdrawing, redepositing, and withdrawing again cannot make the same profit chargeable twice.
3

Losses are never charged

If your vault is below its mark, exits are simply free until performance recovers past it. There is no clawback, but there is also no fee on the way down.
4

Top-ups raise the mark

New deposits increase your contributed total at the price on arrival — new capital is never mistaken for performance.

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Why event-time valuation

Everything is valued when it happens, at oracle prices, and written to the vault’s own storage. Your fee accounting is on-chain state you can audit — not a spreadsheet we keep about you. See the worked examples for the arithmetic in action.