Price exposure (delta)

You deposit a stable; the strategy converts it into volatile assets the moment it plants. From then on your vault’s value moves with the market — this exposure is called delta, and it is usually the largest number on your dashboard, in either direction.

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What this means

• If ETH falls 30% while you’re in an ETH pair, your vault feels most of that move. Harvest yield softens it; it does not cancel it.
• A great agent in a falling market still loses money. An idle wallet in a rising market still makes it. Neither number tells you whether the strategy works.

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How we keep this honest

Your dashboard always splits performance into two figures that sum to your net result:

• Strategy delta — rewards harvested minus the gas and swap costs of earning them. The agent’s actual contribution.
• Market delta — what the price of your held assets did. Not the agent’s doing, in either direction.

We will never present a market rally as skill. The same separation means we won’t let a market crash hide whether the strategy itself was earning.

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What the agent does and doesn’t do about delta

The agent manages where and how your assets provide liquidity — it does not hedge market direction, and it will not exit to stables because prices are falling. Your strategy choice is your market view: Bluechip holds majors through cycles; Volatile holds assets that can halve in a week. If you want out of the exposure, exit — it’s always available.