Vesper is SypherScore’s trading product for perpetual futures. It runs a selected strategy on your own venue account. This documentation explains setup, permissions, costs and the checks that matter before and after a session.
Content reviewed 26 September 2026. This is a documentation update, not a new security audit or a guarantee of returns.
01What it actually does
Market making places limit orders and manages the inventory created by fills. Capturing a quoted spread is an objective, not an assured profit: prices can move against a filled order, and fees, funding or an urgent exit can outweigh it.
Strategies do not all quote continuously or on both sides at once. EXITE waits for its entry conditions; paired strategies must manage two legs. Read the guide for the exact mode you select.
02How it is put together
your wallet → venue account → restricted trading permission → selected Vesper strategy
│
└─ verify scope, expiry and revocation at the venue
Funds are held in your venue account rather than a SypherScore deposit account. Trading access still matters: an unwanted order can cause a loss even if withdrawal permission is absent. Never share your main wallet private key or seed phrase.
Server-managed sessions can keep running after you close the browser. Closing a tab, disconnecting a wallet, requesting Stop and revoking venue permission are different actions.
03What you get
The dashboard reports session state, fills, turnover, costs and positions where the selected integration supports them. Interpret counters within the same session and accounting window; verify unexpected readings against the venue.
Use the Vesper guide library for current mode-specific setup. The guide library includes EXITE, Cypher, selective Ondo strategies and paired-account configurations.
Prepare the account, review the exact permission request, then choose a strategy and its limits. Do not authorize trading until you can also inspect and close exposure in the venue’s own interface.
01Step 1. Connect a wallet
Open Vesper and follow the account connection flow. Verify the domain, account and network. Read every signature request: proving account ownership, registering a delegate, granting additional permissions and transferring funds are not interchangeable.
Never enter a main wallet private key or seed phrase into a website or support chat.
02Step 2. Issue a trading key
Follow the guide for the selected venue. Depending on the integration, access may use a venue API credential or a delegated signer. Review the permitted actions, account binding, expiry and revocation method before approving it.
Do not substitute an unrestricted account key for a requested trading credential. If a dialog differs from the documented flow, stop and verify it first.
03Step 3. Configure and start
Select the venue, market and available mode. Check quote notional, minimum order size, size precision, inventory cap, margin and any applicable session limits. Confirm the actual fee approval against Pricing.
A valid order size is not a safe position size. No deposit amount or leverage setting guarantees that a session can avoid liquidation or trading losses.
04After the start
Check that the displayed market, strategy and session identity match your request. Observe the first state transition and verify any open position and closing orders at the venue. Waiting for an entry condition can be normal; an unexplained position without protection needs attention.
Keep track of whether a counter describes this run, completed history or the whole venue account.
05How to stop
Request Stop for the affected session, then verify the result. Cleanup is established only when the relevant venue markets are flat and orderless: zero remaining position and no open orders. A request acknowledgement or a disconnected browser is insufficient.
Revoking access does not cancel existing orders or close positions by itself. It may also prevent the bot from completing its exit. If you suspect compromised access, contain that access at the venue and handle remaining exposure using the venue’s own controls.
06The common beginner mistake
Order minimums and precision can leave a remainder too small for an ordinary closing order. Check the venue’s dust or reduce-only procedure. Do not increase exposure simply to hide an error or make a remainder disappear.
Do not repeatedly press Start while a prior run, Stop request or recovery state is unresolved.
Key concepts
The order book explains how a quote can fill. It does not explain away inventory, margin or execution risk.
01The order book
The best bid is the highest resting buy price; the best ask is the lowest resting sell price. Their difference is the quoted spread. Available size, queue position and price changes determine whether an order actually fills.
best ask 100.02
spread 0.02
best bid 100.00
02Maker and taker
A maker order rests in the book; a taker order immediately trades against available liquidity. Fee schedules depend on venue and account tier. Post-only may reject an order that would take liquidity, so it does not guarantee a fill.
An urgent closing order may pay taker fees and slippage. Compare the full round trip, not just the entry fee.
03Perpetual futures
A perpetual futures contract has no scheduled expiry. Venues use their own margin, liquidation and funding rules. Trading a perpetual on an equity or commodity is not ownership of that underlying asset.
04Funding
Funding is a payment between sides of a perpetual market under venue-specific rules. The sign, settlement interval and rate can change. A displayed annualized rate is not a locked annual return.
Margin backs a leveraged position. The venue uses its own mark or reference-price methodology and maintenance-margin rules to determine liquidation. A stop request can execute after the market has moved, or fail while the venue is unavailable.
06Market making
Market making supplies liquidity and manages the resulting inventory. A fill is not a completed profitable cycle. Adverse selection means a resting order may fill just before the market moves against it.
CPM relates measured net cost to turnover. It must be read alongside net P&L, current exposure, drawdown and the length of the observation window.
Modes
A strategy defines entry conditions, order management and exits. Use the options currently shown in Vesper and their specific guides; this overview is not a promise that every mode is available on every venue.
The aim is to capture enough spread to cover fees, adverse price movement and inventory costs. More fills or turnover do not necessarily improve the result. No mode can guarantee profitable completion of a round trip.
02Sniper
Sniper is a selective Ondo mode described in the Sniper guide. Check its current operating windows, market selection and pause reasons there and in the dashboard; do not infer today’s thresholds from an old measurement.
03Legacy mode names
Older documentation referred to Hermes on Arcus. A historical mode name is not proof of present availability or measured latency. Use the current strategy selector and guide library rather than choosing by an old “fastest” claim.
04Manual and venue-specific modes
Manual or venue-specific modes can expose different quote and inventory controls. The displayed configuration and the matching venue guide define the setup. Labels such as careful or volume do not establish a safe loss level or a predictable CPM.
05Delta neutral
Paired strategies seek to offset directional exposure with opposite legs. Partial fills, basis changes, funding differences, margin fragmentation and failures on one venue can leave the pair unbalanced.
Read the delta-neutral guide and the exact pairing guide. Near-zero net exposure is an objective, not a guarantee of no loss or no liquidation.
06Funding research is a separate workflow
The funding screener and backtester help research funding differences. A scanner result is not an automatically available Vesper execution strategy. Research data does not place or hedge a trade for you.
07Which one to pick
Choose by the actual venue, permissions, entry rules and risks you understand. Read costs, inspect order minimums and make a plan for Stop and venue-side cleanup. “Small” and “delta neutral” are not substitutes for understanding exposure.
Venues
Current strategy and market availability is shown in Vesper. The guide library includes Entropy, EXITE, Ondo, Perpl and paired configurations. Historical integrations below are not an availability promise.
01Ondo
The Ondo guide covers account setup and perpetual markets referencing equities, indices, metals and crypto. Reference-market hours, liquidity and venue rules matter even when a perpetual market remains open.
02Arcus
The public Arcus board provides market research. A listed market is not proof that a particular Vesper mode is enabled for it. Check current market limits, fee tier and the strategy selector.
03RISEx
RISEx research and the Trading Passport are distinct from authorizing a trading session. Inspect any session-signer registration in the venue’s own terms; read-only research does not require trading permission.
04Hotstuff
Hotstuff appeared in earlier Vesper integrations. Confirm current support and credential scope in the product before using a historical setup instruction. Expiry, revocation and account binding are venue-specific.
05perpl
Read the Perpl guide for its account and order workflow. Timing, message validity and venue responses can affect execution; physical proximity alone does not guarantee acceptance or a fill.
06Lighter
Lighter appeared in earlier documentation. Use the current venue and account-tier documentation for fees, rate limits and credential permissions. Do not assume that an old integration is currently available in Vesper.
07Account boundaries
Use only the account and restricted trading permission intended for the selected strategy. Deposits or transfers made through a venue are separate wallet actions, not routine bot quoting. Do not give an unrestricted key to make setup easier.
Review security boundaries and the actual permission screen. This page is not a current source-code audit of every adapter.
Settings and dashboard
01Session settings
Quote size is the notional of an individual order. Inventory cap is a configured limit, not proof that venue exposure is currently within it. Partial fills and external activity must be reconciled.
Leverage changes margin usage. At fixed notional, higher leverage generally reduces initial margin rather than increasing the position’s dollar P&L for the same price move. Using it to increase notional increases exposure; liquidation depends on venue margin rules.
Stop-loss and hold-time settings depend on the selected strategy. Check the unit, reference value and what action the threshold requests. Execution can occur beyond a threshold or fail. There is no universal safe percentage or duration.
02Dashboard
Metric
Read it with
Turnover
Fill attribution, session boundaries and the one- or two-sided counting convention.
Fees
Venue charges, builder charges and whether rebates are included.
Net result
Realised P&L, funding, costs and any still-open inventory.
Position
Venue-side size, direction, open orders and margin.
Maker share
Execution mix, not a profitability or safety guarantee.
CPM
Net cost divided by turnover, with the same accounting window.
For the sign convention, worked example and comparison limits, read CPM explained. A low CPM on a tiny sample does not establish future performance.
03History
Distinguish an active run from a completed history entry. When checking recovery, compare session identity and accumulated fills so a resumed run is not mistaken for a new zero-based run or counted twice.
Inspect a share card before publishing it. A wallet identifier or trading statistics can be identifying even when no secret credential appears.
04When the numbers look odd
Zero after a restart: first determine whether this is a new signed Start or recovery of an existing run. Do not assume that zeros prove a clean account.
Position without orders: inspect the venue and protection state promptly. A pause label alone does not prove that open inventory is protected.
Empty history: check the connected account, authorization state and request error. Do not repeatedly restart a strategy to repair a display problem.
V-Points
V-Points recognise the people who use Vesper, support it early, and help the product grow over time.
Season 1 is live. 100,000 V-Points are distributed every week.
01Program at a glance
Stage
Details
Season 0
June 30 to September 6, 2026
Retroactive distribution
400,000 V-Points
Season 1
Began September 6, 2026 and is ongoing
Weekly distribution
100,000 V-Points
02Season 0
Season 0 recognised the people who supported Vesper from its first public launch. A total of 400,000 V-Points was distributed retroactively for activity from June 30 to September 6, 2026.
The distribution reflects early participation and support across that period. It appears in your Vesper account as Season 0 Retroactive.
03Season 1
Season 1 began on September 6, 2026. It is the first ongoing season of the Vesper community program.
100,000 V-Points are distributed every week. Season 1 is ongoing, and no end date has been announced.
04What Vesper recognises
V-Points are designed to recognise genuine participation in Vesper. The program considers signals such as:
Meaningful use of Vesper
Consistent activity over time
Early support of the product
Positive contribution to the Vesper community
Exact calculations and individual weights are not disclosed. The methodology may evolve as Vesper grows and new ways to participate are introduced.
05Weekly distributions
Use Vesper normally during the week.
Activity from the completed period is reviewed.
New V-Points appear in your account with a separate weekly entry.
Your history keeps Season 0 and Season 1 distributions separate, so you can see when points were added.
06View your V-Points
Connect your wallet and open the V-Points item in the Vesper dashboard. It shows your total balance, the Season 0 retroactive distribution, and each completed Season 1 distribution.
Vesper has not announced an end date for Season 1 or a future use for V-Points. Any update will be published through official Vesper channels and reflected in this documentation.
Costs
Read the selected mode’s guide and review the actual wallet authorization before signing. Venue fees, funding and trading risks depend on your account and market.
01Where the money goes
Component
What to check
Venue fees
Maker/taker schedule, tier and rebates for the actual account.
Funding
Rate sign, settlement rules and time in position.
Execution
Slippage, spread paid and adverse selection.
Inventory
Realised and unrealised changes, including exit costs.
02Maker waiting versus taker exit
A maker exit may avoid some execution costs but may never fill while price moves against the position. A taker exit can cost fees and slippage but reduce exposure sooner. Neither is universally cheaper or safer.
Do not hold a dangerous position solely to preserve a maker-fee statistic.
03Cost per million
Under the net-cost convention, CPM is net cost / traded volume × 1,000,000. Positive means a cost; negative means net gain within the included accounting window. Zero is meaningful only if all relevant costs and position changes are included.
The CPM methodology explains turnover, funding, accounting boundaries and a numerical example. Do not double-count a fee already included in net P&L.
04What actually moves it
Liquidity, fee tier, quote placement, market direction, inventory duration and venue reliability all affect cost. Their relative importance must be measured on a defined sample, not asserted from an undated result.
This documentation does not publish a validated performance comparison or promise that a certain hour, market or mode will be cheaper.
05Comparing numbers
Compare like-for-like windows, sizes and fee conventions; report open exposure and sample size. Venue differences require explanation, not just a ranking. Short runs are noisy and observations close in time are not independent.
Pair CPM with absolute net P&L, drawdown and the cost of closing inventory. A low cost per unit of turnover is not a guaranteed return.
How the engine works
This describes the operating concepts, not a current audit of every strategy implementation. The venue’s confirmed orders and positions remain essential evidence when a dashboard is stale or ambiguous.
01The life of a session
signed Start → validation → wait / quote → fills → position management
Stop request → cleanup attempts → verify zero position and no open orders
└─ unresolved: inspect venue; do not assume done
A requested action, an accepted request and an externally confirmed result are different states.
02Entries and exits depend on the strategy
Some modes seek maker fills; selective modes can wait before entry. A post-only flag prevents an immediately marketable order from being accepted as a taker order where the venue enforces it, but does not guarantee execution.
Exit behavior and fallback orders must be read in the selected mode’s guide.
03Exit protection must be verified
A closing order needs the correct side, size and venue-supported reduce-only behavior. A reduce-only flag alone does not guarantee a fill or prove that the order still exists.
If a position is open without confirmed protection, investigate promptly. Do not treat a single cached snapshot or a “waiting” label as proof of safety.
04Reacting to events, not to a clock
Streams can deliver fills and market updates; polling can reconcile state. Network delays, stale feeds, rejected messages and processing queues affect both. No universal latency or instantaneous reaction is promised here.
05The guards
A strategy may pause entries for inventory limits, market conditions, working hours or errors. A paused entry gate is not the same as a flat account. Read the stated reason and inspect existing exposure independently.
A missing reason, stale timestamps or repeated rejection is a troubleshooting signal, not evidence that a guard is functioning correctly.
06Restarts
Do not use a process restart as a trading control. Existing orders and positions can persist at a venue while a process is offline.
After recovery, verify the original run’s identity and counters, reconcile fills without double-counting, and confirm stopped sessions have not resumed. A new signed Start is a separate run. These are checks to perform, not a blanket claim that every legacy adapter has passed them.
07Stopping
Request Stop, then check the affected venue markets for zero position and no open orders. A session label alone does not establish completed cleanup; retries or manual venue-side action may be required.
Revoking a credential does not cancel existing orders or close positions by itself. If access is revoked or expires, the bot may be unable to submit the orders needed to exit.
Security
Separate wallet ownership, venue trading permission and the permission to control a Vesper session. This summary is not a new security audit. Historical claims from August do not certify the current code, every venue or every credential configuration.
01Check the actual permission scope
A restricted trading credential should not carry withdrawal or transfer authority. Verify the actual credential at the venue. The absence of a withdrawal call in application code is not proof that a credential cannot withdraw.
Even a correctly restricted trading key can place losing orders. Read the security boundary document before treating non-custodial as a safety guarantee.
02What we never hold
Never provide a main wallet private key or seed phrase. An API secret or delegated signer is a different credential; protect it too. Do not send secrets, signatures, tokens or cookies to support.
Credential processing and storage depend on the integration. This page does not claim all keys are browser-only, encrypted at rest, or unreadable by a compromised server; those claims require current implementation evidence.
03Ownership and session authorization
Read ownership and control requests carefully. A signature’s short validity period alone does not prove replay prevention, action binding or cross-user isolation. A current technical assessment must test those properties against the actual deployed version.
No new live authorization or withdrawal tests were performed for this documentation update.
04How to revoke access
Use the venue’s own credential or delegate controls to revoke unwanted access and verify confirmation. Revocation timing and treatment of in-flight requests depend on the venue. Revocation does not cancel existing orders or close positions by itself.
05What happens when something breaks
A failed Stop, outage, expired credential or stale feed can leave exposure unresolved. Inspect the venue directly, identify open orders and positions, and use the venue’s controls if the bot cannot complete cleanup. Do not repeatedly Start while the prior run is unresolved.
06What we do not promise
No guarantee of profit, uninterrupted service, lossless exit or immunity to compromise is made. Position caps and stop conditions are controls, not insurance. See risk-control limits.
07Review every signature
Check the domain, requested action, account, network, recipient or delegate, fee and expiry. Stop if a dialog differs from the expected flow. Do not dismiss a wallet or browser warning because a marketing document says a connection is safe.
Risk
Non-custodial describes where funds are held. It does not prevent trading losses, liquidation, credential abuse, smart-contract failure or venue insolvency.
01What can cost you money
Risk
What can go wrong
Inventory
Price moves against a filled position before exit.
Liquidation
Collateral no longer meets the venue’s margin requirement.
Execution
Rejects, partial fills, slippage or unavailable liquidity prevent the intended result.
Paired legs
One leg fills or closes while the other does not.
Infrastructure
Stale data, network loss or a venue outage leaves exposure unresolved.
Permissions
Unwanted orders can cause losses even without withdrawal access.
02Market risk while a position is open
Until inventory is closed, price movement changes its value. A shorter hold reduces time exposed but may require a more expensive exit. Duration alone does not establish that a trade is cheaper or safer.
03Leverage and liquidation
At fixed notional, leverage generally reduces initial margin; it does not increase dollar P&L for the same price move. If leverage is used to increase notional, both potential gains and losses relative to collateral grow. Higher leverage can leave less room before liquidation.
Exact liquidation behavior depends on maintenance margin, cross or isolated margin, other positions and venue rules.
04The stop loss, and what it cannot do
A stop threshold requests an action under the selected strategy’s rules. It is not a guaranteed maximum loss. Price gaps, stale data, rejected orders, insufficient liquidity or unavailable credentials can prevent execution at the threshold.
Confirm the unit and loss basis instead of assuming every mode uses account equity or free balance in the same way.
05An account that is too small
Check order notional minimums, precision and margin before starting. Partial fills or fees may leave dust. Follow the venue’s documented closing procedure; do not automatically add exposure to make a remainder tradable.
06When the venue misbehaves
Read timestamps and venue acknowledgements. Rejected requests and stale feeds may prevent both entries and exits. If the dashboard cannot establish the state, inspect the venue instead of assuming a retry or restart made it safe.
07What we do not promise
No return or loss ceiling is promised. Read market-making risk controls and costs. Do not trade funds whose loss you cannot tolerate.
Data and privacy
This is an operational overview, not a substitute for the privacy policy. Wallet identifiers and trading statistics can be sensitive even when some underlying activity is public.
01What we store
Session operation can involve wallet identifiers, settings, fills, counters and history. Public pages also load Google Analytics, and ordinary web requests can generate server logs. The data involved is not limited to a three-item list.
Credential handling is integration-specific. An inspection of session counters alone cannot establish whether a secret exists elsewhere in an execution system. This summary makes no universal browser-only or encrypted-storage certification.
02What we never store
Do not provide a main wallet private key or seed phrase. Distinguish those from venue API credentials and delegated signer secrets, which also require protection. Never paste any secret into a public report or screenshot.
03What other people can see
Review a public statistics card before sharing it. Public pages, an owner dashboard and a venue account have different access boundaries. A shortened wallet address or a distinctive trade history may still identify someone.
Do not interpret an empty unauthenticated view as proof that records do not exist.
04What is public by nature
On-chain data can be public and cannot be erased by deleting a local session. Venue records are governed by the venue. Trading Passport presents public research; it should not be mistaken for access to private credentials or a guarantee of trader identity.
05Removing your data
Revoking access, deleting a local credential and requesting deletion of records are different actions. For a data request, use the contacts in the privacy policy; do not include secrets. Revocation alone does not erase on-chain activity or venue records.
Questions and honest caveats
01Questions
Do you hold my money? Vesper trades through your own venue account; it is not a SypherScore deposit account. Venue, contract and trading risks still apply. Non-custodial does not mean funds cannot be lost.
Can a trading key withdraw funds? Use only the restricted credential specified by the venue guide. Check its actual trading, transfer and withdrawal permissions at the venue. This documentation is not a blanket certification of every credential or account configuration.
Do you need my seed phrase? No. Never provide your main wallet private key or seed phrase. A venue trading credential or delegated signer is a different secret and must also be protected.
What happens if I close the browser? Closing the page is not Stop. Server-managed sessions can continue. Use the session controls and inspect the venue to establish whether orders or positions remain.
What happens if the server goes down? An outage can leave orders and positions at the venue. Do not assume a restart cancels, closes or safely resumes every strategy. Check session identity, counters and venue state before issuing another Start.
Can I trade manually while the bot is running? Manual orders or another bot on the same account and market can conflict with session accounting and position management. Avoid overlapping control; resolve any remaining exposure at the venue before starting a new run.
How much money do I need to start? There is no universal safe deposit or leverage. Check order minimums, precision, margin, position caps and the selected strategy. A smaller account can still lose its collateral, and dust may need the venue-specific closing procedure.
How do I know Stop has finished? A Stop request is not proof of cleanup. Confirm the affected markets have zero remaining position and no open orders at the venue. Revoking access does not cancel existing orders or close positions by itself.
What should I check before Start? Read the selected mode’s guide and review the actual wallet authorization before signing. Venue fees, funding and trading risks depend on your account and market.
Does Vesper guarantee a return? No. Fees, adverse selection, inventory changes, funding, liquidation and execution failures can cause losses. CPM describes cost relative to turnover, not a guaranteed yield or a full risk measure.
02Honest caveats
Market making can lose money even when a strategy behaves as configured. Software availability, an entry gate or a high maker share does not remove market, execution or venue risk.
Inspect live exposure and the state of Stop at the venue. This documentation update is not an audit certificate or a performance validation.
03Where to write
Public support: Telegram or X. Describe the venue, mode, approximate UTC time and symptom. Redact private identifiers in public messages; never send keys, seed phrases or signatures.
When something looks wrong
A symptom can have several causes. Establish the current venue state before changing settings or starting another session.
Symptom
Check first
No fills
Entry-gate reason, market activity and whether data timestamps are current.
Position but no visible exit
Venue position and actual reduce-only protection; do not assume it is a normal pause.
Zero counters after recovery
Run identity, history and fills; distinguish resume from a new Start.
Repeated rejects
The exact error, order precision, permissions, rate limits and venue status.
Dust remainder
Venue-specific closing rules; do not automatically increase quote size.
01Distinguish a guard from an unresolved fault
A documented pause reason can explain why new entries stop. It does not prove that existing exposure is safe. Check position, protection and data freshness. Escalate a missing reason, persistent rejection or an unprotected position.
02Stopping when you are unsure
Request Stop if you want the session to end, then confirm zero position and no open orders at the venue. If cleanup fails, use the venue’s own controls. Revoke compromised or unwanted access through the venue, while separately handling remaining exposure.
Revocation does not cancel existing orders or close positions by itself.
03Reporting a problem
Name the venue, strategy and market.
Give an approximate UTC timestamp and the visible error.
Say whether a position or open order remains at the venue.
Provide a redacted screenshot if useful; keep wallet identifiers out of public posts.
Use Telegram support. Never send credentials, signatures, cookies or a seed phrase.
The rest of SypherScore
Research tools and trading execution serve different purposes. Reading a scanner, backtest or public market page does not authorize Vesper to trade.
Use each product’s visible timestamps, methodology and market coverage. Missing intervals, venue changes and stale data can affect a comparison. A ranking or historical simulation is not evidence of achievable live returns.
Start with AI Top Pairs, then inspect inputs and costs rather than treating the top row as a trading instruction.
02The passport
RISEx Trading Passport summarizes public trading activity. A score is a research metric, not verified identity, investment advice or proof of future performance. See aggregate statistics before interpreting an individual profile.
03Public data and further reading
Public research pages are the supported starting point. Do not infer a stable API contract, rate limit or private-data permission from an endpoint used by the website. No user-specific endpoint needs to be queried to read these guides.