What the bot is actually doing
On Perpl the bot behaves like a market maker: it posts buy and sell orders and waits for someone to trade against them. Every time an order fills, it has taken on a position, and a position means risk if the price moves.
The hedge attempts to open an opposing position on Ondo. Both positions remain real: they each use margin and can incur funding and liquidation risk. Their combined directional exposure may be small, but it is not guaranteed to be zero.
The historical screenshot shows a difference of 0.00001 BTC between the legs. Check actual filled sizes rather than assuming the requested quantities matched. Volume increases when trades execute; holding open positions is not additional turnover or income.
The hold range sets the intended cycle duration. Closing either leg can be delayed or rejected; a timer is not proof of filled exits. Review each leg before treating a cycle as complete.
Three things you need
Check access before funding either account
This setup has venue-specific account and referral requirements. Check the current Connect screen and each venue's eligibility and regional rules. An invite link does not prove approval. Ask support about an existing-account error before creating another account or moving funds.
An eligible Perpl account. The invite link contains code jGh4C1kNRTW; confirm whether it applies to your account before funding.
Review the trading credentials at app.perpl.xyz/apikeys. Use the permissions required for this integration without withdrawal access. These credentials are not your wallet private key or seed phrase.
An eligible Ondo account. Check the current referral requirement and code 867C4M on Connect. Do not assume a code or a historical screenshot guarantees access.
Ondo uses a wallet-authorization flow in this setup. Review the actual message, account, network and requested key permissions before signing; do not assume every message or key type grants the same access. See the Ondo guide.
Money on both exchanges. This mode holds two positions at once, so both sides need funding. Vesper sizes on the smaller of your two balances: a large Perpl balance next to an empty Ondo account gets you nowhere.
Check current minimum orders, free collateral and margin on each venue before choosing size. The screenshots show historical balances, not a recommended deposit or proof that those amounts satisfy today's requirements.
Your wallet authorizes the session, after which the bot manages orders under that permission. Review each key's actual scope. Revoking a key does not close a position and can prevent exits; resolve open orders and positions before replacing or revoking an active key.
Open the Connect page and pick Perpl
Open sypherscore.com/vesper/connect, choose Perpl and the intended wallet. Enter the separate trading API credentials in their designated fields. Check the account and timestamp of any displayed balance. Saved credentials do not prove a session is running; see the Perpl guide.
The historical venue picker labels Ondo as invite · SIWE. Verify the current wallet request rather than assuming this screenshot describes every permission step.
Review and connect Ondo
On the same page choose Ondo. Confirm the intended account and eligibility, then inspect each authorization request before signing. Verify the resulting trading connection and permissions; do not enter a wallet private key or seed phrase.
If access is rejected, read the reported reason and check it with support. Do not assume every error is a referral problem, repeatedly sign requests or create new funded accounts to work around it.
Choose Delta-neutral (Ondo)
In Settings, keep the venue on Perpl and select the Delta-neutral (Ondo) card, the one tagged HEDGED · ONDO. Confirm both contract specifications, not only the ticker. The Delta-neutral card that hedges on Lighter is a different setup.
The screenshot shows BTC. Check supported markets, current depth and spread in your settings.
Hold time, margin and leverage
Hold time: choose the Min–Max range available in your settings. The example below is a historical configuration, not a recommended duration or a guarantee that closing finishes on time.
Margin: tap tap to load balance and check both balances. Leverage increases notional exposure and liquidation risk. A gain on one venue cannot automatically meet a margin requirement on the other.
The historical example shows Perpl $72.02 · Ondo $105.53. Current available margin, open orders and venue requirements can limit size independently; combined equity is not shared margin.
Press Start
On the dashboard, use Start Vesper only after checking both connections and risk settings, then review the signature request. Confirm the reported state and actual fills on both venues. The legs do not open atomically: partial fills, latency or rejection can leave temporary directional exposure. Combined equity is not shared margin or a guarantee against liquidation.
Reading the dashboard
- Delta-neutral engine
Your two legs side by side. Perpl long, Ondo short, and
NET DELTA ≈ neutralbetween them. This describes approximate directional exposure, not a promise that your account value cannot fall. - Unwinds in
The countdown to the intended end of this cycle. Check that both closing orders actually fill; the timer reaching zero is not proof of a completed exit.
- Hedge latency
HEDGE 307MS: how long the second leg took to follow the first in that screenshot. It is a historical observation, not an execution-time guarantee. - Volume · session
Measured filled turnover for the reporting period. Check whether both legs are included; venue statistics and incentive programs may use different accounting rules.
- CPM
Cost per million of measured turnover. Check included legs, fees, realised P&L and funding before comparing runs; read the CPM calculation guide.
- My results
Review completed runs in History/My Results. Check the period and accounting scope in exports or share cards. Never publish credentials or account identifiers.
Don't deposit or withdraw on either venue while a session runs. Transfers can change the equity baseline and distort loss controls or accounting. Do not rely on automatic flattening; resolve the session and verify both venues before changing balances.
After Stop, verify both venues are flat and orderless. Wait for terminal status, independently verify both positions are flat and no session orders remain, then check History. A request may still be pending. If the result is unknown, do not start a new run.
An expired venue key can prevent order management. Check the connection warning and both positions. Reconnecting is not proof that a session or hedge has recovered.
After maintenance, check status, positions, orders and counters. Do not assume the session restarted or that both legs stayed balanced.
Hedging does not eliminate execution, basis, funding, venue or liquidation risk. Read fees and trading costs and the risk guide.
Before funding, check current eligibility and referral requirements for both accounts on Connect.