> ## Documentation Index
> Fetch the complete documentation index at: https://docs.jup.ag/llms.txt
> Use this file to discover all available pages before exploring further.

> ## Agent Instructions
> These docs cover what users see and do on jup.ag, Jupiter Mobile and Jupiter Wallet.
> Universal Deposit, the GUM route in Jupiter Bridge and other GUM integrations on jup.ag are built by GUM. For how they work, their full fee rules, security model and APIs, the reference is the GUM docs: start from https://docs.gum.ag/llms.txt.
> When the GUM docs and these docs differ on how a GUM product behaves on jup.ag, describe the jup.ag experience from these docs and the mechanics and fees from the GUM docs.

# Jupiter Vaults curators: who manages each vault

> Who runs Jupiter Vaults, what a curator decides, what the vault smart contract prevents a curator from doing, and how to follow a curator's activity.

A curator is the manager of a vault. Curators are third-party firms: they design the strategy, run it day to day, and are solely responsible for it. Jupiter does not manage any vault strategy.

At launch, vaults are run by Bitwise, RE7 Labs and Hivemind. See [Available vaults](https://docs.jup.ag/user-docs/earn/vaults.md#available-vaults) for the list.

Each vault shows its curator on the vault card and in the Curated By panel of the vault page, with a short presentation, the total held by its vaults (All Vaults), its Curating Since date, and links to its website and X account.

## Curator responsibilities

Within the limits set by the vault smart contract, the curator chooses:

* The strategy: which protocols the vault uses, which assets it lends against or holds, and how the funds are split between them and the USDC kept available for withdrawals
* The fees: a yearly management fee, a performance fee, and the fee for instant withdrawals
* The withdrawal terms: the waiting period of standard withdrawals, and whether instant withdrawals are available
* The deposits: the deposit cap, and whether the vault takes new deposits
* The content of the vault's Risks section

Curators run most of this through automated keys with limited permissions, such as a key that only updates prices or a key that only processes withdrawal requests.

## Limits on curators

These limits are enforced by the vault smart contract, not by a policy:

| A curator cannot | What the smart contract enforces |
| - | - |
| Move funds to an outside wallet | Vault funds can only go to the user who withdraws or to the protocols integrated into the vault program. The curator's own wallet never holds vault funds. |
| Use a protocol the vault program does not support | Adding a protocol requires an upgrade of the vault program itself. |
| Make you wait more than 30 days | The waiting period of standard withdrawals is capped at 30 days, and a change to it never applies to requests you already made. |
| Charge any fee it wants | The management fee is capped at 10% a year, the performance fee at 50% of gains above the high-water mark, and the instant withdrawal fee at 10%. See [Fees](https://docs.jup.ag/user-docs/earn/vaults/fees.md). |
| Trade at any price | Every swap made by the vault must get a price close to independent oracle prices, and the total loss on swaps is capped per hour. |
| Trap your withdrawal with a pause | A curator can pause deposits, withdrawals or the strategy, but you can still cancel a pending withdrawal request and claim USDC already set aside for you. |
| Close a vault that still holds deposits | A vault can only be closed once every depositor has been paid out. |

> [!NOTE]
>
> These limits protect against a curator moving funds away, not against a strategy losing money. A curator can still make poor investment decisions within the vault's rules. See [Risks](https://docs.jup.ag/user-docs/earn/vaults/risks.md).

## Track curator activity

The Curator Activity section of each vault page lists the strategy actions recorded onchain:

| Column | What it shows |
| - | - |
| Date | When the action was recorded |
| Type | The action: Deposit or Withdraw on a protocol, Create offer, Fill offer or Cancel offer, Repay loan or Claim loan, Open position or Adjust position, or Swap |
| Protocol | The protocol the action used |
| Transaction | A link to the transaction on a Solana explorer |

The Allocation section shows where the vault's funds are right now. See [Vault allocation](https://docs.jup.ag/user-docs/earn/vaults/strategies.md#vault-allocation)


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