Deposit / Withdraw
Deposting and withdrawing funds from a PPV vault.
How Deposits and Withdrawals Work
ZEIT vaults process deposits and withdrawals in rolls (batch cycles). Deposits are processed every 24 hours, while withdrawal timing is vault-configurable with a minimum processing window of 24 hours.
This design reflects the constraints of prediction markets, particularly thin order books, while ensuring that deposits and withdrawals are priced using a consistent price per share (PPS).
Deposits
Deposits allow users to contribute collateral to a vault in exchange for share tokens, which represent proportional ownership of the vault.
Accepted collateral
Base collateral: USDC.e on Polygon, which matches the settlement collateral used by Polymarket.
Other assets: Support for deposits from additional cryptocurrencies is in progress via Relay, which bridges and swaps assets into the vault’s base collateral.
Deposit pricing (NAV per share) Deposits are priced at the PPS determined during the roll. PPS is calculated from the vault’s NAV at that time:
PPS = NAV ÷ total shares
Shares are minted based on this PPS rather than at the moment a deposit is submitted.
Withdrawals
Withdrawal asset
Withdrawals are currently paid out in USDC.e on Polygon.
Support for withdrawals to other cryptocurrencies is in progress.
Processing cadence
Withdrawal requests are queued and processed during rolls.
The minimum withdrawal window is 24 hours, though individual vaults may configure longer delays.
Roll Schedule
Rolls occur approximately every 24 hours. Any deposits or withdrawals submitted during the roll window are queued and processed together at the next roll.
NAV Determination at a Roll
At each roll, the vault computes NAV by marking open positions to market. Because prediction market liquidity can be thin, valuation is orderbook-aware rather than purely mark-to-mid.
In practice, this involves:
Netting deposits and withdrawals Incoming deposits and withdrawal requests are first netted against each other where possible, reducing the amount of market trading required during the roll.
Executable pricing for portfolio valuation When positions do not need to be unwound, NAV is estimated using an orderbook-based executable price model. This approach uses live CLOB data to estimate the price achievable for a given trade size, distinguishing between paper prices and realistic execution prices in low-liquidity markets.
Handling withdrawal-driven sales If withdrawals require selling positions, the realized execution prices from those trades are reflected directly in NAV. Any remaining positions continue to be valued using the orderbook-aware pricing model.
Share Minting
Shares are minted during the roll based on the roll PPS:
Shares minted = deposit amount ÷ PPS
Shares are not minted in real time. Until the roll completes, deposits remain in a pending state.
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