> For the complete documentation index, see [llms.txt](https://zeit-1.gitbook.io/zeit/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://zeit-1.gitbook.io/zeit/resources/faq.md).

# FAQ

<details>

<summary>What is a PPV?</summary>

A PPV (Perpetual Prediction Vault) is an on-chain vault that holds and trades a portfolio of prediction-market positions. It allows users to gain ongoing exposure to a strategy or worldview through a single ERC-20 share token, rather than managing individual prediction market positions themselves.

PPVs remain active over time by rolling exposure into new markets as older markets resolve.

</details>

<details>

<summary>How is NAV calculated?</summary>

NAV (Net Asset Value) represents the total value of a vault’s assets minus liabilities.

At each roll, the vault:

* Marks open positions to market using orderbook-aware, executable pricing
* Accounts for realized P\&L from resolved markets or executed trades
* Nets deposits and withdrawals where possible to reduce unnecessary execution

NAV is then used to compute the price per share (PPS) for deposits and withdrawals.

</details>

<details>

<summary>Can I exit at any time?</summary>

Withdrawals are not processed in real time. Instead, withdrawal requests are queued and processed during vault rolls.

Each vault enforces a minimum withdrawal window of 24 hours, though some vaults may configure longer delays. Once processed at a roll, withdrawals are paid out based on the roll PPS.

</details>

<details>

<summary>What fees do I pay?</summary>

Fees depend on the specific vault but may include:

* Management fees charged as a percentage of assets under management
* Performance fees charged on profits, often subject to a high-water mark
* Execution-related costs such as trading fees or slippage, reflected indirectly in NAV

Exact fee structures are defined at the vault level and should be reviewed before depositing.

</details>

<details>

<summary>What are the main risks?</summary>

Using ZEIT vaults involves several risks, including:

* Market risk from incorrect predictions or adverse outcomes
* Liquidity risk due to thin prediction market orderbooks
* Execution risk from slippage or incomplete fills
* Smart contract risk associated with on-chain systems
* Oracle or resolution risk related to how markets are settled

Vault performance is not guaranteed, and losses are possible.

</details>

<details>

<summary>How do vault managers get paid? </summary>

Vault managers are typically compensated through a combination of management fees and performance-based fees.

Performance fees are generally calculated as a percentage of profits and may use a high-water mark to ensure fees are only charged on new gains. Fee mechanics are enforced at the vault level and reflected in NAV calculations.

</details>