Deposits in the app

When you deposit into a strategy, you send USDC and receive shares of its vault. How that happens depends on the strategy. Most strategies give you shares straight away. Strategies that trade perps take your deposit as a request, and the creator settles it a little later.

Key points

• In a strategy without perps, you deposit in one transaction and receive your shares immediately.
• In a strategy with perps, you request a deposit. Your USDC waits until the creator settles the request, and your shares then arrive in your wallet.
• Either way, you pay the strategy's NAV per share at that moment, and nothing settles while the strategy's prices are out of date.

Two ways to deposit

Depositing into a strategy with perps

You: Request deposit; your USDC moves to the strategy's deposit holding area, outside its value
Tango NAV service: posts a fresh value for the Hyperliquid account
Creator: settles waiting requests from Manage in batches, oldest first, each in full
Settlement: shares are created at NAV per share and sent to your wallet
Before settlement: you can cancel and get your USDC back

1. When you request a deposit, your USDC leaves your wallet and waits in the strategy's deposit holding area. It is not part of the strategy yet, and the creator cannot trade with it.
2. You wait while the creator settles waiting requests together from Manage, in batches. Settlement waits until Tango has posted a fresh value for the strategy's Hyperliquid account.
3. Settlement sends your shares to your wallet, and you don't need to do anything else.

You can have one open deposit request per strategy. A request is refused if it is larger than the room left under the strategy's deposit cap.

Why do strategies with perps settle deposits later?

Part of a perps strategy's money sits in its account on Hyperliquid, and no contract on Base can read that balance directly. Tango's NAV service checks the account and posts its value onchain. The vault only uses a posted value when it is recent and passes its checks (see Attested sub-accounts).

A posted value always lags slightly behind the live account. If deposits settled instantly, someone could deposit right after a gain on Hyperliquid, before the new value was posted, and buy shares too cheaply at the expense of existing backers. To prevent this, the vault turns off instant deposits whenever a strategy has an account like this. The creator settles deposits instead, after a fresh value is posted.

How long does it take?

• Your request usually confirms within a few minutes.
• The creator decides when to settle. There is no fixed time.
• Tango posts the Hyperliquid account's value regularly, and asks for a fresh one when the creator prepares a settlement. After USDC moves to or from Hyperliquid, the vault waits a set period before it accepts a new value.
• Strategies that hold tokenized stocks can take 2+ days over a weekend. See Tokenized stocks.

Can I cancel?

Yes. You can cancel a request while your USDC is still waiting. Cancelling gives it back, minus any cancellation fee. Tango's strategies charge none.

Limits

• Minimum: each deposit must meet the app's minimum and the strategy's own minimum.
• Deposit cap: each strategy accepts deposits up to its deposit cap, after withdrawals. When a strategy is full, Deposit is unavailable until someone withdraws.
• Out-of-date prices: while any of the strategy's prices are stale, Deposit is turned off and the app tells you why.

Network fees

If you use a Tango app wallet, deposits, requests and claims cost you no network fees: tango.fun covers them. If you use an external wallet, you pay your own network fees.

What a deposit is not

A deposit buys shares of the strategy's vault at its current value. It does not buy the strategy's target allocation for you. Your USDC arrives as cash, and the creator decides when to invest it. Before you deposit, read the strategy's Risks tab and Withdrawals in the app.