> For the complete documentation index, see [llms.txt](https://harmonix-finance.gitbook.io/harmonix-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://harmonix-finance.gitbook.io/harmonix-docs/onboarding/earn-feature/gmx-eth-delta-neutral-vault-eth.md).

# GMX - ETH - Delta Neutral Vault - ETH

Utilizing Pt Eth from Pendle and creating a hedge option for all Pendle's Pt Eth holders against drawdown while earning the same APY from Pendle and more from Harmonix.

<figure><img src="/files/fNzjPZbrNGsHJC4AtOvl" alt=""><figcaption></figcaption></figure>

The ETH HyperGrowth Vault offers a reliable way to grow your ETH with sustainable and consistent returns. Using GMX funding rates, the vault minimizes exposure to market volatility while optimizing capital efficiency and avoiding liquidation risks.&#x20;

Unlike traditional yield farming, this approach focuses on stability and transparency, making it a smarter option for earning.

## How the vault works

The flow is demonstrated as below:<br>

<figure><img src="/files/2dNqQSSSnijqsllEHnmV" alt=""><figcaption></figcaption></figure>

* Users deposit ETH into the vault.
* Harmonix borrows 1x your collateral through Fluid&#x20;
* Borrowed assets are used to open delta-neutral positions on GMX, capturing funding rate fees safely.

#### Tracking Performance

GMX - ETH - Delta Neutral Vault: <https://app.harmonix.fi/vaults/arbitrum-delta-neutral-boost-yield-eth>