> 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="https://1987302139-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FhUFeSYPJDEOtT5FxR8pX%2Fuploads%2Ftu7uHgqI6yvL8UrNj6t4%2F1.png?alt=media&amp;token=cd4048d8-8fca-436f-9121-b01c20b4f352" 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="https://1987302139-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FhUFeSYPJDEOtT5FxR8pX%2Fuploads%2Fjsc5aRvEW95ZL49A9ctr%2FA%CC%89nh%20ma%CC%80n%20hi%CC%80nh%202025-01-13%20lu%CC%81c%2012.50.44.png?alt=media&amp;token=920e4093-09bf-4339-a5bf-e40572a47071" 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>