Most looping vaults hide their exit tax.
When you loop, you borrow and relend recursively to amplify yield. Unwinding that has a cost; the slight depeg of the underlying asset, multiplied across each loop.
At @ipor_io that number is currently 0.453%, and they're one of the only teams that actually show it to you explicitly.
Most vault providers spread that cost across all depositors. Not dishonest, but it means long-term holders quietly subsidize every exit.
The vault took a hit during the interest rate spike after the Kelp situation; however, it's already recovered and at new highs.
I also think the way they report performance is underrated. Valuing assets at fundamental price instead of market price removes the insane volatility spikes.
Current APY is 7.91% over the last week. For a strategy this transparent about its mechanics, that's a huge number.
