# Introduction Gamma Perp Vaults are perpetual trading vaults built on Hyperliquid with strategies based on financial signals, momentum trading, and sentiment analysis. ## Key Features ## Strategies * Hedge - A market-neutral strategy that uses a continuous score to take long and short positions. * Switch - A directional strategy that fully switches long or short based on a binary signal. * Shift - A directional strategy that shifts exposure based on a continuous score. ### Types * Balanced - These vaults have an even number of long/short positions to mitigate directional risk * Directional - Take either long/short directional positions based on market conditions and financial indicators ### Strategy Management * Strategies are live 24/7, and rebalances of vault portfolio happen intermittently * Hyperliquid vaults provide all backend data and execution --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.gamma.xyz/gamma/perp-vaults/introduction.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.