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+## glp vaults
+
+<br>
+
+### tl; dr
+
+<br>
+
+* vaults are suites of trustless defi strategies to generate delta-minimized returns on $GLP assets (gmx's lp token, which receives 70% of gmx's fee revenue). 
+* vaults can provide liquidity on gmx to collect yield from $GLP. they are also the counterparty to margin traders (benefiting from trader losses). 
+* vault should be backtested against months of real-world market data (including edge cases), usually with a baseline such as a standalone usdc vault
+* hedges are algorithmically rebalanced at regular intervals. hedging on gmx incurs fees for minting and burning of $GLP, opening and closing positions, and funding for open interest.
+
+<br>
+
+### resources
+
+<br>