Question 1

Is FKA - FK Capital Alpha Fund a good Hyperliquid vault to copy?

Accepted Answer

Blacklight's verdict is 'Avoid'. Risk score 76/100, max drawdown 61%, Sharpe -1.19. It does NOT clear our bar for being worth copying — see the risk and operator figures before depositing.

Question 2

What is FKA - FK Capital Alpha Fund's return and TVL?

Accepted Answer

As of 2026-08-20: 12% 30-day APR, $52k total value locked.

Question 3

How risky is FKA - FK Capital Alpha Fund?

Accepted Answer

Risk score 76/100. Worst historical drawdown 61%. Sharpe (return per unit of swing) -1.19.

Question 4

Who runs FKA - FK Capital Alpha Fund?

Accepted Answer

Operator 0x4a01f109…, keeping 5.6% of the vault in their own money and taking 10% commission on profits.

Verdict	Avoid
30-day APR	12%
TVL	$52k
Risk score	76/100
Max drawdown	61%
Sharpe	-1.19
Operator own money	5.6%
Commission	10%
Depositors	17