By Victoria Kabalan · Published August 8, 2026 · Updated October 13, 2026

Kappa Lab Is Curating the Meridian Liquidity Provider Vault

The Meridian Liquidity Provider (MLP) is a professionally curated multi-venue market making vault for Meridian's mPerps on Robinhood Chain. Around July 31, 2026, MLP reached its $1 million Phase 1 pre-deposit cap. The cap has since been raised twice, to $2.5 million, and is fully subscribed. Kappa Lab serves as the vault's strategy curator, working alongside Meridian, Neutral Trade, and Accountable.

What is the Meridian Liquidity Provider vault?

MLP is a vault that accepts USDe deposits and deploys them into market making strategies between Meridian perpetuals and external exchanges. It was launched by Meridian (formerly Ethereal) in partnership with Neutral Trade, Accountable, and Kappa Lab ahead of mPerps, Meridian's mutualized perpetuals.

MLP is structured in two phases. During Phase 1, the vault accepts pre-deposits but does not deploy funds into strategies. In Phase 2, MLP runs market making strategies between Meridian perpetuals and external exchanges. Meridian has tied the transition to Phase 2 to the launch of perps trading on its platform.

mPerps went live in the Meridian App on Robinhood Chain on October 2, 2026, with BTC, ETH, SOL, SPY, QQQ, HYPE, XAU, and XAG trading pairs at launch. All markets trade 24/7 with USDe as collateral. (Source: Meridian, October 2, 2026.)

How the MLP strategy works

MLP's mandate is to provide liquidity on Meridian while managing offsetting exposure on other venues for capital efficiency. Returns are driven by spread capture and USDe rewards rather than market direction. Strategy execution runs through Neutral Trade's infrastructure, with Kappa Lab curating the strategy. Depositors also earn USDe rewards, 30x ENA rewards, and 20% of all Meridian Points emitted to perps users. (Source: Meridian announcement, July 30, 2026.)

Why new venues launch with liquidity vaults

New derivatives venues face a familiar constraint: traders want order book depth from the first trade, and depth requires capital committed before volume exists. Pooled, professionally managed liquidity is one response. A vault that quotes on the new venue while hedging on established ones allows depth to be present at launch rather than built gradually afterward.

Kappa Lab's role

As strategy curator, Kappa Lab designs and oversees the market making approach the vault deploys across venues. MLP joins the venue vaults we work on with Hibachi (FLP) and Nado (NLP), and our relationship with Meridian predates it: our first Wildcat vault was built to route USDe liquidity to Ethereal, as Meridian was then called.

At Kappa Lab, we operate liquidity infrastructure at the intersection of execution, risk management, and evolving onchain market structure, and we offer vault strategy as a service to venues: designing, running and risk-managing the strategy behind a venue's liquidity vault.

If you're launching a venue and want a vault strategy behind it, or need reliable liquidity, reach out to schedule a meeting. If you're managing a token treasury and want yield on your assets while maintaining custody, check out KLIP.

Frequently asked questions

1- What are Meridian mPerps?
‍mPerps (Mutualized Perpetuals) are Meridian's perpetuals, designed for capital-efficient, 24/7 price discovery. They are live on Robinhood Chain across crypto assets (BTC, ETH, SOL, HYPE), US equity index ETFs (SPY, QQQ), and precious metals (XAU, XAG), with USDe as collateral. For markets that reference traditional assets, the mark price holds at its last accepted value while the underlying market is closed, and trading can continue. (Meridian docs)

2- Who are the partners behind the MLP vault?
MLP is a partnership between Meridian (the venue), Neutral Trade (strategy execution infrastructure), Accountable (the vault's deposit platform), and Kappa Lab (strategy curation).

3- What do MLP depositors earn?
Depositors providing USDe earn USDe rewards, 30x ENA rewards, and 20% of all Meridian Points emitted to perps users, alongside returns from the vault's spread-capture strategy once MLP moves to Phase 2.