Migrating Liquidity to V2

For users with capital in Perennial V1 Vaults, Perennial has a dedicated migrator flow to move this liquidity to V2. Perennial V2 is far more capital efficient & has stronger risk management properties than V1, so we encourage users to consider migrating.

If you have liquidity in the V1 Ethereum market, you will need to withdraw and bridge those assets manually to Arbitrum as Perennial V2 doesn't have Ethereum markets.

Note: you can do this all from the V2 app!

  1. Go to App.perennial.finance/earn — this will take you to the Vaults homepage.

  2. If you have a V1 vaults position open, a box will appear above the "Earn with Vaults" header that will prompt you to migrate. Click this to get to the migration flow.

  1. Now you're in the migration flow. Each of your V1 vault positions will show up next to "Positions:". Select the Vault you with to migrate to begin the migration flow. Here, I only had one vault open, so it is autoselected. To begin migration, click the redeem shares button to redeem V1 shares from that vault.

This will open a confirmation screen. Click the Redeem Shares button, and approve the transaction in your wallet to confirm.

  1. The V1 vault position is now being closed, but may take a couple minutes to settle, so wait patiently.

  2. When the "claim funds" button appears, your V1 position is closed and capital is ready to be withdrawn. Click the "Claim funds" button.

Confirm this transaction to withdraw your collateral from the V1 vault, so it can be deposited in a V2 vault.

  1. Once the capital is withdawn, the Select vaul button will be enabled. Click on this to select a vault to migrate funds to. You can learn more about the vaults by checking out the Vault cards on the left side of your screen. Click one of the Vaults to migrate to.

  2. Selecting a vault will take you to the chosen vault page and prompt you with a transaction to deposit an amount equal to that which was withdrawn from V1. Confirm the deposit to complete the migration.

Once the transaction confirms, the vault position has been fully migrated. Your position is now pending settlement (hence the "Your position is being updated."). Once the positions settles (in around 30 seconds), your capital will be deposited into V2 vaults & will begin earnings fees.


If you run into any issues, don't hesitate to reach out in the Perennial discord, and a community member will help you through the flow.

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