Alpaca Finance outlined a phased wind-down: disabling new positions by early June 2025, shifting Alperp into reduce-only mode and automatically closing any remaining positions by July 30, 2025

Quotes that support claims

Any remaining active positions by 30 June 2025, will be automatically closed.

Alperp will shift into a reduced-only mode (users can only reduce their positions’ sizes).

We will disable opening of new positions for all farms by the first week of June 2025.