The Led states on your headset are showing the current mode on your HTC Vive. According to the color they have there can be a different meaning. If you are interested in knowing what every color means just read this tutorial. This are the headset LED States:
LED State number 1. White.
■ If your LED State is white that means that your headset is ready
LED State number 2. Slowly blinking white.
■ If your LED State is slowly blinking white than your headset is in standby mode.
■ If you start a VR app, or even move your headset it will change the standby mode
LED State number 3. Red or Blinking Red.
If your LED State is red or blinking red than you have some problems with the cable or the driver.