I tried using the water system of Unreal 4 on a VR project, everything looks great. I used a simple landscape, but when I play it in VR mode it looks like some areas are cut and it bugs the view on the VR headset.
BUT if you disable VR “Instanced Stereo” under project settings.
It works, but probably very ‘‘costly on FPS’’ .
Please EPIC GAME fix water on Virtual Reality
You need my game on your engine
This issue is known and being addressed for 5.0. Disabling instanced stereo can work as a temporary solution to your project, especially if you’re not draw call bound.