Reallocation
Rotated funds from PT-thBILL-18JUN2026 / USDC into (idle) / USDC
9.0k USDCexotic
U
Hyperithm USDC Apex
hyperUSDCa
ArbitrumOn peg1Arbitrum
USDC
Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does
Hyperithm USDC Apex vault maximizes yield by swiftly integrating unique collaterals providing borrowers with high-return opportunities through active optimization while ensuring effective risk management.
Yield decomposition
What you are actually getting paid for, expressed as a share of net APY.
Hover for source breakdownTotal · 3.85% gross APY
Curator performance fee−10.00%→3.85% net
Borrower lending demand
Structural
Interest paid by borrowers on Morpho Blue markets the vault supplies into.
3.27%84.9% of yield · 327 bps
Protocol incentives
Incentive
Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.
0.58%15.1% of yield · 58 bps
What breaks this vault
The honest version. Every structural failure mode this vault is exposed to, ranked by severity. If you want to know whether to invest, start here.
Vault has meaningful collateral exposure to liquid restaking tokens. A discount to ETH (>2%) propagates directly through liquidation cascades.
Cap-weighted utilization is 86.7%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.
Hidden exposure map
What this vault is actually exposed to — including dependencies that are not visible from the strategy name.
PT-thBILL-18JUN2026
0%
Pendle PTCollateral asset in vault allocations.
PT-USDai-18JUN2026
50%
Pendle PTCollateral asset in vault allocations.
PT-sUSDai-18JUN2026
12%
Pendle PTCollateral asset in vault allocations.
syrupUSDC
0%
StablecoinCollateral asset in vault allocations.
WBTC
12%
Lending venueCollateral asset in vault allocations.
WETH
2%
Lending venueCollateral asset in vault allocations.
sUSDai
1%
Lending venueCollateral asset in vault allocations.
sUSDS
0%
StablecoinCollateral asset in vault allocations.
weETH
12%
Liquid restakingCollateral asset in vault allocations.
wstETH
12%
Liquid stakingCollateral asset in vault allocations.
thBILL
0%
Lending venueCollateral asset in vault allocations.
USDC
100%
StablecoinLoan asset supplied by the vault.
Reading this map. Direct exposures are the assets the vault holds or lends against. Indirect dependencies (Tab 3) include the protocols that mint those assets, the oracles pricing them, and the bridges that move them. An incident at any indirect dependency can damage the vault even when the direct collateral looks healthy.
Allocation breakdown
Every market the vault has supplied into, with current LTV, LLTV, oracle, and IRM. Idle balances are listed explicitly.
Markets11+ idle buffer
PT-USDai-18JUN2026 / USDC49.7%
PT-sUSDai-18JUN2026 / USDC12.1%
weETH / USDC12.0%
wstETH / USDC11.6%
WBTC / USDC11.6%
WETH / USDC1.6%
sUSDai / USDC0.8%
PT-thBILL-18JUN2026 / USDC0.0%
syrupUSDC / USDC0.0%
sUSDS / USDC0.0%
thBILL / USDC0.0%
idle / USDC0.5%
Stress scenarios
Modeled NAV impact under historical and hypothetical tail events. Each impact = − (shock magnitude) × (vault exposure) × (pass-through). Hover the calculator icon for the per-scenario formula.
Morpho Blue contract vulnerability
rare
computedTail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (50% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.
−50% × 50% (largest market) × 100% pass-through
-24.8%
Recovery patch + governance
50% exposed
Curator misallocation
unlikely
computedCurator routes into a market that develops bad debt or an oracle break. Worst single position is 49.7% of TVL; top-3 concentration is 74%. Modeled at 50% bad-debt recovery on the worst position.
−50% × 49.7% (worst market) × 100% pass-through
-24.8%
Recovery 30–90 days
50% exposed
USDC depeg
unlikely
computedMarch 2023 SVB episode: USDC traded as low as $0.88 before banking exposure was clarified. Mark-to-market loss on 100% of vault TVL (the loan asset is USDC).
−12% × 100% exposed × 100% pass-through (loan-asset shock)
-12.0%
Recovery 7–14 days
100% exposed
Redemption queue under stress
possible
computed76% of TVL is in markets running >85% utilization. Redemption requests on that slice queue until borrowers repay; remaining LPs absorb a small forced-exit discount.
~1% forced-exit discount × 76% (stressed markets only)
-0.8%
Recovery 1–7 days
76% exposed
Pendle PT dislocation
possible
computedPT collateral can trade at unexpected discounts before maturity if implied yield diverges from the underlying. 61.7% of TVL is in Pendle PT markets (weighted LLTV 90%). A 15% collateral shock translates to ~0.59% NAV loss after the 10-pt LLTV buffer absorbs liquidation-clearable price moves.
−15% × 61.7% exposed × 6% pass-through (LLTV 90%)
-0.6%
Recovery until maturity
62% exposed
LRT / restaking event
unlikely
computedAn operator slashing or AVS misbehavior creates a discount in the LRT collateral. 12.0% of TVL is in liquid restaking token (LRT) markets (weighted LLTV 86%). A 20% collateral shock translates to ~0.18% NAV loss after the 14-pt LLTV buffer absorbs liquidation-clearable price moves.
−20% × 12.0% exposed × 7% pass-through (LLTV 86%)
-0.2%
Recovery 30–90 days
12% exposed
Activity
Curator and parameter changes detected by VaultScope's snapshot diff. Refreshed every 6 hours.
Historical analytics
180 trailing days. APY, TVL, utilization, and an APY drawdown view to show how the vault has actually behaved — not just where it sits today.
APY range3.35% – 32.65%
trailing 180d
APY volatility (σ)8.70 pts
standard deviation
Max APY drawdown-89.7%
peak-to-trough
APY trend-28.79 pts
180d delta