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Hyperithm USDC Apex

hyperUSDCa
EthereumOn peg1
Curated by Hyperithm·Inception 2025-02-25·Guardian 0x3C487BA7Ba5D436a9196C64b036fF4b53E5f8B1f
Ethereum
USDC
Open on Morpho
Net APY4.83%
-2.64%30d 7.47%
Trend down
TVL$3.44M
-80.98%Capacity $5.16M
Trend down
Utilization85%
Healthy
Risk score
15
Low
Market 39
·Loan demand 83
Complexity70Multiple moving parts
Liquidity35/100
Instant redemption available
Performance fee10%Above median
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 · 4.83% gross APY
Curator performance fee−10.00%→4.83% net
Borrower lending demand
Structural

Interest paid by borrowers on Morpho Blue markets the vault supplies into.

4.11%85.1% of yield · 411 bps
Protocol incentives
Incentive

Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.

0.72%14.9% of yield · 72 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.

Cap-weighted utilization is 85.4%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.

Weighted LLTV across markets is 86.2%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

Hidden exposure map

What this vault is actually exposed to — including dependencies that are not visible from the strategy name.

mHYPER
9%
Lending venueCollateral asset in vault allocations.
srmHYPER
0%
Lending venueCollateral asset in vault allocations.
PT-cUSD-23JUL2026
0%
Pendle PTCollateral asset in vault allocations.
cbBTC
0%
Lending venueCollateral asset in vault allocations.
PT-stcUSD-23JUL2026
0%
Pendle PTCollateral asset in vault allocations.
srNUSD
0%
Lending venueCollateral asset in vault allocations.
PT-srNUSD-28MAY2026
45%
Pendle PTCollateral asset in vault allocations.
PT-sNUSD-4JUN2026
4%
Pendle PTCollateral asset in vault allocations.
AA_FalconXUSDC
0%
Lending venueCollateral asset in vault allocations.
wstETH
0%
Liquid stakingCollateral asset in vault allocations.
PT-reUSD-25JUN2026
6%
Pendle PTCollateral asset in vault allocations.
reUSD
0%
Lending venueCollateral asset in vault allocations.
mF-ONE
2%
Lending venueCollateral asset in vault allocations.
mHyperBTC
26%
Lending venueCollateral asset in vault allocations.
WBTC
0%
Lending venueCollateral asset in vault allocations.
syrupUSDC
0%
StablecoinCollateral asset in vault allocations.
stcUSD
0%
Lending venueCollateral asset in vault allocations.
jrUSDe
0%
Lending venueCollateral asset in vault allocations.
siUSD
9%
Lending venueCollateral asset in vault allocations.
PT-USDG-28MAY2026
0%
Pendle PTCollateral 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.

Markets20+ idle buffer
PT-srNUSD-28MAY2026 / USDC44.7%
mHyperBTC / USDC26.2%
mHYPER / USDC8.7%
siUSD / USDC8.5%
PT-reUSD-25JUN2026 / USDC5.7%
PT-sNUSD-4JUN2026 / USDC4.1%
mF-ONE / USDC2.0%
PT-stcUSD-23JUL2026 / USDC0.0%
srmHYPER / USDC0.0%
PT-cUSD-23JUL2026 / USDC0.0%
cbBTC / USDC0.0%
srNUSD / USDC0.0%
AA_FalconXUSDC / USDC0.0%
wstETH / USDC0.0%
reUSD / USDC0.0%
WBTC / USDC0.0%
syrupUSDC / USDC0.0%
stcUSD / USDC0.0%
jrUSDe / USDC0.0%
PT-USDG-28MAY2026 / USDC0.0%
idle / USDC0.0%
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
mHYPER / USDCMorpho Blue
8.7%$299.12K
65% / 77.0%11.6 pts headroom
90%0xdabD6Bb1…0x870aC11D…
srmHYPER / USDCMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
88%0xCA233D1a…0x870aC11D…
PT-cUSD-23JUL2026 / USDCMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
84%0x25b30502…0x870aC11D…
cbBTC / USDCMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
86%0xA6D6950c…0x870aC11D…
PT-stcUSD-23JUL2026 / USDCMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
85%0x11aEFbf0…0x870aC11D…
srNUSD / USDCMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
87%0x9E1031D2…0x870aC11D…
PT-srNUSD-28MAY2026 / USDCMorpho Blue
44.7%$1.54M
78% / 91.5%13.7 pts headroom
81%0x0D07087b…0x870aC11D…
PT-sNUSD-4JUN2026 / USDCMorpho Blue
4.1%$141.96K
73% / 86.0%12.9 pts headroom
90%0x72500741…0x870aC11D…
AA_FalconXUSDC / USDCMorpho Blue
0.0%$0
65% / 77.0%11.6 pts headroom
84%0x52eA2C12…0x870aC11D…
wstETH / USDCMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
86%0x48F7E36E…0x870aC11D…
PT-reUSD-25JUN2026 / USDCMorpho Blue
5.7%$194.95K
78% / 91.5%13.7 pts headroom
84%0x12d66602…0x870aC11D…
reUSD / USDCMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
69%0xA66a4F03…0x870aC11D…
mF-ONE / USDCMorpho Blue
2.0%$70.22K
78% / 91.5%13.7 pts headroom
82%0x0cB1928E…0x870aC11D…
mHyperBTC / USDCMorpho Blue
26.2%$902.27K
65% / 77.0%11.6 pts headroom
90%0xecE51FE8…0x870aC11D…
WBTC / USDCMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
86%0xDddd770B…0x870aC11D…
idle / USDCMorpho Blue
0.0%$53.57
——0x00000000…0x00000000…
syrupUSDC / USDCMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
79%0x80032f4c…0x870aC11D…
stcUSD / USDCMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
90%0x8E3386B2…0x870aC11D…
jrUSDe / USDCMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
78%0xfDB57839…0x870aC11D…
siUSD / USDCMorpho Blue
8.5%$293.93K
78% / 91.5%13.7 pts headroom
88%0xd2cC46b9…0x870aC11D…
PT-USDG-28MAY2026 / USDCMorpho Blue
0.0%$0
80% / 94.5%14.2 pts headroom
80%0xEA268c58…0x870aC11D…
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
computed

Tail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (45% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 45% (largest market) × 100% pass-through
-22.3%
Recovery patch + governance
45% exposed
Curator misallocation
unlikely
computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 44.7% of TVL; top-3 concentration is 80%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 44.7% (worst market) × 100% pass-through
-22.3%
Recovery 30–90 days
45% exposed
USDC depeg
unlikely
computed

March 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
Pendle PT dislocation
possible
computed

PT collateral can trade at unexpected discounts before maturity if implied yield diverges from the underlying. 54.5% of TVL is in Pendle PT markets (weighted LLTV 91%). A 15% collateral shock translates to ~0.57% NAV loss after the 9-pt LLTV buffer absorbs liquidation-clearable price moves.

−15% × 54.5% exposed × 7% pass-through (LLTV 91%)
-0.6%
Recovery until maturity
54% exposed
Redemption queue under stress
possible
computed

48% 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 × 48% (stressed markets only)
-0.5%
Recovery 1–7 days
48% exposed
Exotic / tranche collateral shock
possible
computed

These collateral types absorb first-loss in their underlying strategies; failures in the strategy show up here first. 2.0% of TVL is in exotic / tranche (RLP, Upshift wrappers, etc.) markets (weighted LLTV 92%). A 25% collateral shock translates to ~0.09% NAV loss after the 8-pt LLTV buffer absorbs liquidation-clearable price moves.

−25% × 2.0% exposed × 17% pass-through (LLTV 92%)
-0.1%
Recovery 30–180 days
2% exposed
Activity

Curator and parameter changes detected by VaultScope's snapshot diff. Refreshed every 6 hours.

Full feed →
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 range0.00% – 33.25%
trailing 180d
APY volatility (σ)7.95 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+5.21 pts
180d delta