New vault
U
Felix USDhl
feUSDhl
HyperEVMHyperEVM
USDHL
AI vault read
Plain-English summary of this vault — what it does, who runs it, where the yield comes from, and what could break it. Generated from the same deterministic inputs shown elsewhere on this page; the numbers are the source, this is just the explanation.
What this vault does
Depositors put USDHL (a stablecoin on HyperEVM) into this vault, which lends it out to borrowers on Morpho Blue markets. The bulk goes to borrowers putting up UBTC (66%), with smaller amounts lent against HyperEVM-native tokens kHYPE, wstHYPE, and a Pendle fixed-yield token. Rates are set by supply and demand—as borrowing demand rises, the APY climbs.
Who runs it
Felix runs the vault, concentrating capital into a single collateral type (UBTC at 66% of assets) across mostly HyperEVM-native tokens.
Where the yield comes from
The 22.09% APY comes mainly from borrower interest (18.78%), with the remainder from Morpho protocol incentives and curator rebates (3.31%). All capital is deployed—there is no idle un-borrowed cash acting as a buffer.
What could break it
The vault is heavily exposed to UBTC (66%), which sits at 77% of its liquidation threshold with 93% of available supply already lent out. If UBTC falls sharply or borrowing demand collapses, forced redemptions could face a queue. USDHL itself is not tracked for depeg risk.
Who this is for
Suitable for allocators comfortable with concentrated single-collateral exposure and HyperEVM infrastructure risk who can tolerate 0% idle cash and potential redemption delays during stress.
Risk decomposition
How the composite risk score breaks down. Every number traces to an explicit input — /methodology documents each factor's formula.
mainstream22/100
Warning floorfloor
Hard min from Morpho's own flags on the vault or its active markets.
Structuralweight 28%
Share-weighted collateral quality + LLTV buffer adequacy. Correlation-aware.
Liquidationweight 20%
Headroom (1 − LLTV) measured in σ-units of 30d realized vol, amplified by utilization.
Yield anomalyweight 20%
Peer-cohort z-score plus absolute-yield band. Excess yield is risk you may not yet model.
Concentrationweight 12%
Market HHI + asset-class HHI + curator's universe TVL share.
Liquidityweight 10%
Util curve position, share locked above 95%, idle buffer.
Maturityweight 10%
Vintage + TVL-time integral. V2 vaults carry an opacity surcharge.
Depeg floorfloor
Hard min from active depeg signal on the loan asset.
Composite = max(Σ weighted + floors). Warning and depeg floors are hard minimums; the weighted sum of the structural factors is the base. A floor highlighted in amber means it is what determines the final score — the protocol or peg signals are louder than our structural model.
Plain English explanationWritten by VaultScanner research · model card · last update 2026-05-12
What this vault actually does
The Felix USDhl Frontier vault targets emerging or less seasoned collateral sets under conservative caps aiming to capture additional carry while maintaining disciplined curator led risk controls.
Yield decomposition
What you are actually getting paid for, expressed as a share of net APY.
Hover for source breakdownTotal · 22.09% gross APY
Curator performance fee−10.00%→22.09% net
Borrower lending demand
Structural
Interest paid by borrowers on Morpho Blue markets the vault supplies into.
18.78%85.0% of yield · 1878 bps
Protocol incentives
Incentive
Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.
3.31%15.0% of yield · 331 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 93.1%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.
Vault is split across 6 markets. More markets means more parameter surface area for the curator to monitor.
Hidden exposure map
What this vault is actually exposed to — including dependencies that are not visible from the strategy name.
wstHYPE
13%
Lending venueCollateral asset in vault allocations.
WHYPE
0%
Lending venueCollateral asset in vault allocations.
kHYPE
21%
Lending venueCollateral asset in vault allocations.
UBTC
66%
Lending venueCollateral asset in vault allocations.
PT-kHYPE-13NOV2025
0%
Pendle PTCollateral asset in vault allocations.
USDHL
100%
Lending venueLoan 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.
Markets5+ idle buffer
UBTC / USDHL66.4%
kHYPE / USDHL20.8%
wstHYPE / USDHL12.9%
WHYPE / USDHL0.0%
PT-kHYPE-13NOV2025 / USDHL0.0%
idle / USDHL0.0%
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 contract vulnerability
rare
computedTail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (66% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.
−50% × 66% (largest market) × 100% pass-through
-33.2%
Recovery patch + governance
66% exposed
Curator misallocation
unlikely
computedCurator routes into a market that develops bad debt or an oracle break. Worst single position is 66.4% of TVL; top-3 concentration is 100%. Modeled at 50% bad-debt recovery on the worst position.
−50% × 66.4% (worst market) × 100% pass-through
-33.2%
Recovery 30–90 days
66% exposed
Redemption queue under stress
possible
computed100% 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 × 100% (stressed markets only)
-1.0%
Recovery 1–7 days
100% exposed
$50M same-day redemption
possible
computedVault has $0M idle buffer (7% of $0M TVL). $50M of the $50M request queues; the redeemer takes a ~0.50% forced-exit discount weighted across collateral mix plus 13-day TVM cost. $50M of the request exceeds the vault's $0M TVL and cannot be redeemed at all.
queued 100% of $50M × (0.50% forced-exit discount + 0.34% TVM over 13.0 days at 9.7% rate)
-0.8%
Recovery 0–14 days (queue depth)
100% exposed
L2 sequencer halt 48h
unlikely
computed48h sequencer halt on HyperEVM. Collateral drifts while liquidations are frozen; the LLTV buffer absorbs liquidation-clearable moves, the excess accrues as bad debt. Plus a small forced-exit discount on the 100% of TVL sitting in markets above 85% utilization. Total -0.51% NAV loss.
48h × HyperEVM severity 1.5×: bad-debt across 100% of TVL (≈0.01%) + forced-exit discount on 100% stressed-utilization markets (≈0.50%)
-0.5%
Recovery 48 hours + 1–3 day catch-up
100% exposed
Governance & configuration
On-chain contracts, control surface, and per-market parameters. The diligence checklist surface — every value here is what an allocator needs to copy into a memo before sizing a deposit.
Vault contractMetaMorpho v1 on Morpho Blue
Chain
HyperEVM
CuratorRisk team setting market allocations
OwnerCan change curator, guardian, and timelock (after delay)
GuardianCan pause and revoke allocations if compromised
not configured
TimelockDelay before owner-initiated parameter changes take effect
3 days
Performance feeCurator's cut of generated yield
10.00%
Fee recipientAddress that collects the performance fee
Skim recipientReceives stray non-loan-asset tokens swept from the vault
not configured
Deployed11 mos on-chain
Jun 9, 2025
One-click redeem
available
Morpho app
Market parameters (6)
Oracle, IRM, and LLTV per Morpho Blue market the vault routes into. Click an address to inspect the contract on a block explorer.Activity
Curator and parameter changes detected by VaultScanner'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 range1.15% – 30.99%
trailing 180d
APY volatility (σ)7.01 pts
standard deviation
Max APY drawdown-89.1%
peak-to-trough
APY trend+9.02 pts
180d delta