New vault
U
Hyperithm USDC Apex
hyperUSDCa
MonadOn peg1V2
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 send USDC to Hyperithm, which lends it out to borrowers on Monad who post aHYPER and mHYPER tokens as collateral. The borrowers pay interest on their loans, and that interest flows back to depositors as yield. The lending rates are set by supply and demand — when borrowing demand is high, rates rise.
Who runs it
Hyperithm runs this vault and has deployed nearly all deposits (100%) into two Monad-native collateral types (aHYPER and mHYPER), concentrating the book heavily on a single ecosystem.
Where the yield comes from
The 7.36% APY comes entirely from borrowing interest, since there is no idle cash. Demand is tight across both markets (90–91% utilization), meaning borrowers are actively using the vault to fund leverage positions.
What could break it
The vault is 83% exposed to aHYPER and 16% to mHYPER — both are Monad-native tokens with no outside price history, and both sit at a 77% loan-to-value limit, meaning a sharp drop in either token's price could force liquidations and interrupt yield. There is no stablecoin buffer to absorb volatility.
Who this is for
Good fit for an allocator comfortable with concentrated exposure to emerging L1 collateral if they believe in aHYPER and mHYPER longevity; avoid if you need diversification or want to reduce single-ecosystem risk.
USDC is trading within normal range. Both market spot and Chainlink agree this vault's loan asset is on peg — no peg risk affecting NAV right now.
On peg1/100
Spot (market)$0.99973 bps below peg · CoinGecko
Oracle (Chainlink)$0.99973 bps below peg · What Morpho liquidates against
Spot ↔ oracle gap0 bpsSources agree
Score · 1/100
max(price, vault health) · saturates at 200 bps
Risk decomposition
How the composite risk score breaks down. Every number traces to an explicit input — /methodology documents each factor's formula.
mainstream31/100
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
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.
Where the yield comes from
Morpho V2 vault — wraps downstream Morpho markets and V1 vaults via adapters.
Why they may not
Some V2 adapters point at Morpho Blue markets directly; their underlying market detail isn't resolvable in the universe-level fetch, so this vault carries a V2 opacity surcharge in the risk model.
Hidden exposure map
What this vault is actually exposed to — including dependencies that are not visible from the strategy name.
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.
Markets8+ idle buffer
aHYPER / USDC83.3%
mHYPER / USDC16.3%
WBTC / USDC0.1%
WETH / USDC0.1%
cbBTC / USDC0.1%
wstETH / USDC0.1%
WMON / USDC0.0%
wsrUSD / USDC0.0%
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.
USDC depeg 12%
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
V2 adapter routing failure
rare
computedV2 vaults route through adapters into downstream venues. A misbehaving adapter (paused, drained, or pointing at a compromised target) can lock or mismark a portion of the vault until governance acts.
−4% × 100% (adapter-stack-wide assumption; refined when per-adapter shares are available)
-4.0%
Recovery operational
100% exposed
L2 sequencer halt 48h
unlikely
computedSequencer halt on Monad blocks liquidations and redemptions for 48 hours. Without per-allocation buffers we apply a baseline 0.5% liquidity discount scaled by chain severity (1.5×).
−0.75% (chain severity 1.5× on a 0.5% baseline forced-exit discount during a 48h halt; allocation detail not yet available for V2 vaults)
-0.7%
Recovery 48 hours + 1–3 day catch-up
100% exposed
$50M same-day redemption
possible
computedVault has $15M idle buffer (100% of $15M TVL). $35M of the $50M request queues; the redeemer takes a ~0.50% forced-exit discount weighted across collateral mix plus 0-day TVM cost. $35M of the request exceeds the vault's $15M TVL and cannot be redeemed at all.
queued 69% of $50M × (0.50% forced-exit discount + 0.00% TVM over 0.0 days at 5.0% rate)
-0.3%
Recovery 0–14 days (queue depth)
69% 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
Monad
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
none
Performance feeCurator's cut of generated yield
10.00%
Fee recipientAddress that collects the performance fee
not configured
Skim recipientReceives stray non-loan-asset tokens swept from the vault
not configured
Deployed4 mos on-chain
Jan 9, 2026
One-click redeem
available
Morpho app
Market parameters (8)
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 range0.00% – 4613493.43%
trailing 180d
APY volatility (σ)400028.57 pts
standard deviation
Max APY drawdown-100.0%
peak-to-trough
APY trend-4.78 pts
180d delta