Hyperithm USDC Apex V2 on Ethereum
A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by Hyperithm. Depositors earn 6.51% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
6.51%
after fees, paid to depositors
30-day APY
6.56%
7-day 6.56%, from the share price
Deposits
$7.50M
7.50M USDC
Withdrawable now
$5.0K
0% of deposits
Performance fee
10%
of the interest earned
Depositors
170
largest holds 51.6%
Hyperithm USDC Apex V2 APY history
Net APY earned each day, from the vault's share price: after fees, without token rewards
| Day | Deposits | Net APY |
|---|
Deposits over time
Where the money goes
The markets this vault lends to right now, largest first
| Market | Lent | Share |
|---|---|---|
| PT-reUSD-10DEC2026 / USDCLLTV 91.5% | $4.63M | 49.5% |
| PT-USDat-14JAN2027 / USDCLLTV 91.5% | $2.65M | 28.3% |
| mHyperBTC / USDCLLTV 77% | $1.23M | 13.1% |
| mF-ONE / USDCLLTV 91.5% | $270K | 2.9% |
| PT-sUSDat-14JAN2027 / USDCLLTV 91.5% | $241K | 2.6% |
| wFalconX / USDCLLTV 91.5% | $197K | 2.1% |
| reUSD / USDCLLTV 91.5% | $80.0K | 0.9% |
| PT-apyUSD-5NOV2026 / USDCLLTV 86% · under $1,000, not tracked here | $61.5K | 0.7% |
| Idle cashnot lent out | $7.00 | <0.01% |
The curator decides which markets the vault may use and how much it may put in each (the cap). Allocators then move money between those markets within the caps. How vaults work.
What the loans are backed by
Share of this vault's lending by the collateral borrowers put up
| PT-USDat-14JAN2027 | 55.4% |
|---|---|
| mHyperBTC | 22.9% |
| PT-reUSD-10DEC2026 | 21.0% |
| PT-sUSDat-14JAN2027 | 0.5% |
| mHYPER | 0.2% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 6.33% |
|---|---|
| Last 7 days | 6.56% |
| Last 30 days | 6.56% |
| Last 90 days | 6.30% |
| Last year | 6.63% |
Who controls this vault
| Curator | Hyperithm |
|---|---|
| Owner | 0xEe7E…18C82-of-3 multisig |
| Timelock to raise a cap | 3 dayswait before more can go into a market |
| Timelock to add an adapter | 3 dayswait before a new kind of investment |
| Timelock to raise fees | None |
| Allocators | 2addresses that move money between markets |
| Sentinels | 2can pull money back or cut caps in an emergency |
| Created | October 27, 2025 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDCprice $0.9997 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 7.26% |
| Vault contract | 0x0932…9E2F |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "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."
Largest depositors
170 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x681B…3816 | $3.87M | 51.6% |
| 0x933a…2833 | $2.87M | 38.2% |
| 0x08d4…0040 | $406K | 5.4% |
| 0xb9b3…4fD1 | $366K | 4.9% |
| 0x79Ce…fBa3 | $257K | 3.4% |
| 0x7C30…c5eA | $250K | 3.3% |
| 0xC62E…2779 | $200K | 2.7% |
| 0xea32…C706 | $157K | 2.1% |
| 0x51a3…e925 | $109K | 1.5% |
| 0xE413…5884 | $107K | 1.4% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Hyperithm USDC Apex V2
Hyperithm USDC Apex V2 is a Morpho V2 vault on Ethereum, created on October 27, 2025. It takes USDC deposits and lends them to borrowers in 8 Morpho markets. The curator, Hyperithm, decides which markets it may use and how much can go into each.
It holds $7.50M (7.50M USDC) from 170 depositors and pays a net APY of 6.51% after its 10% performance fee. Over the last 30 days depositors actually earned 6.56% a year, and 6.63% over the last year.
Its largest position is PT-reUSD-10DEC2026 / USDC at 49% of its deposits, followed by PT-USDat-14JAN2027 / USDC (28%) and mHyperBTC / USDC (13%). Counting every market, its loans are backed mainly by PT-USDat-14JAN2027 (55%), mHyperBTC (23%) and PT-reUSD-10DEC2026 (21%). 0% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 3 days, which gives depositors time to leave first. The owner is a 2-of-3 multisig wallet. Morpho's app shows no warnings for this vault.
Hyperithm USDC Apex V2: quick answers
What is the APY of Hyperithm USDC Apex V2 on Ethereum?
Hyperithm USDC Apex V2 pays 6.51% net APY right now, after its fees. Measured from the growth of its share price, it paid 6.56% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Hyperithm USDC Apex V2 lend against?
It lends USDC through 8 Morpho markets. The biggest is PT-reUSD-10DEC2026 / USDC with 49% of its deposits. Overall its loans are backed mainly by PT-USDat-14JAN2027 (55%), mHyperBTC (23%) and PT-reUSD-10DEC2026 (21%).
Can I withdraw from Hyperithm USDC Apex V2 right now?
About $5.0K of its $7.50M in deposits (0%) could be withdrawn immediately. The rest is lent out and frees up as borrowers repay or as higher rates bring in new lenders.
Who runs Hyperithm USDC Apex V2 and what does it charge?
Hyperithm curates it. It keeps 10% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Hyperithm USDC Apex V2?
Like every Morpho vault, it can lose money if a borrower's collateral crashes faster than it can be liquidated, if a price oracle fails, or through a smart contract bug. Withdrawals can wait when its markets are fully borrowed. Adding a market or raising a cap waits behind a timelock of 3 days. This is not advice.
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