Wintermute Confidential WBTCV2
A Morpho V2 vault on Ethereum that lends out WBTC deposits, curated by Armitage by Wintermute. Depositors earn 5.00% a year right now after a 0% performance fee and a 0.4% yearly management fee.
Data from Morpho's API · updated
Net APY
5.00%
incl. 3.12% in rewards
30-day APY
0.92%
7-day 1.31%
Deposits
$602K
7.18 WBTC
Withdrawable now
$74.2K
12% of deposits
Performance fee
0%
plus 0.4% a year
Depositors
7
largest holds 64.3%
Wintermute Confidential WBTC APY history
Net APY earned each day, measured from the vault's share price
| Day | Deposits | Net APY |
|---|
Deposits over time
Where the money goes
The markets this vault lends to right now, largest first
| Market | Lent | Share |
|---|---|---|
| v-wmtWBTC / WBTCLLTV 86% | $279K | 46.2% |
| armUSDCp / WBTCLLTV 77% | $159K | 26.3% |
| wstETH / WBTCLLTV 86% | $74.3K | 12.3% |
| armUSDTp / WBTCLLTV 77% | $70.2K | 11.6% |
| LBTC / WBTCLLTV 86% | $21.0K | 3.5% |
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
| v-wmtWBTC | 46.2% |
|---|---|
| armUSDCp | 26.3% |
| wstETH | 12.3% |
| armUSDTp | 11.6% |
| LBTC | 3.5% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 5.00% |
|---|---|
| Last 7 days | 1.31% |
| Last 30 days | 0.92% |
| Since the vault started | 3.11% |
Who controls this vault
| Curator | Armitage by Wintermute |
|---|---|
| Owner | 0xB83A…9E5e4-of-6 multisig |
| Timelock to raise a cap | 3 dayswait before more can go into a market |
| Timelock to add an adapter | 7 dayswait before a new kind of investment |
| Timelock to raise fees | None |
| Allocators | 3addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Created | September 8, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | WBTCprice $83.9K |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 2.29% |
| Rewards | ZAMA 3.12% |
| Vault contract | 0x3d5E…be91 |
| WBTC token | 0x2260…C599 |
| Network | Ethereum |
The curator's description: "Confidential WBTC vault is created by Armitage unlocking the yield for WBTC by allocating it to select markets. Users can deposit Confidential WBTC cWBTC in batches via the Zama app at app.zama.org."
Largest depositors
7 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x2dC6…2255 | $387K | 64.3% |
| 0xF921…6B6f | $211K | 35.1% |
| 0xCc18…8B21 | $4.7K | 0.8% |
| 0x0000…dEaD | $841 | 0.1% |
| 0x1B9a…0d14 | $24.00 | <0.01% |
| 0xB917…84a8 | $1.00 | <0.01% |
| 0xAC82…604D | $0 | 0.0% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Wintermute Confidential WBTC
Wintermute Confidential WBTC is a Morpho V2 vault on Ethereum, created on September 8, 2026. It takes WBTC deposits and lends them to borrowers in 5 Morpho markets. The curator, Armitage by Wintermute, decides which markets it may use and how much can go into each.
It holds $602K (7.18 WBTC) from 7 depositors and pays a net APY of 5.00% after its 0% performance fee and 0.4% yearly management fee. Over the last 30 days depositors actually earned 0.92% a year. About 3.12% of today's rate comes from ZAMA rewards, which can stop at any time.
Its largest position is v-wmtWBTC / WBTC at 46% of what it lends, followed by armUSDCp / WBTC (26%) and wstETH / WBTC (12%). Counting every market, its loans are backed mainly by v-wmtWBTC (46%), armUSDCp (26%) and wstETH (12%). 12% of deposits could be withdrawn right now.
Risky changes, such as adding a market, wait behind a 3-day timelock on raising caps, which gives depositors time to leave first. The owner is a 4-of-6 multisig wallet. Morpho's app shows no warnings for this vault.
Wintermute Confidential WBTC: quick answers
What is the APY of Wintermute Confidential WBTC on Ethereum?
Wintermute Confidential WBTC pays 5.00% net APY right now, after its fees and including 3.12% of rewards. Measured from the growth of its share price, it paid 0.92% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Wintermute Confidential WBTC lend against?
It lends WBTC through 5 Morpho markets. The biggest is v-wmtWBTC / WBTC with 46% of its lending. Overall its loans are backed mainly by v-wmtWBTC (46%), armUSDCp (26%) and wstETH (12%).
Can I withdraw from Wintermute Confidential WBTC right now?
About $74.2K of its $602K in deposits (12%) 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 Wintermute Confidential WBTC and what does it charge?
Armitage by Wintermute curates it. It keeps 0% of the interest earned as a performance fee and charges 0.4% a year as a management fee. The net APY shown is after these fees.
What are the risks of Wintermute Confidential WBTC?
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. Changes to it wait behind a 3-day timelock on raising caps. This is not advice.
Other WBTC vaults
The same deposit asset, other curators and networks
| Vault | Net APY |
|---|---|
| Vault Bridge WBTCGauntlet · Ethereum · $15.41M | 0.00% |
| Gauntlet WBTC CoreGauntlet · Ethereum · $2.55M | 0.07% |