Wintermute Confidential WBTC on Ethereum
V2A Morpho V2 vault on Ethereum that lends out WBTC deposits, curated by Armitage by Wintermute. Depositors earn 4.80% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
4.80%
incl. 3.63% in rewards
30-day APY
0.89%
7-day 1.03%, from the share price
Deposits
$5.74M
79.84 WBTC
Withdrawable now
$3.14M
55% of deposits
Performance fee
0%
of the interest earned
Depositors
7
largest holds 9.3%
Wintermute Confidential WBTC 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 |
|---|---|---|
| wstETH / WBTCLLTV 86% | $398K | 43.9% |
| v-wmtWBTC / WBTCLLTV 86% | $268K | 29.6% |
| armUSDCp / WBTCLLTV 77% | $151K | 16.7% |
| armUSDTp / WBTCLLTV 77% | $68.2K | 7.5% |
| LBTC / WBTCLLTV 86% · under $1,000, not tracked here | $20.0K | 2.2% |
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
| wstETH | 54.9% |
|---|---|
| armUSDCp | 20.9% |
| armUSDTp | 16.7% |
| v-wmtWBTC | 7.5% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 1.23% |
|---|---|
| Last 7 days | 1.03% |
| Last 30 days | 0.89% |
Who controls this vault
| Curator | Armitage by Wintermute |
|---|---|
| Owner | 0xB83A…9E5e4-of-7 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 $71.9K |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 1.17% |
| Rewards | ZAMA 3.63% |
| 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 |
|---|---|---|
| 0xF921…6B6f | $532K | 9.3% |
| 0x2dC6…2255 | $368K | 6.4% |
| 0xCc18…8B21 | $4.5K | 0.1% |
| 0x0000…dEaD | $800 | 0.0% |
| 0x1B9a…0d14 | $305 | <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 $5.74M (79.84 WBTC) from 7 depositors and pays a net APY of 4.80% after its 0% performance fee. Over the last 30 days depositors actually earned 0.89% a year. About 3.63% of today's rate comes from ZAMA rewards, which can stop at any time.
Its largest position is wstETH / WBTC at 44% of its deposits, followed by v-wmtWBTC / WBTC (30%) and armUSDCp / WBTC (17%). Counting every market, its loans are backed mainly by wstETH (55%), armUSDCp (21%) and armUSDTp (17%). 55% 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 4-of-7 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 4.80% net APY right now, after its fees and including 3.63% of rewards. Measured from the growth of its share price, it paid 0.89% 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 wstETH / WBTC with 44% of its deposits. Overall its loans are backed mainly by wstETH (55%), armUSDCp (21%) and armUSDTp (17%).
Can I withdraw from Wintermute Confidential WBTC right now?
About $3.14M of its $5.74M in deposits (55%) 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. 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. Adding a market or raising a cap waits behind a timelock of 3 days. This is not advice.
Other WBTC vaults
The same deposit asset, other curators and networks
| Vault | Net APY |
|---|---|
| Vault Bridge WBTCGauntlet · Ethereum · $8.40M | 0.00% |
| Gauntlet WBTC CoreGauntlet · Ethereum · $927K | 0.00% |
