Felix USDC V2V2
A Morpho V2 vault on HyperEVM that lends out USDC deposits, curated by Felix. Depositors earn 3.78% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
3.78%
after fees, paid to depositors
30-day APY
4.90%
7-day 4.30%
Deposits
$8.73M
8.74M USDC
Withdrawable now
$3.05M
35% of deposits
Performance fee
10%
of the interest earned
Depositors
269
largest holds 22.9%
Felix USDC V2 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 |
|---|---|---|
| kHYPE / USDCLLTV 62.5% | $4.11M | 48.1% |
| WHYPE / USDCLLTV 77% | $3.04M | 35.6% |
| kHYPE / USDCLLTV 77% | $572K | 6.7% |
| WHYPE / USDCLLTV 62.5% | $449K | 5.3% |
| UBTC / USDCLLTV 77% | $304K | 3.6% |
| wstHYPE / USDCLLTV 77% | $72.4K | 0.8% |
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
| kHYPE | 55.4% |
|---|---|
| WHYPE | 40.1% |
| UBTC | 3.6% |
| wstHYPE | 0.8% |
| PT-kHYPE-24SEP2026 | 0.0% |
| Other | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 3.83% |
|---|---|
| Last 7 days | 4.30% |
| Last 30 days | 4.90% |
| Since the vault started | 5.14% |
Who controls this vault
| Curator | Felix |
|---|---|
| Owner | 0x4A82…0B3A4-of-6 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 | 1can pull money back or cut caps in an emergency |
| Created | August 4, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDCprice $0.9999 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 4.21% |
| Vault contract | 0x5125…bE8b |
| USDC token | 0xb883…630f |
| Network | HyperEVM |
The curator's description: "The Felix USDC vault supplies USDC to mature high liquidity Morpho Blue markets where loans are backed by liquid blue chip collateral and allocations are managed to prioritize risk adjusted yield."
Largest depositors
269 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x5FF3…bd74 | $2.00M | 22.9% |
| 0x52DD…0156 | $1.29M | 14.7% |
| 0xC1d7…2DBd | $1.01M | 11.5% |
| 0x8B41…E425 | $391K | 4.5% |
| 0x4234…675a | $318K | 3.6% |
| 0x585f…F4B1 | $253K | 2.9% |
| 0x6f61…270d | $250K | 2.9% |
| 0x8AB1…D9F3 | $200K | 2.3% |
| 0xc3EE…F688 | $173K | 2.0% |
| 0x3aeE…e8e8 | $151K | 1.7% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Felix USDC V2 V2
Felix USDC V2 V2 is a Morpho V2 vault on HyperEVM, created on August 4, 2026. It takes USDC deposits and lends them to borrowers in 6 Morpho markets. The curator, Felix, decides which markets it may use and how much can go into each.
It holds $8.73M (8.74M USDC) from 269 depositors and pays a net APY of 3.78% after its 10% performance fee. Over the last 30 days depositors actually earned 4.90% a year.
Its largest position is kHYPE / USDC at 48% of what it lends, followed by WHYPE / USDC (36%) and kHYPE / USDC (7%). Counting every market, its loans are backed mainly by kHYPE (55%), WHYPE (40%) and UBTC (4%). 35% 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.
Felix USDC V2 V2: quick answers
What is the APY of Felix USDC V2 V2 on HyperEVM?
Felix USDC V2 V2 pays 3.78% net APY right now, after its fees. Measured from the growth of its share price, it paid 4.90% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Felix USDC V2 V2 lend against?
It lends USDC through 6 Morpho markets. The biggest is kHYPE / USDC with 48% of its lending. Overall its loans are backed mainly by kHYPE (55%), WHYPE (40%) and UBTC (4%).
Can I withdraw from Felix USDC V2 V2 right now?
About $3.05M of its $8.73M in deposits (35%) 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 Felix USDC V2 V2 and what does it charge?
Felix 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 Felix USDC V2 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. Changes to it wait behind a 3-day timelock on raising caps. This is not advice.
Other USDC vaults
The same deposit asset, other curators and networks