Felix USDe V2V2
A Morpho V2 vault on HyperEVM that lends out USDe deposits, curated by Felix. Depositors earn 5.26% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
5.26%
after fees, paid to depositors
30-day APY
6.72%
7-day 5.78%
Deposits
$129K
129.23K USDe
Withdrawable now
$58.4K
45% of deposits
Performance fee
10%
of the interest earned
Depositors
94
largest holds 40.7%
Felix USDe 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 |
|---|---|---|
| UBTC / USDeLLTV 77% | $83.2K | 64.9% |
| WHYPE / USDeLLTV 62.5% | $44.9K | 35.1% |
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
| UBTC | 64.7% |
|---|---|
| WHYPE | 35.3% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 5.35% |
|---|---|
| Last 7 days | 5.78% |
| Last 30 days | 6.72% |
| Since the vault started | 4.42% |
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 11, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDeprice $0.9995 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 5.86% |
| Vault contract | 0x3D2e…1616 |
| USDe token | 0x5d3a…ef34 |
| Network | HyperEVM |
The curator's description: "The Felix USDe vault allocates USDe across whitelisted borrower markets lending against blue chip crypto collateral and rebalancing within curator set caps targeting resilient risk adjusted yield."
Largest depositors
94 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xB2FC…2099 | $52.6K | 40.7% |
| 0x5a39…d212 | $11.8K | 9.1% |
| 0xec69…6957 | $10.0K | 7.8% |
| 0x11D2…fEC3 | $10.0K | 7.8% |
| 0xA7Fb…c2b8 | $6.2K | 4.8% |
| 0x16CC…3395 | $4.6K | 3.6% |
| 0x5b82…9b00 | $4.3K | 3.3% |
| 0x677e…321F | $3.4K | 2.7% |
| 0xD308…2522 | $3.3K | 2.5% |
| 0xaCCe…fB3a | $2.4K | 1.9% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Felix USDe V2 V2
Felix USDe V2 V2 is a Morpho V2 vault on HyperEVM, created on August 11, 2026. It takes USDe deposits and lends them to borrowers in 2 Morpho markets. The curator, Felix, decides which markets it may use and how much can go into each.
It holds $129K (129.23K USDe) from 94 depositors and pays a net APY of 5.26% after its 10% performance fee. Over the last 30 days depositors actually earned 6.72% a year.
Its largest position is UBTC / USDe at 65% of what it lends, followed by WHYPE / USDe (35%). Counting every market, its loans are backed mainly by UBTC (65%) and WHYPE (35%). 45% 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 USDe V2 V2: quick answers
What is the APY of Felix USDe V2 V2 on HyperEVM?
Felix USDe V2 V2 pays 5.26% net APY right now, after its fees. Measured from the growth of its share price, it paid 6.72% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Felix USDe V2 V2 lend against?
It lends USDe through 2 Morpho markets. The biggest is UBTC / USDe with 65% of its lending. Overall its loans are backed mainly by UBTC (65%) and WHYPE (35%).
Can I withdraw from Felix USDe V2 V2 right now?
About $58.4K of its $129K in deposits (45%) 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 USDe 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 USDe 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.
