Felix USDT0 V2

Risk reportHyperliquid L10x6ff3…6f57

Risk

Depositing into Felix USDT0 V2 means underwriting risks you usually can't see: how much you could lose, whether you'd get out in time, and what would cover it.

Morpho BlueVault (aggregates across markets)

How much could be lost?

Your deposit (optional)

20%of your deposit if collateral falls 50%Only smart-contract bug reaches a total 100%, with no warning to exit.

Can I exit?

Via underlying marketsonly governance changes give a 3-day timelock to exit — every other modeled failure is no-warning

What backs it?

No committed backstopnothing committed would cover a loss

Track record

No pool-level losses recorded36 audits, latest Dec 15, 2025

Collateral and oracle exposure

Each token you're exposed to, and the market it backs. If that market breaks, this is how much the vault loses, in dollars and as a share of the vault. Open a row for the price feed, stress curve, and supply-cap detail. Below, the oracles those prices depend on and what is at stake if one is compromised.

If collateral prices dropper asset · no liquidations · stress estimate

est. bad debt up to 2% of deposit

Driven by UBTC −30% 1% · WHYPE −30% <1% · kHYPE −30% <1% · other <1% · −100% 86% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

kHYPEHybridRedStone53%of vault · bad debt · $909,017.68Oracle exposure 13%

66%of vault · $1.13m53%of vault · $909,017.6813%separate path

What it's made of

Hybrid· RedStone(aggregator)

kHYPE is priced from a fundamental/NAV feed (RedStone), not a raw market-rate feed.

BaseRedStone fundamental/NAV feed pathQuoteRedStone quote feed path

Markets this collateral backs · 2

→ USD₮063% LLTV0x5f52…08c7RedStone
→ USD₮077% LLTV0x559a…e3ecRedStone

Aggregate Collateral Trust (ACT):$37.18m19 vaultsToken:0xfd73…296dAllocation: 66% of the vault · $1.13m

If it breaks

−30% default

At −30%:est. bad debt up to 0.1% of depositUses 2 market LLTV curves · capped at allocation $1.13m · drag to set this asset's drop

Oracle exposure: up to 13% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WHYPEMarketRedStone21%of vault · bad debt · $361,916.38Oracle exposure 0.7%

22%of vault · $374,093.6121%of vault · $361,916.380.7%separate path

What it's made of

Market· RedStone(aggregator)

WHYPE uses RedStone market-rate aggregator feed(s).

BaseRedStone market-rate feed pathQuoteRedStone quote feed path

Markets this collateral backs · 2

→ USD₮063% LLTV0x8f36…a973RedStone
→ USD₮077% LLTV0xb294…89edRedStone

Aggregate Collateral Trust (ACT):$17.97m17 vaultsToken:0x5555…5555Allocation: 22% of the vault · $374,093.61

If it breaks

−30% default

At −30%:est. bad debt up to 0.1% of depositUses 2 market LLTV curves · capped at allocation $374,093.61 · drag to set this asset's drop

Oracle exposure: up to 0.7% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

UBTCMarketRedStone12%of vault · bad debt · $202,336.58

12%of vault · $202,336.5812%of vault · $202,336.58—

What it's made of

Market· RedStone(aggregator)

UBTC uses RedStone market-rate aggregator feed(s).

BaseRedStone market-rate feed pathQuoteRedStone quote feed path

Markets this collateral backs · 2

→ USD₮077% LLTV0xce5b…317fRedStone
→ USD₮086% LLTV0xce5b…317fRedStone

Aggregate Collateral Trust (ACT):$2.28m14 vaultsToken:0x9fdb…3463Allocation: 12% of the vault · $202,336.58

If it breaks

−30% default

At −30%:est. bad debt up to 1% of depositUses 2 market LLTV curves · capped at allocation $202,336.58 · drag to set this asset's drop

UETHMarketRedStone0.2%of vault · bad debt · $3,661.17Oracle exposure <0.1%

0.2%of vault · $3,878.270.2%of vault · $3,661.17<0.1%separate path

What it's made of

Market· RedStone(aggregator)

Priced off live market data — a depeg moves the price and can liquidate positions.

Markets this collateral backs · 1

→ USD₮077% LLTV0x6bfa…dd67RedStone

Aggregate Collateral Trust (ACT):$950,264.375 vaultsToken:0xbe67…7907Allocation: 0.2% of the vault · $3,878.27

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $3,878.27 · drag to set this asset's drop

Oracle exposure: up to <0.1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+1 market with no current position

Oracle dependencies

1 feed · 1 control point

Up to14%of vault drainable if these feeds are mispriced · $237,026.01

Each price traces to a feed and the on-chain admin that can move it. Compromise either to misprice the collateral and borrow against it. Per-row amounts overlap and are not summed.

RedStone·a 2/3 Safe multisigprices beHYPE, UETH, UBTC, kHYPE, WHYPE0xce77…30cf14% of vault · $237,026.01drainable if it is compromised

Loss scenarios

Each row is a distinct failure, and every loss is a share of your deposit — the same percentage whatever you deposited. Loss is that share at a −30% collateral crash, the standard stress; Worst case is the ceiling if everything goes wrong, a conditional loss if it happens rather than a likelihood. Open a row for the loss at every crash depth, the dollar amounts, conditions, and the math.

12 scenarios · 10 with no time to exit · loss as % of deposit


Full-deposit & protocol-level(3)
	100%	Full deposit	Instant
	2%	up to 86%	Instant
	2%	up to 86%	Instant
Price-driven collateral stress(1)
	2%	up to 86%	Instant
Oracle & liquidation failures(5)
	1%	up to 83%	Instant
	13%	up to 65%	Instant
	0%	up to 52%	Instant
	2%	up to 15%	Instant
	—	up to 14%	Instant
Vault role & allocator(3)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	3 days

Trust and control

The people and processes that can change this protocol under you.

Track record · no pool-level losses recorded · 5 protocol incidents · 36 audits

Vault operators

The roles that can actually move your deposit — the real principal-loss path.

Reaches deposit, no delayReaches deposit, timelockedCan't reach deposit

Role timelock 3 days to exit before owner/curator actions land

Owner4-of-6 multisig0x4a82…0b3a

Curator4-of-6 multisig0x4a82…0b3a

Sentinels1 · 1 EOASafety role · veto only

Safety role, not an attack role: can revoke ANY pending timelocked curator change, instantly cut caps, and pull funds from adapters back to idle. Strictly risk-reducing — a captured sentinel cannot introduce new risk.

single key (EOA)0xdd00…8f6c

Allocators2 · 2 EOAsReaches deposit · instant

Moves funds between markets the curator has ALREADY approved — instantly, with NO timelock and no exit window. Cannot reach a brand-new market, but can concentrate you into an approved-but-stressed market or order withdrawals so you hit weak liquidity first.

single key (EOA)0xdd00…8f6c
single key (EOA)0xf81c…38ed

Audits

361 critical, 13 high findings logged

Certora· Dec 15, 2025report
Blackthorn· Dec 4, 2025report
Spearbit· Dec 4, 2025report
Blackthorn· Sep 15, 2025report

+32 more audits

Governance & control

Protocol-wide governance: bounded context, not the path to your deposit.

Governance owner5-of-912 chains0x34ed…acba

Rewards owner3-of-70xf057…b2e9

Rewards updater3-of-50x5eb9…3297

Snapshot proposer5-of-80x6abf…f6a2

Governance contract0xcBa2…9AFa

Top-10 voter concentration100.0%

Quorum to pass500,000 MORPHO· top 10 hold 2.56m

Voting token

MORPHO0x58D9…c2B2

Dependencies that can affect your deposit

8 things this pool relies on but doesn't control. Select one for its story.

Morpho Blue

oracles

Market Specific oracle

Every Morpho Blue market chooses an immutable oracle contract at creation; implementations can be Chainlink-like, exchange-rate, fixed-price, or custom. Failure modes: attacker-favourable price feed (covered in market-oracle-compromise) or price() revert / staleness blocking liquidations (covered in oracle-liveness-or-malfunction).

No quantified loss scenario references this dependency directly.

Updated Sep 4, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql