Hyperithm USDC Apex (Ethereum) Risk

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 8% of deposit

Driven by mHyperBTC −30% 5% · mHYPER −30% 3% · −100% 88% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

mHyperBTCHybridChainlink60%of vault · bad debt · $719,840Oracle exposure 9%

68%of vault · $825,71160%of vault · $719,8409%separate path

What it's made of

mHyperBTC token page

Hybrid· Chainlink(composite, managed)

mHyperBTC uses a composite oracle path; verified external provider(s): Chainlink.

BaseComposite base price pathQuoteChainlink quote feed path

Markets this collateral backs · 1

→ USDC77% LLTV0xece5…a3c1Chainlink

Room to grow: $825,711 of $5m cap (17% used)Aggregate Collateral Trust (ACT):$337,7463 vaultsToken:0xc849…3085Allocation: 68% of the vault · $825,711

If it breaks

−30% default

At −30%:est. bad debt up to 5% of depositUses 1 market LLTV curve · capped at allocation $825,711 · drag to set this asset's drop

Oracle exposure: up to 9% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

mHYPERMarket29%of vault · bad debt · $347,699Oracle exposure 3%

32%of vault · $382,08329%of vault · $347,6993%separate path

What it's made of

mHYPER token page

Market(composite)

mHYPER is priced via mHYPER/USD — market-rate feed.

BasemHYPER/USDMarket

Markets this collateral backs · 1

→ USDC77% LLTV0xdabd…f1c0

Room to grow: $382,083 of $19.99m cap (2% used)Aggregate Collateral Trust (ACT):$38,7566 vaultsToken:0x9b55…91b9Allocation: 32% of the vault · $382,083

If it breaks

−30% default

At −30%:est. bad debt up to 3% of depositUses 1 market LLTV curve · capped at allocation $382,083 · drag to set this asset's drop

Oracle exposure: up to 3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+3 markets with no current position

Oracle dependencies

1 feed1 control point

Up to12%of vault drainable if these feeds are mispriced · $140,254

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

Chainlink·a 4/9 Safe multisigprices cbBTC, WBTC, wstETH, mHyperBTC0x21f7…73ca9% of vault · $105,870drainable if it is compromised
Unidentified feeds· vendor and onchain control not resolvedprices mHYPER3% of vault · $34,384mispriceable if these feeds lie

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(2)
	100%	Full deposit	Instant
	8%	up to 88%	Instant
Price-driven collateral stress(1)
	8%	up to 88%	Instant
Oracle & liquidation failures(5)
	8%	up to 88%	Instant
	8%	up to 88%	Instant
	9%	up to 68%	Instant
	5%	up to 60%	Instant
	—	up to 12%	Instant
Vault role & allocator(4)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	3 days
	—	0%	Instant

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

Owner2-of-3 multisig0xee7e…18c8

Curatorsingle key (EOA)0x7517…a325

Guardiancontract0x3c48…8b1f

Allocators21 contract1 EOAReaches 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.

contract0xfd32…c75d
single key (EOA)0x345e…3c5f

Audits

361 critical, 13 high findings logged

CertoraDec 15, 2025report
BlackthornDec 4, 2025report
SpearbitDec 4, 2025report
BlackthornSep 15, 2025report

+32 more audits

Governance & control

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

Governance owner6-of-1012 chains0xcba2…9afa

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 991,904.24

Voting TokenMORPHO0x58D9…c2B2

Dependencies that can affect your deposit

9 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.