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Felix USDC

Risk reportHyperliquid L10x8a86…ea27

Risk

Depositing into Felix USDC 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?
18%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 1% of deposit

Driven by kHYPE −30% 1% · wstHYPE −30% <1% · WHYPE −30% <1% · other <1% · −100% 79% modeled all-to-zero bad-debt ceiling

kHYPEkHYPEMarket76%of vault · bad debt · $3.26mOracle exposure 20%

What it's made of

Market· 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
  • → USDC77% LLTV0x3939…5283RedStone
  • → USDC63% LLTV0xe876…8469RedStone
Room to grow: $4.12m of $65m cap (6% used)Aggregate Collateral Trust (ACT):$41.72m19 vaultsToken:0xfd73…296dAllocation: 96% of the vault · $4.12m

If it breaks

−30% default
At −30%:est. bad debt up to 1% of depositUses 2 market LLTV curves · capped at allocation $4.12m · drag to set this asset's drop
Oracle exposure: up to 20% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
wstHYPEwstHYPEHybrid2%of vault · bad debt · $102,537Oracle exposure 0.3%

What it's made of

Hybrid· RedStone(aggregator)

Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.

Markets this collateral backs · 1
  • → USDC77% LLTV0xf2cb…eb61RedStone
Room to grow: $113,415 of $999,965 cap (11% used)Aggregate Collateral Trust (ACT):$23.42m11 vaultsToken:0x94e8…cf38Allocation: 3% of the vault · $113,415

If it breaks

−30% default
At −30%:est. bad debt up to 0.2% of depositUses 1 market LLTV curve · capped at allocation $113,415 · drag to set this asset's drop
Oracle exposure: up to 0.3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
WHYPEWHYPEMarket0.6%of vault · bad debt · $27,314Oracle exposure 0.2%

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
  • → USDC77% LLTV0x194f…4f31RedStone
  • → USDC63% LLTV0x194f…4f31RedStone
Room to grow: $33,838 of $22m cap (<1% used)Aggregate Collateral Trust (ACT):$11.38m19 vaultsToken:0x5555…5555Allocation: 0.8% of the vault · $33,838

If it breaks

−30% default
At −30%:est. bad debt up to <0.1% of depositUses 2 market LLTV curves · capped at allocation $33,838 · drag to set this asset's drop
Oracle exposure: up to 0.2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
PT-kHYPE-19MAR2026PT-kHYPE-19MAR2026Hybrid0.1%of vault · bad debt · $5,470Oracle exposure 0.1%

What it's made of

Hybrid· RedStone(composite)

Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.

Markets this collateral backs · 1
  • → USDC63% LLTV0x3420…c8a9RedStone
Room to grow: $5,470 of $2m cap (<1% used)Aggregate Collateral Trust (ACT):$3,1443 vaultsToken:0xea84…c9f5Allocation: 0.2% of the vault · $8,614

If it breaks

−30% default
At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $8,614 · 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
PT-kHYPE-24SEP2026PT-kHYPE-24SEP2026Hybrid<0.1%of vault · bad debt · $1,651Oracle exposure <0.1%

What it's made of

Hybrid· RedStone(composite)

Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.

Markets this collateral backs · 1
  • → USDC77% LLTV0x50c9…5ac9RedStone
Room to grow: $3,609 of $999,965 cap (<1% used)Aggregate Collateral Trust (ACT):$1.43m8 vaultsToken:0x50fc…7391Allocation: 0.1% of the vault · $3,609

If it breaks

−30% default
At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $3,609 · 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 to21%of vault drainable if these feeds are mispriced · $876,836

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 UBTC, kHYPE, WHYPE, wstHYPE, PT-kHYPE-19MAR2026, PT-kHYPE-24SEP20260xce77…30cf21% of vault · $876,836drainable if it is compromised
Updated Sep 29, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql