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?

Your deposit (optional)

$1.97mrealistic worst · −50% collateral crashup to $10.36mSmart-contract bug · extreme only

−10%−30%−50%extreme

Left to right, a deeper collateral crash. Hover any point for the scenarios that drive the loss — only a smart-contract bug reaches a total loss.

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 15 Dec, 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 dropvault-wide · no liquidations · stress estimate

−30%est. bad debt up to $4,658

tap a preset or drag

Driven by UBTC $4,658 · −100% $9.8m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

kHYPEMarketRedStone$9.72m94% of vault · bad debtOracle exposure $814,420

$10.54m99.1% of vault$9.72m94% of vault$814,420separate path

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: $10.36m of $59.99m cap (17% used)Aggregate Collateral Trust (ACT):$30.77m18 vaultsToken:0xfd73…296dAllocation: $10.54m · 99.1% of the vault

If it breaks

vault −30%

At −30%:no modeled bad debtUses 2 market LLTV curves · capped at allocation $10.54m · inherits vault-wide stress

Oracle exposure: up to $814,420 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

UBTCMarketRedStone$51,2410.5% of vault · bad debtOracle exposure $4,016

$55,2570.5% of vault$51,2410.5% of vault$4,016separate 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

→ USDC77% LLTV0x6df6…1c29RedStone

Room to grow: $55,257 of $12m cap (<1% used)Aggregate Collateral Trust (ACT):$1.8m13 vaultsToken:0x9fdb…3463Allocation: $55,257 · 0.5% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $4,658Uses 1 market LLTV curve · capped at allocation $55,257 · inherits vault-wide stress

Oracle exposure: up to $4,016 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WHYPEMarketRedStone$25,3110.2% of vault · bad debtOracle exposure $2,127

$27,4380.3% of vault$25,3110.2% of vault$2,127separate 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 · 1

→ USDC63% LLTV0x194f…4f31RedStone

Room to grow: $27,438 of $20m cap (<1% used)Aggregate Collateral Trust (ACT):$9m14 vaultsToken:0x5555…5555Allocation: $27,438 · 0.3% of the vault

If it breaks

vault −30%

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $27,438 · inherits vault-wide stress

Oracle exposure: up to $2,127 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-kHYPE-19MAR2026HybridRedStone$5,4680.1% of vault · bad debtOracle exposure $3,144

$8,6120.1% of vault$5,4680.1% of vault$3,144separate path

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: $5,468 of $2m cap (<1% used)Aggregate Collateral Trust (ACT):$3,1444 vaultsToken:0xea84…c9f5Allocation: $8,612 · 0.1% of the vault

If it breaks

vault −30%

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $8,612 · inherits vault-wide stress

Oracle exposure: up to $3,144 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

Oracle dependencies

1 feed · 1 control point

Up to$823,707drainable if these feeds are mispriced · 8% of vault

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, PT-kHYPE-19MAR20260xce77…30cf$823,707 · 8% of vaultdrainable if it is compromised

Loss scenarios

Each row is a distinct failure. Possible loss is the share of your deposit at the selected collateral drop; Worst case is the ceiling if everything goes wrong — a conditional loss if it happens, not a likelihood. Price-scaling rows move with the drop selector; the rest are fixed. Enter a deposit to see the dollar figures as your own. Open a row for conditions, mitigations, and the math.

12 scenarios · 10 with no time to exit

Collateral drop


Full-deposit & protocol-level(3)
	100%	$10.36m	Full deposit	Instant
	<1%	$4,658	up to $9.8m	Instant
	<1%	$4,658	up to $9.8m	Instant
Price-driven collateral stress(1)
	<1%	$4,658	up to $9.8m	Instant
Oracle & liquidation failures(4)
	<1%	$4,658	up to $9.8m	Instant
	0%	$0	up to $9.72m	Instant
	—	—	up to $823,707	Instant
	<1%	$4,658	up to $51,241	Instant
Vault role & allocator(4)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $5.18m	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

Curator change queued

The timelock is your window to exit before each one takes effect.

raise a market's supply cap ×5— applies now; no time to exit first

Owner4-of-6 multisig0x4a82…0b3a

Curator1-of-3 multisig0x18e4…f979

Guardiannone appointed

Allocators1 · 1 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.

single key (EOA)0xdd00…8f6c

Audits

361 critical, 13 high findings logged

Certora· 15 Dec, 2025report
Blackthorn· 4 Dec, 2025report
Spearbit· 4 Dec, 2025report
Blackthorn· 15 Sep, 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 proposer3-of-80x6abf…f6a2

Governance contract0xcBa2…9AFa

Top-10 voter concentration100.0%

Quorum to pass500,000 MORPHO· top 10 hold 254,036

Voting token

MORPHO0x58D9…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.

Updated 21 Jul, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql