Hyperithm USDC Apex

Risk reportMonad0x7899…f371

Risk

Depositing into Hyperithm USDC Apex 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)

28%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 9% of deposit

Driven by aHYPER −30% 5% · PT-USDat-27AUG2026 −30% 3% · PT-USDat-14JAN2027 −30% <1% · other <1% · −100% 75% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

aHYPERHybrid58%of vault · bad debt · $34.62mOracle exposure 6%

64%of vault · $38.18m58%of vault · $34.62m6%separate path

What it's made of

Hybrid(exchange-rate)

aHYPER is priced from an exchange-rate/NAV leg rather than a direct market-rate feed.

BaseExchange-rate/NAV pricing legQuoteNo independent quote feed identified

Markets this collateral backs · 1

→ USDC77% LLTV0x4af4…fbec

Aggregate Collateral Trust (ACT):$3.88m2 vaultsToken:0x7cd2…5e59Allocation: 64% of the vault · $38.18m

If it breaks

−30% default

At −30%:est. bad debt up to 5% of depositUses 1 market LLTV curve · capped at allocation $38.18m · drag to set this asset's drop

Oracle exposure: up to 6% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-USDat-27AUG2026Unclassified13%of vault · bad debt · $7.88mOracle exposure 1%

15%of vault · $8.76m13%of vault · $7.88m1%separate path

What it's made of

Unclassified(custom)

Oracle design not classified (long-tail market).

Markets this collateral backs · 1

→ USDC92% LLTV0x790b…ca94

Aggregate Collateral Trust (ACT):$1.03m3 vaultsToken:0xf104…d72aAllocation: 15% of the vault · $8.76m

If it breaks

−30% default

At −30%:est. bad debt up to 3% of depositUses 1 market LLTV curve · capped at allocation $8.76m · drag to set this asset's drop

Oracle exposure: up to 1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-USDat-14JAN2027Unclassified3%of vault · bad debt · $1.99mOracle exposure 0.6%

4%of vault · $2.33m3%of vault · $1.99m0.6%separate path

What it's made of

Unclassified(custom)

Oracle design not classified (long-tail market).

Markets this collateral backs · 1

→ USDC92% LLTV0x5979…dab2

Aggregate Collateral Trust (ACT):$399,848.843 vaultsToken:0xa08a…c147Allocation: 4% of the vault · $2.33m

If it breaks

−30% default

At −30%:est. bad debt up to 0.8% of depositUses 1 market LLTV curve · capped at allocation $2.33m · drag to set this asset's drop

Oracle exposure: up to 0.6% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

mHYPERHybrid0.4%of vault · bad debt · $246,831.73Oracle exposure <0.1%

0.5%of vault · $274,256.80.4%of vault · $246,831.73<0.1%separate path

What it's made of

Hybrid(managed)

mHYPER uses a managed oracle path; verified external provider(s): no verified external provider.

Markets this collateral backs · 1

→ USDC77% LLTV0x3a89…1e9c

Aggregate Collateral Trust (ACT):$27,424.92 vaultsToken:0xd90f…e4e7Allocation: 0.5% of the vault · $274,256.8

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $274,256.8 · 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

aHyperBTCMarketChainlink0.3%of vault · bad debt · $162,947.85Oracle exposure 3%

3%of vault · $2m0.3%of vault · $162,947.853%separate path

What it's made of

Market· Chainlink(aggregator)

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

Markets this collateral backs · 1

→ USDC77% LLTV0xc30a…5c6eChainlink

Aggregate Collateral Trust (ACT):$2.48m4 vaultsToken:0xc6de…8168Allocation: 3% of the vault · $2m

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $2m · 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

wstETHMarketChainlink0.1%of vault · bad debt · $68,610.32Oracle exposure <0.1%

0.1%of vault · $76,143.810.1%of vault · $68,610.32<0.1%separate path

What it's made of

Market· Chainlink(aggregator)

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

Markets this collateral backs · 1

→ USDC86% LLTV0xf423…d329Chainlink

Aggregate Collateral Trust (ACT):$13.62m9 vaultsToken:0x10ae…5417Allocation: 0.1% of the vault · $76,143.81

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $76,143.81 · 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

WBTCMarketChainlink0.1%of vault · bad debt · $30,706.13Oracle exposure <0.1%

0.1%of vault · $34,147.170.1%of vault · $30,706.13<0.1%separate path

What it's made of

Market· Chainlink(aggregator)

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

Markets this collateral backs · 1

→ USDC86% LLTV0xff07…26f5Chainlink

Aggregate Collateral Trust (ACT):$1.94m9 vaultsToken:0x0555…2b9cAllocation: 0.1% of the vault · $34,147.17

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $34,147.17 · 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

cbBTCMarketChainlink<0.1%of vault · bad debt · $21,607.12Oracle exposure <0.1%

<0.1%of vault · $21,609.51<0.1%of vault · $21,607.12<0.1%separate path

What it's made of

Market· Chainlink(aggregator)

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

Markets this collateral backs · 1

→ USDC77% LLTV0x0c68…5836Chainlink

Aggregate Collateral Trust (ACT):$721,000.835 vaultsToken:0xd18b…414bAllocation: <0.1% of the vault · $21,609.51

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $21,609.51 · 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

Unallocated (incl. $6.2m idle)not lent into any market — no collateral exposure10% · $6.1m

10%of vault · $6.1m——

+2 markets with no current position

Oracle dependencies

1 feed · 1 control point

Up to14%of vault drainable if these feeds are mispriced · $8.64m

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.

Chainlink·a 4/9 Safe multisigprices WMON, wstETH, WETH, aHyperBTC, WBTC, mHyperBTC, cbBTC0x7387…c4f16% of vault · $3.85mdrainable if it is compromised
On-chain exchange rate· no external feed or adminprices aHYPER6% of vault · $3.56mmispriceable only via the issuing contract
Unidentified feeds· vendor and on-chain control not resolvedprices PT-USDat-27AUG2026, PT-USDat-14JAN2027, mHYPER2% of vault · $1.24mmispriceable 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.

11 scenarios · 9 with no time to exit · loss as % of deposit


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	9%	up to 75%	Instant
Price-driven collateral stress(1)
	9%	up to 75%	Instant
Oracle & liquidation failures(5)
	9%	up to 75%	Instant
	9%	up to 75%	Instant
	9%	up to 68%	Instant
	5%	up to 58%	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

Owner2-of-3 multisig0xee7e…18c8

Curatorsingle key (EOA)0x7517…a325

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)0x345e…3c5f

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 chains0xe27f…e558

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 254,036.33

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 Aug 10, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql