July 2026
mHyperETH Transparency Report
By Delta Y
Highlights
mHyperETH is a ETH-denominated Liquid Yield Token tracking a multi-chain ethereum yield strategy through diversified DeFi and CeFi positions across multiple protocols and exchanges, managed by Hyperithm. The vault was deployed on October 10, 2025, with regular price updates beginning on October 11, 2025, and data on protocols' allocations available since December 8, 2025.
During July 2026, mHyperETH's AUM decreased from $16.10M to $66.97K. The inception-to-date return (net of fees) now amounts to 2.40% annualized.
Other relevant indicators can be seen in Table 1 below:
Jun 2026 | Jul 2026 (Δ) | |
|---|---|---|
Avg. NAV | $12.59M | $13.12M (4.21%) |
Avg. APY | -2.61% | -0.05% (2.56 p.p.) |
Avg. Leverage | 2.61x | 1.08x (-58.69%) |
Net Deposits | $0.00 | -$9.33M (N/A) |
Performance
mHyperETH reached a price of $1.0190 in its latest oracle update, reflecting a 0.05% return for the month of July. The trailing (7 days minimum) APY peaked at 0.85% during this period, with a minimum of -2.61%.
Table 2displays the vault's performance against other comparable yield strategies:
Jun 2026 | Jul 2026 | |
|---|---|---|
mHyperETH wstETH | mHyperETH wstETH | |
Avg. APY | -2.61% 2.46% | 0.08% 2.24% |
Std. Dev. APY | N/A 0.10% | 2.44% 0.05% |
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were (Re)Staking ($10.31M or 78.61%), Lending ($2.05M or 15.63%) and Others ($433.19K or 3.30%).
As of the reporting date, the vault's capital is deployed across 9 blockchains and 4 protocols, with exposure over the past month ranging between 4-7 protocols.
More notably, mHyperETH's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mHyperETH to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were stETH ($10.10M or 69.71%), WETH ($2.21M or 15.25%) and rsETH ($1.45M or 10.00%), which have, on average, collectively represented 94.97%of the vault's total assets. On the liabilities side, the vault's main exposure was to WETH ($7.04M or 100.00%), together representing approximately 100.00%of the vault's liabilities.
At the end of the period, the vault's leverage was 1.00x, which represents a decrease of -28.91% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
30th Jun 2026 | 31st Jul 2026 | |
|---|---|---|
Assets | ||
ETH | $675.61K 2.44% | $8.35 0.01% |
WETH | $0.00 0.00% | $1.86 < 0.01% |
rsETH | $12.82M 46.28% | $0.00 0.00% |
stETH | $14.19M 51.25% | $0.00 0.00% |
EIGEN | $5.59K 0.02% | $0.00 0.00% |
Unclassified | $0.00 0.00% | $66.95K 99.97% |
Others | $325.32 < 0.01% | $9.39 0.01% |
Total Assets | $27.69M 100.00% | $66.97K 100.00% |
Liabilities & Vault's NAV | ||
WETH | $12.04M 43.49% | $7.34M > 999% |
Total Liabilities | $12.04M 43.49% | $7.34M > 999% |
Vault's NAV | $15.65M 56.51% | -$7.27M < -999% |
Total Liabilities & Vault's NAV | $27.69M 100.00% | $66.97K 100.00% |
Activity
During July 2026, the vault processed $0.00 in deposits and $9.33M in withdrawals, resulting in -$9.33M of net deposits over a total of 31 transactions.
As of period end, the mHyperETH vault had 33 holder addresses, representing a decrease of 31.25% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Jun 2026 | Jul 2026 (Δ) | |
|---|---|---|
Deposits | $0.00 | $0.00 (N/A) |
Withdrawals | $0.00 | $9.33M (N/A) |
Net Deposits | $0.00 | -$9.33M (N/A) |
Avg. Holders NAV | $177.31K | $179.32K (1.13%) |
Median Holders NAV | $228.47 | $166.78 (-27.00%) |
Disclosures
Security: Midas smart contracts have been audited by Sherlock and Côme du Crest. Onchain transactions are secured via multi-sig / MPC wallets (e.g., Fordefi, Fireblocks).
Fees: Midas vaults may be subject to management and performance fees, which are automatically deducted and reflected in net returns.
Accounting: mHyperETH's price is updated periodically onchain. Price increases stepwise rather than reflecting real-time mark-to-market.
Risks: Smart contract risk (potential total loss), market risk (depegs, rate volatility), and counterparty risk (centralized components in some protocols).
Data Sources: Unless otherwise stated, all data presented in the report is obtained from on-chain sources. Any supplementary sources are explicitly noted where applicable.
Disclaimer
This report is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information contained herein is not an offer to sell or a solicitation of an offer to buy any security, nor shall any securities be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful.
Investing in decentralized finance (DeFi) products, including mHyperETH, involves significant risks, including but not limited to smart contract vulnerabilities, market volatility, and regulatory uncertainty. Past performance is not indicative of future results, and investors may lose some or all of their principal.
The data and analyses presented in this report are based on information believed to be reliable, but their accuracy, completeness, and timeliness are not guaranteed. The strategies and allocations described are subject to change without notice. All investment decisions should be made with the help of a qualified professional and based on your own research and risk tolerance.