March 2026
mHYPER Transparency Report
By Delta Y
Highlights
mHYPER is a USD-denominated Liquid Yield Token tracking a multi-chain stablecoin yield strategy through diversified DeFi and CeFi positions across multiple protocols and exchanges, managed by Hyperithm. The vault was deployed on July 15, 2025, with regular price updates beginning on July 17, 2025, and data on protocols' allocations available since August 25, 2025.
During March 2026, mHYPER's AUM decreased from $58.63M to $50.65M. The inception-to-date return (net of fees) now amounts to 12.75% annualized.
Other relevant indicators can be seen in Table 1 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Avg. NAV | $60.56M | $52.67M (-13.02%) |
Avg. APY | 7.74% | 6.92% (-0.81 p.p.) |
Avg. Leverage | 1.88x | 2.46x (30.54%) |
Net Deposits | -$3.06M | -$8.25M (-169.79%) |
Performance
mHYPER reached a price of $1.0867 in its latest oracle update, reflecting a 0.44% return for the month of March. The trailing (7 days minimum) APY peaked at 8.15% during this period, with a minimum of 5.50%.
Table 2displays the vault's performance against other comparable yield strategies:
Feb 2026 | Mar 2026 | |
|---|---|---|
mHYPER sUSDe | mHYPER sUSDe | |
Avg. APY | 7.88% 3.80% | 6.98% 3.51% |
Std. Dev. APY | 1.35% 0.47% | 0.56% 0.07% |
Sharpe Ratio 1 | 3.26 0.30 | 6.38 -2.41 |
1 Considered the 30D Avg. Secured Overnight Financing Rate (SOFR) as the risk-free rate for calculation purposes.
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Borrowing ($13.80M or 26.21%), Lending ($12.35M or 23.45%) and Yield Trading ($8.80M or 16.71%).
As of the reporting date, the vault's capital is deployed across 14 blockchains and 12 protocols, with exposure over the past month ranging between 11-14 protocols.
More notably, mHYPER's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mHYPER to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were syrupUSDC ($27.66M or 21.39%), sUSDai ($27.11M or 20.97%) and USDC ($21.86M or 16.91%), which have, on average, collectively represented 59.28%of the vault's total assets. On the liabilities side, the vault's main exposure was to USDT0 ($33.94M or 44.30%), PYUSD ($20.08M or 26.21%) and USDT ($11.20M or 14.62%), together representing approximately 85.13%of the vault's liabilities.
At the end of the period, the vault's leverage was 2.06x, which represents a decrease of -0.98% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
28th Feb 2026 | 31st Mar 2026 | |
|---|---|---|
Assets | ||
sUSDai | $17.04M 13.99% | $32.44M 31.14% |
syrupUSDT | $0.00 0.00% | $24.04M 23.07% |
syrupUSDC | $33.52M 27.52% | $5.07M 4.87% |
USDC | $24.25M 19.92% | $3.55M 3.41% |
NUSD | $0.00 0.00% | $3.02M 2.90% |
Unclassified | $2.63M 2.16% | $2.86M 2.75% |
Others | $32.34M 26.55% | $33.21M 31.87% |
Total Assets | $121.78M 100.00% | $104.19M 100.00% |
Liabilities & Vault's NAV | ||
USDT0 | $15.62M 12.82% | $51.72M 49.63% |
PYUSD | $18.98M 15.58% | $1.83M 1.75% |
RLUSD | $9.17M 7.53% | $0.00 0.00% |
USDC | $19.38M 15.92% | $0.00 0.00% |
GHO | $1.01 0.00% | $0.00 0.00% |
Others | $0.00 0.00% | $0.00 0.00% |
Total Liabilities | $63.15M 51.86% | $53.54M 51.39% |
Vault's NAV | $58.63M 48.14% | $50.65M 48.61% |
Total Liabilities & Vault's NAV | $121.78M 100.00% | $104.19M 100.00% |
Activity
During March 2026, the vault processed $10.67M in deposits and $18.93M in withdrawals, resulting in -$8.25M of net deposits over a total of 124 transactions.
As of period end, the mHYPER vault had 753 holder addresses, representing an increase of 12.05% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Deposits | $35.79M | $10.67M (-70.17%) |
Withdrawals | $38.85M | $18.93M (-51.28%) |
Net Deposits | -$3.06M | -$8.25M (-169.79%) |
Avg. Holders NAV | $89.97K | $72.96K (-18.90%) |
Median Holders NAV | $30.32 | $13.94 (-54.02%) |
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: mHYPER'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 mHYPER, 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.