March 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 March 2026, mHyperETH's AUM increased from $9.75M to $10.64M. The inception-to-date return (net of fees) now amounts to 4.85% annualized.
Other relevant indicators can be seen in Table 1 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Avg. NAV | $11.25M | $10.47M (-6.89%) |
Avg. APY | 2.50% | 4.34% (1.84 p.p.) |
Avg. Leverage | 5.37x | 4.00x (-25.59%) |
Net Deposits | -$1.18M | $28.65K (N/A) |
Performance
mHyperETH reached a price of $1.0219 in its latest oracle update, reflecting a 0.32% return for the month of March. The trailing (7 days minimum) APY peaked at 7.37% during this period, with a minimum of 1.29%.
Table 2displays the vault's performance against other comparable yield strategies:
Feb 2026 | Mar 2026 | |
|---|---|---|
mHyperETH wstETH | mHyperETH wstETH | |
Avg. APY | 2.55% 2.50% | 4.48% 2.54% |
Std. Dev. APY | 1.04% 0.16% | 2.19% 0.13% |
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Lending ($4.64M or 44.31%), Borrowing ($3.31M or 31.64%) and Others ($320.19K or 3.06%).
As of the reporting date, the vault's capital is deployed across 9 blockchains and 9 protocols, with exposure over the past month ranging between 8-9 blockchains and 6-9 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 rsETH ($32.20M or 76.93%), WETH ($4.80M or 11.46%) and Unclassified ($2.07M or 4.95%), which have, on average, collectively represented 93.35%of the vault's total assets. On the liabilities side, the vault's main exposure was to WETH ($30.06M or 95.76%), vbUSDC ($505.50K or 1.61%) and vbUSDT ($350.59K or 1.12%), together representing approximately 98.48%of the vault's liabilities.
At the end of the period, the vault's leverage was 3.88x, which represents a decrease of -3.19% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
28th Feb 2026 | 31st Mar 2026 | |
|---|---|---|
Assets | ||
rsETH | $30.29M 76.25% | $32.39M 78.49% |
WETH | $5.84M 14.69% | $6.48M 15.70% |
USDT | $0.00 0.00% | $350.86K 0.85% |
vbETH | $69.34 < 0.01% | $0.00 0.00% |
PT-sNUSD-5MAR2026 | $962.37K 2.42% | $0.00 0.00% |
Unclassified | $1.91M 4.81% | $2.04M 4.95% |
Others | $725.12K 1.83% | $4.09K < 0.01% |
Total Assets | $39.73M 100.00% | $41.27M 100.00% |
Liabilities & Vault's NAV | ||
WETH | $28.16M 70.88% | $30.27M 73.34% |
USDT | $280.33K 0.71% | $361.95K 0.88% |
USDC | $1.40M 3.53% | $0.00 0.00% |
wstETH | $0.00 0.00% | $0.00 0.00% |
vbUSDC | $0.00 0.00% | $0.00 0.00% |
Others | $0.00 0.00% | $0.00 0.00% |
Total Liabilities | $29.84M 75.11% | $30.63M 74.22% |
Vault's NAV | $9.89M 24.89% | $10.64M 25.78% |
Total Liabilities & Vault's NAV | $39.73M 100.00% | $41.27M 100.00% |
Activity
During March 2026, the vault processed $86.38K in deposits and $57.73K in withdrawals, resulting in $28.65K of net deposits over a total of 31 transactions.
As of period end, the mHyperETH vault had 41 holder addresses, representing an increase of 20.59% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Deposits | $41.86K | $86.38K (106.37%) |
Withdrawals | $1.22M | $57.73K (-95.28%) |
Net Deposits | -$1.18M | $28.65K (N/A) |
Avg. Holders NAV | $307.89K | $306.06K (-0.59%) |
Median Holders NAV | $348.72 | $275.60 (-20.97%) |
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.