May 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 May 2026, mHYPER's AUM increased from $29.06M to $29.18M. The inception-to-date return (net of fees) now amounts to 11.53% annualized.
Other relevant indicators can be seen in Table 1 below:
Apr 2026 | May 2026 (Δ) | |
|---|---|---|
Avg. NAV | $45.97M | $28.99M (-36.94%) |
Avg. APY | 6.17% | 7.48% (1.31 p.p.) |
Avg. Leverage | 1.91x | 2.17x (13.81%) |
Net Deposits | -$22.01M | $111.08K (N/A) |
Performance
mHYPER reached a price of $1.0991 in its latest oracle update, reflecting a 0.50% return for the month of May. The trailing (7 days minimum) APY peaked at 8.91% during this period, with a minimum of 5.36%.
Table 2displays the vault's performance against other comparable yield strategies:
Apr 2026 | May 2026 | |
|---|---|---|
mHYPER sUSDe | mHYPER sUSDe | |
Avg. APY | 6.19% 3.99% | 7.44% 3.92% |
Std. Dev. APY | 0.99% 0.69% | 1.48% 0.38% |
Sharpe Ratio 1 | 2.61 0.51 | 2.68 0.77 |
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 ($6.00M or 20.69%), Lending ($4.03M or 13.90%) and AMM LP ($1.85M or 6.38%).
As of the reporting date, the vault's capital is deployed across 16 blockchains and 11 protocols, with exposure over the past month ranging between 15-16 blockchains and 3-14 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 USDT0 ($16.42M or 26.10%), Unclassified ($12.82M or 20.38%) and USDC ($11.19M or 17.79%), which have, on average, collectively represented 64.27%of the vault's total assets. On the liabilities side, the vault's main exposure was to USDT0 ($19.38M or 55.23%), USDC ($8.15M or 23.22%) and RLUSD ($4.64M or 13.23%), together representing approximately 91.69%of the vault's liabilities.
At the end of the period, the vault's leverage was 2.32x, which represents an increase of 5.36% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
30th Apr 2026 | 31st May 2026 | |
|---|---|---|
Assets | ||
USDT0 | $129.81K 0.19% | $31.71M 46.81% |
sUSDai | $1.80M 2.67% | $8.66M 12.78% |
USDC | $0.00 0.00% | $4.85M 7.16% |
RLUSD | $0.00 0.00% | $37.35 < 0.01% |
syrupUSDT | $0.00 0.00% | $0.00 0.00% |
Unclassified | $131.29K 0.19% | $19.76M 29.17% |
Others | $44.73M 66.38% | $2.77M 4.09% |
Total Assets | $67.38M 100.00% | $67.76M 100.00% |
Liabilities & Vault's NAV | ||
USDT0 | $1.50M 2.23% | $33.70M 49.74% |
USDC | $16.25M 24.12% | $4.88M 7.20% |
PYUSD | $10.00M 14.85% | $0.00 0.00% |
RLUSD | $10.72M 15.92% | $0.00 0.00% |
USDT | $0.00 0.00% | $0.00 0.00% |
Total Liabilities | $38.49M 57.12% | $38.58M 56.94% |
Vault's NAV | $28.90M 42.88% | $29.18M 43.06% |
Total Liabilities & Vault's NAV | $67.38M 100.00% | $67.76M 100.00% |
Activity
During May 2026, the vault processed $3.17M in deposits and $3.06M in withdrawals, resulting in $111.08K of net deposits over a total of 124 transactions.
As of period end, the mHYPER vault had 843 holder addresses, representing an increase of 8.91% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Apr 2026 | May 2026 (Δ) | |
|---|---|---|
Deposits | $5.25M | $3.17M (-39.52%) |
Withdrawals | $27.26M | $3.06M (-88.76%) |
Net Deposits | -$22.01M | $111.08K (N/A) |
Avg. Holders NAV | $59.26K | $36.02K (-39.22%) |
Median Holders NAV | $10.07 | $8.80 (-12.61%) |
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.