Background
Wintermute is a global leading algorithmic trading firm in digital assets. Founded in 2017, we have operated through multiple market cycles, consistently providing liquidity across both centralized and decentralized venues. Today Wintermute trades over $10 billion in daily volume across 70+ venues.
Our DeFi roots run deep. We were among the earliest institutional participants on platforms like dYdX and have long been active liquidity providers across onchain venues. We co-incubated Wildcat Protocol, a decentralized onchain credit facility built specifically for institutional borrowers, as a reflection of our conviction that transparent, onchain credit is foundational to a more efficient DeFi ecosystem.
Armitage vaults represent our first foray into structured vault curation, starting with Morpho. Our vaults serve that same role: a structured product layer that brings Wintermute’s trading expertise and onchain credit activity directly to passive depositors.
The Armitage philosophy
Vault curation is maturing quickly, with a growing set of curators staking out edges in advisory expertise or TradFi distribution. Armitage occupies a different space entirely because we don’t just “score” risk; we manage it through active execution and the synergy with our core business.
Core curation principles
- End-to-end risk execution
Wintermute can execute liquidations for every market we support. We do not rely on third-party liquidators to appear when positions need to be unwound. This lets us safely support collateral types that other curators cannot, expanding the yield opportunity set without compromising depositor protection.
- Trading-informed risk management
Wintermute processes $10B+ in daily trading volume across 70+ venues. That operational scale gives us direct visibility into market regimes, liquidity conditions, and stress events in real time. Vault allocation and rebalancing decisions are informed by live market data, not solely by onchain metrics.
- Institutional credibility with DeFi depth
Wintermute has been a counterparty to major exchanges, protocols, and institutions since 2017. We have operated at scale across both CeFi and DeFi through multiple market cycles. The curator managing depositor capital is a firm that institutions already rely on, with a deep DeFi track record to match.
- Multi-chain capability
Wintermute already operates across 10+ chains. We can expand vault curation to new chains as opportunities arise and intend to grow the Armitage Vault offering over time, subject to available yield sources and borrowing demand to provide target APYs to depositors.
Proposed vaults
Wintermute USDC Prime
Our Prime vault consists of existing blue-chip high-TVL markets on Morpho, providing yield with conservative risk exposure. It targets conservative profiles prioritizing capital preservation, exclusively blue-chip collateral with deep liquidity and well-understood risk parameters.
| Parameter | Detail |
|---|---|
| Asset | USDC |
| Chain | Ethereum |
| Markets | cbBTC/USDC, wstETH/USDC, WBTC/USDC |
| Target APY | 4–5% (correlated to market conditions) |
| Performance fee | 0% |
| Management fee | 0% |
Wintermute USDC Select
Our Select vault consists of existing blue-chip high-TVL markets on Morpho, expanded by a few select higher-yield opportunities. It provides higher yield compared to Prime while maintaining balanced risk exposure. Our borrowing activity on Wildcat, where we have established credit lines in USDC, USDT, WETH, cbBTC, and WBTC, provides a natural pipeline for scaling this tier.
| Parameter | Detail |
|---|---|
| Asset | USDC |
| Chain | Ethereum |
| Markets | cbBTC/USDC, wstETH/USDC, WBTC/USDC, stUSDS/USDC, v-wmtUSDC/USDC |
| Target APY | 5–8% (correlated to market conditions) |
| Performance fee | 0% |
| Management fee | 0% |
Transparency
Morpho exposes every vault’s current allocation, role assignments, timelocks, and proposed changes through its dashboard. The Armitage vault state is observable at any time on Morpho’s UI.
Our existing vaults utilize Morpho’s Vault V2 infrastructure.
Timelocks
Timelocks for specific functions follow Morpho’s requirements. Critical changes (e.g. the addition of a new market) are delayed by at least 3 days before execution. More critical actions are delayed by 7 days. Exact timelock specifications are visible on the Morpho UI alongside other technical specifics.
- Prime only enters markets with established collateral and deep liquidity
- Select includes Pendle PT markets and other higher-LLTV positions
Resources
Disclaimer
This post is published by Arrmitage, an affiliate entity of the Wintermute Group. “Wintermute” is a marketing name for Wintermute Trading Ltd and its affiliates. This post is not associated with or issued by Wintermute Trading Ltd (UK). Different Wintermute entities trade different products. Availability of products and offerings is subject to jurisdictional limitations and the capabilities of each Wintermute entity. Both Armitage and Wintermute do not engage in the management, custody, or holding of any assets, including cryptoassets or fiat currency, on behalf of investors or customers.
This material is for informational purposes only, does not constitute an offer or solicitation, and is only intended for sophisticated or institutional investors. These vaults might not be available to residents in certain jurisdictions. No communications made by Armitage are intended for any persons residing in the United Kingdom or the United States. The information on this post is not directed at nor intended for distribution to, or use by, any person resident in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.