# Introducing Armitage by Wintermute vaults on Morpho **URL:** \ **Category:** Armitage\ **Created:** [May 19, 2026, 1:56pm UTC](https://forum.morpho.org/t/introducing-armitage-by-wintermute-vaults-on-morpho/2269 "2026-05-19T13:56:50Z")\ **Posts on this page:** 4\ **Page:** 1
**Author:** ![Armitage](https://dub1.discourse-cdn.com/flex013/user_avatar/forum.morpho.org/armitage/32/880_2.png) [@Armitage](https://forum.morpho.org/u/Armitage)\ **Post date:** [May 19, 2026, 1:56pm UTC](https://forum.morpho.org/t/introducing-armitage-by-wintermute-vaults-on-morpho/2269/1 "2026-05-19T13:56:51Z")
# 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 1. **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. 1. **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. 1. **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. 1. **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 - [Armitage page](https://armitage.wintermute.com/) # 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. ---
**Author:** ![Armitage](https://dub1.discourse-cdn.com/flex013/user_avatar/forum.morpho.org/armitage/32/880_2.png) [@Armitage](https://forum.morpho.org/u/Armitage)\ **Post date:** [June 10, 2026, 7:36pm UTC](https://forum.morpho.org/t/introducing-armitage-by-wintermute-vaults-on-morpho/2269/2 "2026-06-10T19:36:04Z")
Following changes were submitted to the timelock of Select vault: 1. **Onboarding reUSD/PT-reUSD-25JUN2026 markets** **Re Protocol** is an onchain capital market for reinsurance, which facilitates capital allocation to different reinsurance counterparties, with the portfolio being focused on backing non-catastrophic, low-volatility, short-duration program business. Re Protocol issues two tokens: reUSD and reUSDe, where in terms of seniority they are ordered as reUSD (senior tranche), reUSDe (junior tranche) and reinsurance company equity (first to absorb the loss). On the yield side, both reUSD and reUSDe earn yield from two distinct sources: off-chain (reinsurance-deployed capital) and on-chain capital (concentrated in sUSDe at the moment of writing). The exact metrics of the capital allocation are accessible here: [Metrics | Re](https://app.re.xyz/metrics). We consider reUSD to match the Select vault’s level risk profile and yield targets, hence following cap proposals were submitted: **reUSD** : | Parameter | Market Detail | | --- | --- | | Market ID | [0x4565ac05d38b19374ccbb04c17cca60ca9353cd41824f0803d0fc7704f60eaed](https://app.morpho.org/ethereum/market/0x4565ac05d38b19374ccbb04c17cca60ca9353cd41824f0803d0fc7704f60eaed/reusd-usdc#market) | | Collateral Asset | reUSD | | Loan Token | USDC | | Oracle | [0xA66a4F03Fd8031973f8C7718904ce32385f54E70](https://etherscan.io/address/0xA66a4F03Fd8031973f8C7718904ce32385f54E70) | | LLTV | 91.5% | | Absolute Market Cap | $10 million | **PT-reUSD-25JUN2026:** | Parameter | Market Detail | | --- | --- | | Market ID | [0x9bc98c2f20ac58287ef2c860eea53a2fdc27c17a7817ff1206c0b7840cc7cd79](https://app.morpho.org/ethereum/market/0x9bc98c2f20ac58287ef2c860eea53a2fdc27c17a7817ff1206c0b7840cc7cd79/pt-reusd-25jun2026-usdc) | | Collateral Asset | PT-reUSD-25JUN2026 | | Loan Token | USDC | | Oracle | [0x12d66602C691Aa93E90415aB22FB0760695AC768](https://etherscan.io/address/0x12d66602C691Aa93E90415aB22FB0760695AC768) | | LLTV | 91.5% | | Absolute Market Cap | $5 million | 1. **Onboarding PT-USDat-27AUG2026/USDC market** **Saturn** is tokenizing digital credit exposure and wraps it into a dual token system: USDat and sUSDat. The main yield source at the moment of writing is Strategy’s STRC. The dual token system is structured in a following way: USDat is a fully collateralized stablecoin, backed by M0’s tokenized U.S. treasuries. USDat doesn’t earn yield and **is not directly exposed to STRC**. At the same time, funds deployed to sUSDat are mostly used for STRC purchases for the purpose of yield generation for sUSDat holders. Due to the STRC structure, opposed to USDat, sUSDat doesn’t have a hard peg at 1$, hence can be volatile, depending on the STRC’s price action. The current backing portfolio of Saturn can be viewed here: [Saturn | 11%+ yield backed by Bitcoin](https://app.saturn.credit/insights/saturn-protocol). We consider PT-USDat to match the desired risk and yield levels of the Select vault and onboarding its market with the following parameters: **PT-USDat-27AUG2026** | Parameter | Market Detail | | --- | --- | | Market ID | [0x69ef7fd17b42cd7df6d885aee1b11380837afbc1664b25587041cf193b31617b](https://app.morpho.org/ethereum/market/0x69ef7fd17b42cd7df6d885aee1b11380837afbc1664b25587041cf193b31617b/pt-usdat-27aug2026-usdc#market) | | Collateral Asset | PT-USDat-27AUG2026 | | Loan Token | USDC | | Oracle | [0xDA25BFf53bF9E12c728Cd83Ff9Fc22c581f564CD](https://etherscan.io/address/0xDA25BFf53bF9E12c728Cd83Ff9Fc22c581f564CD) | | LLTV | 91.5% | | Absolute Market Cap | $5 million | ---
**Author:** ![Armitage](https://dub1.discourse-cdn.com/flex013/user_avatar/forum.morpho.org/armitage/32/880_2.png) [@Armitage](https://forum.morpho.org/u/Armitage)\ **Post date:** [July 8, 2026, 1:39pm UTC](https://forum.morpho.org/t/introducing-armitage-by-wintermute-vaults-on-morpho/2269/3 "2026-07-08T13:39:09Z")
**Following changes were submitted to the timelock of Select vault** : 1. Onboarding PT-reUSD-10DEC2026 market Given the expiry of previous reUSD PTs and the fact that the risk level and yield profile of PT-reUSD remain consistent with previous maturity, we proceed with onboarding of PTs with new maturity: | Parameter | Market Detail | | --- | --- | | Market ID | [0x1e9d614631a7df0ec07fb05b2c8cb2491575fd1a63a33bf187a6afb295a4fc64](https://app.morpho.org/ethereum/market/0x1e9d614631a7df0ec07fb05b2c8cb2491575fd1a63a33bf187a6afb295a4fc64/pt-reusd-10dec2026-usdc#market) | | Collateral Asset | PT-reUSD-10DEC2026 | | Loan Token | USDC | | Oracle | [0x217d6DdCDB95112C51657F6270e8C079CFDB51f0](https://etherscan.io/address/0x217d6DdCDB95112C51657F6270e8C079CFDB51f0) | | LLTV | 91.5% | | Absolute Market Cap | $5 million | **Timelock increases for Prime and Select vaults** : With the goal of enhancing security and following Morpho’s team recommendations, we submitted actions for timelock increase for following functions: - Add adapter - Increase absolute cap - Increase relative cap The timelocks were changed from 3 days → 7 days on the Prime vault, and the same change is queued for the Select vault as well. The updated timelock gives depositors of our vaults more time to react to any potentially risk-increasing actions. ---
**Author:** ![Armitage](https://dub1.discourse-cdn.com/flex013/user_avatar/forum.morpho.org/armitage/32/880_2.png) [@Armitage](https://forum.morpho.org/u/Armitage)\ **Post date:** [August 13, 2026, 2:41pm UTC](https://forum.morpho.org/t/introducing-armitage-by-wintermute-vaults-on-morpho/2269/4 "2026-08-13T14:41:26Z")
**Following changes were executed, relevant to the Select vault:** 1. Onboarding PT-USDG-24SEP2026 markets **USDG** is a fully collateralized stablecoin pegged to the U.S. dollar, issued by Paxos, backed by cash and short-term U.S. treasuries, regulated in Singapore under MAS and in the EU under MiCA. Reserve yield is not held solely by the issuer, but could be distributed via multiple distribution partners, such as Kraken and Robinhood. Pendle’s PT-USDG provides a consistent yield with a low risk, therefore we onboard it as one of the Select vault’s constituents. Transparency report is available here: [Paxos | Global Dollar (USDG) Transparency Reports](https://www.paxos.com/usdg-transparency) Onchain details: | **Parameter** | **Market Detail** | | --- | --- | | Market ID | [0x2412afc9614939a5d994397fe0b94a4f6fb8bc02bfc139e1a5956a865e2efe26](https://app.morpho.org/ethereum/variable/0x2412afc9614939a5d994397fe0b94a4f6fb8bc02bfc139e1a5956a865e2efe26/pt-usdg-24sep2026-usdc#market) | | Collateral Asset | PT-USDG-24SEP2026 | | Loan Token | USDC | | Oracle | [0x4C0fE43eCF0C552F9cFE40D07B7fb5235d808076](https://etherscan.io/address/0x4C0fE43eCF0C552F9cFE40D07B7fb5235d808076) | | LLTV | 91.5% | | Absolute Market Cap | $5 million |