With HyperEVM now coming to the Morpho frontend, Felix would like to introduce ourselves as the curator for Morpho on Hyperliquid
Background
Felix launched on Hyperliquid in April of 2025 with our CDP product, Felix CDP. We then launched Felix Vanilla built on Morpho in May of 2025. Since then, Felix has scaled to over $1bn TVL, and Felix Vaults have scaled to hundreds of millions in vault deposits. Our vaults are managed by our internal risk team and focused on serving large traders on Hyperliquid looking for the best capital efficiency.
Felix Vaults will begin to allocate to new products our team at Felix releases later in Q4 of this year and Q1 of next year.
Current Felix Vaults
Felix currently offers 8 different vaults built on Morpho that offer access to different collateral assets (different risk tranches) and allow users looking for yield on stables and HYPE to earn some of the best natural yields in DeFi today. A breakdown of each of our current vaults can be seen here:
HYPE: The Felix HYPE vault supplies HYPE to borrower markets under defined risk parameters. Vault returns track utilization and market demand while exposure is managed via caps, rebalancing, and collateral quality screens.
USDT0 Flagship: The Felix USDT0 vault supplies USDT0 to established, high liquidity markets where it is borrowed against battle tested collateral. Parameters and caps are adjusted by the curator to prioritize stable, risk managed APR.
USDT0 Frontier: The Felix USDT0 Frontier vault extends to newer or higher beta collateral markets with tighter risk limits, seeking incremental yield while actively monitoring liquidity, oracle, and concentration risk.
USDC: The Felix USDC vault supplies USDC to mature, high liquidity Morpho Blue markets where loans are backed by liquid, blue-chip collateral; per-market caps and allocations are curator-managed to prioritize predictable, risk-adjusted stablecoin yield.
USDe: The Felix USDe vault allocates USDe across whitelisted borrower markets, lending against blue chip crypto collateral and dynamically rebalancing within curator set caps targeting resilient, risk adjusted yield.
USDhl Flagship: The Felix USDhl Frontier vault targets emerging or less seasoned collateral sets under conservative caps, aiming to capture additional carry while maintaining disciplined, curator-led risk controls.
USDhl Frontier: The Felix USDhl vault lends USDhl across mature, whitelisted markets backed by liquid collateral. Allocations rebalance based on demand, rates, and curator defined safeguards delivering durable stablecoin yield.
USDH: The Felix USDH vault allocates USDH (the Hyperliquid native stablecoin) across curated Vanilla markets and manages exposure via caps and rebalancing to pursue consistent, risk adjusted yield while accounting for peg and liquidity dynamics specific to USDH.
Earn with Felix
If you are new to Hyperliquid and want to start earning yield on your stables or HYPE, feel free to check out our vaults above + DM us on Twitter @felixprotocol (or you can message Charlie on our team directly @0xBroze)