aHYPER
The aHYPER Covenant Market tranches the Hyperithm Delta Neutral Vault (aHYPER), a permissionless USDC vault on Accountable managed by Hyperithm. The vault is structured as a USDC loan to Hyperithm's delta-neutral trading book, with holdings cryptographically verified by Accountable's Data Verification Network.
For an end-to-end walkthrough of how the tranching mechanics play out on this market, see Worked example: aHYPER.
The underlying
Vault
Hyperithm Delta Neutral Vault
Vault token
aHYPER
Manager
Platform
Asset deposited
USDC
Strategy
Delta-neutral (basis trading on Hyperliquid, securities, on-chain venues)
Net APY
~10% (~8% native after fees + ~1% Accountable points + ~1% Merkl WMON)
Capacity
$100M (current TVL ~$76.3M)
Verification
Accountable Data Verification Network
The vault holds approximately 68% in regulated securities, 29% on Hyperliquid, and 2% on Ethereum, with positions verified on a continuous basis by Accountable. The vault has open redemption terms with periodic redemption windows.
Tranches
The Covenant aHYPER Market splits deposited aHYPER into two fungible ERC‑20 tranches:
All of the underlying aHYPER yield (~10% net, including Accountable points and Merkl distributions) accrues to the Leverage Coin. The Leverage Coin pays funding to the Yield Coin at a rate set continuously by the Latent Swap AMM; the funding rate is the discount at which USD.b.aHYPER trades to aHYPER NAV.
Market parameters
Base Asset
aHYPER
Quote unit
USD (USDC)
Oracle
aHYPER ERC‑4626 share price (NAV)
Debt duration D
3 months
Price band (Pa / Pb)
0.37 / 1.02
Implied APY at price ceiling Pb = 1.02
~-2.3% (rate floor)
Implied APY at price floor Pa = 0.37
~5,250% (rate ceiling)
Target LTV
80% (5x effective leverage on Leverage Coin)
APY at target LTV
~4%
HighLTV gate
92% (no Leverage Coin → Base swaps; no Base → Yield Coin mints)
MaxLTV gate
96% (only Yield Coin → Base swaps allowed)
Network
Monad mainnet
The two LTV gates are stress safeguards. As LTV climbs through HighLTV, swap directions that would deepen the imbalance are blocked: no new Leverage Coin → Base exits and no new Base → Yield Coin mints. Above MaxLTV, only Yield Coin → Base redemptions remain. These gates allow the market to rebalance through new junior deposits or matched pair-redeems before the senior buffer is exhausted.
Market parameters are fixed at deployment and cannot be changed for the life of the market.
Where to participate
Live rates, capacity, and the deposit/redeem flow are on the Covenant app. The Hyperithm Delta Neutral Vault page on Accountable is at yield.accountable.capital/vaults/0xD0943c76ee287793559c1dF82E5B2B858Dd01Ef3.
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