# 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](/protocol-mechanism/worked-example.md).

## The underlying

| Field           | Value                                                                      |
| --------------- | -------------------------------------------------------------------------- |
| Vault           | Hyperithm Delta Neutral Vault                                              |
| Vault token     | `aHYPER`                                                                   |
| Manager         | [Hyperithm](https://hyperithm.com)                                         |
| Platform        | [Accountable](https://yield.accountable.capital)                           |
| 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:

| Tranche       | Ticker         | Description                                                                                        |
| ------------- | -------------- | -------------------------------------------------------------------------------------------------- |
| Yield Coin    | `USD.b.aHYPER` | Senior, fully collateralized debt claim. See [Yield Coin](/covenant-intro/yield-coin.md).          |
| Leverage Coin | `aHYPERx5.USD` | Junior, 5x leveraged claim on `aHYPER` NAV. See [Leverage Coin](/covenant-intro/leverage-coin.md). |

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](/protocol-mechanism/latent-swap-amm.md); the funding rate is the discount at which `USD.b.aHYPER` trades to `aHYPER` NAV.

## Market parameters

| Parameter                                | Value                                                           |
| ---------------------------------------- | --------------------------------------------------------------- |
| 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](https://app.covenant.finance). The Hyperithm Delta Neutral Vault page on Accountable is at `yield.accountable.capital/vaults/0xD0943c76ee287793559c1dF82E5B2B858Dd01Ef3`.


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