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

Field
Value

Vault

Hyperithm Delta Neutral Vault

Vault token

aHYPER

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.

Leverage Coin

aHYPERx5.USD

Junior, 5x leveraged claim on aHYPER NAV. See Leverage Coin.

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

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 apparrow-up-right. The Hyperithm Delta Neutral Vault page on Accountable is at yield.accountable.capital/vaults/0xD0943c76ee287793559c1dF82E5B2B858Dd01Ef3.

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