Hyperithm: Tokyo-Based Crypto Asset Manager and Morpho Vault Curator

Hyperithm's corporate table describes a Tokyo-registered company with ¥90 million in registered capital and 41 staff across the group ¹. Its listed fields of business are:

• proprietary trading;
• the Japanese "special business for qualified institutional investors" fund regime;
• venture investments in Web3 ¹.

It is a member of the Japan Cryptoasset Business Association. Its listed backers include Kakao Investment, Coinbase Ventures, Hashed and Samsung Next ¹.

On its homepage, the firm says its mandate since 2018 has been market-neutral returns from systematic arbitrage ². Its venture portfolio includes Midas, ether.fi, Lighter, Kaito, Sei and the yen stablecoin issuer JPYC ². Performance figures on the site are gross of fees and refer to its own trading strategy, not to the Morpho vaults ².

A Morpho vault lends one asset, such as USDC, across several isolated markets that each accept one collateral type. Morpho's docs split control into four roles ⁶:

• Owner: appoints the curator.
• Curator: chooses allowed markets and caps, and sets fees.
• Allocators: move funds between the allowed markets.
• Sentinel or guardian: can cut exposure or cancel pending changes.

Most curator changes wait out a timelock, which is three days on Hyperithm's V1 vaults ⁵⁶. In its 2025 Morpho forum introduction, Hyperithm said its approach is to add new collateral types quickly and rebalance with a proprietary algorithm under around-the-clock monitoring ³.

Hyperithm's vault names use tiers such as Core, Apex and Degen. The site does not publish a written policy defining those tiers. Read each vault's market list rather than relying on the name.

These were Hyperithm's Morpho vaults with the most assets on October 23, 2026 ⁵:

All of these are owned by a Hyperithm multisig. The Saturn and Apyx vaults are partner-branded, but Hyperithm is the curator ⁵. None charges a management fee. The performance fee is taken from interest earned ⁵.

The older Ethereum USDC Apex V1 vault lends against mHyperBTC and mHYPER, which are Midas-issued strategy tokens ⁵. Hyperithm lists Midas in its venture portfolio ², and Protos described Hyperithm as the issuer behind mHYPER ⁸. Depositors should know the curator has ties to the collateral it accepts.

On Euler, Hyperithm's registered clusters were active on Plasma (a USDT0 cluster of three vaults) and on Monad (aHyperBTC and mHyperBTC clusters). An earlier mHYPER cluster on Ethereum is marked deprecated ⁷.