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Felix Vaults Review 2026: Morpho Lending on HyperEVM

Felix Vaults lets users deposit stablecoins and crypto into Morpho-based lending vaults on Hyperliquid's HyperEVM to earn interest. It is a lending-yield product with real size, but no audits are listed and yields are variable.

Hyperliquid L1

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

6.8/10

Good

Visit Felix Vaults

Our verdict on Felix Vaults

6.8/10

Felix Vaults suits DeFi users already on Hyperliquid who want passive yield on stablecoins or crypto without managing loans themselves. Its strength is a simple deposit model on top of Morpho with substantial TVL and a stated track record of interest generated. The main caveats are that no audits are listed, fees are not published on the homepage, and yields are variable and carry smart-contract and market risk. Start small and read the vault details first.

Score breakdown

How Felix Vaults scores

Security: 5.5/10
Ease of use: 7.5/10
Fees: n/a
Features: 6.5/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Felix Vaults?

Felix Vaults is the passive lending product of Felix, a protocol on Hyperliquid's HyperEVM. Users deposit assets, which are lent out through Morpho vaults to earn interest. DefiLlama files it as an onchain capital allocator and shows roughly $29.8M in TVL, listed since May 2025.

Felix is a wider project. DefiLlama treats it as a parent protocol that includes Felix Vaults, Felix CDP, the USDhl stablecoin and Felix Perps. The homepage describes a modern financial account powered by stablecoins, with US spot equities and perpetual futures trading, yield on stablecoins, and borrowing against and lending spot equities and crypto.

In August the project announced V2 vaults via Morpho, merging the prior flagship and frontier vaults to unify liquidity. A later post from the project cites $11.85M in gross interest generated against $33.8M deposited across Felix vaults. The project has no token listed.

How Felix Vaults works

Felix Vaults pool user deposits and route them into lending markets built on Morpho, a lending protocol where borrowers post collateral and pay interest on loans. Each vault is managed by a curator that decides which markets receive the funds and how much risk to take.

When you deposit, you receive vault shares that represent your portion of the pool. As borrowers pay interest, the value of each share rises, which is how depositors earn. Withdrawals return your assets plus accrued interest, subject to available liquidity in the underlying markets.

Felix V2 vaults combined the earlier flagship and frontier vaults to unify liquidity. The project describes them as vaults that lend to earn interest, and says it has generated gross interest on deposits across its vaults.

6 features

Key features

Morpho-based lending vaults

Deposits are lent through Morpho vaults, so interest comes from borrowers rather than token emissions.

Unified V2 vaults

V2 vaults merge the previous flagship and frontier vaults to unify liquidity and allow for broader market access.

Stablecoin yield

Users can deposit stablecoins such as USDC and USDH into vaults and earn yield on them.

Broader Felix account

Felix describes a financial account that also offers spot US equities and perpetual futures trading, plus borrowing against and lending spot equities and crypto.

Passive deposit model

Deposits are passive: users hold vault shares while the vault curation and allocation happens in the background.

Part of a larger ecosystem

Vaults sit alongside Felix CDP, the USDhl stablecoin and Felix Perps under one parent protocol.

Pros and cons

What we like

Yield comes from borrower interest on Morpho markets rather than token emissions.
Meaningful TVL of about $29.8M suggests real depositor use.
V2 vaults unify liquidity from earlier flagship and frontier vaults, simplifying choices.
Passive deposit experience with no need to manage positions.
Sits inside a broader Felix ecosystem with CDP, stablecoin and perps products.

Watch out for

No audits are listed in the tracking data, and the project's own audit disclosures were not found.
Depositors carry smart-contract risk across several layers: the Felix vault layer, Morpho markets and the HyperEVM chain.
Variable yields depend on borrower demand and can fall without notice.
Fee details, including any performance fee on vaults, are not stated on the homepage.
No native token, so there is no governance or incentive layer, and the team and legal entity are not named.
Tracked TVL was once under-reported by tens of millions of dollars because vaults were missing, so aggregator numbers may lag reality.

Felix Vaults fees

Felix does not publish a fee schedule on its homepage. Morpho-style vaults commonly charge a performance fee on interest earned, but the exact rate for Felix vaults is not stated, so check the vault page before depositing.

On top of any vault fee, you pay normal network gas on HyperEVM when depositing and withdrawing. Displayed yields are generally shown net of vault fees, but confirm this in the app.

Is Felix Vaults safe?

No audits are listed for Felix Vaults in the tracking data, and its homepage available does not describe audit reports, bug bounties or insurance. Readers should look for audit disclosures from Felix and from Morpho, whose contracts underpin the vaults, before depositing.

Custody is non-custodial at the vault level: assets sit in smart contracts and you hold vault shares in your own wallet. Main risks are contract bugs, bad debt in underlying markets, curator allocation choices, oracle failures and HyperEVM chain risk. A public issue on the DefiLlama adapters repository showed that tracked TVL once under-counted two vaults by about $38M, a reminder that third-party figures can lag.

The team, legal entity and regulatory status are not stated. Some Felix account features involve equities, which may carry regional restrictions, so check what applies where you live.

6 steps

How to get started with Felix Vaults

1
Install a wallet that supports HyperEVM and add the Hyperliquid EVM network.
2
Fund the wallet with the stablecoin or asset you want to lend, plus a small amount of HYPE for gas.
3
Open the lending section of the official Felix site and connect your wallet.
4
Compare the available vaults, their assets, current yield and listed risk details.
5
Deposit a small amount first and confirm the vault shares appear in your wallet.
6
Monitor the yield and withdraw through the same interface when you want to exit.

Open Felix Vaults

Who Felix Vaults is for

Felix Vaults suits users already active on Hyperliquid who want passive yield on stablecoins or other assets and are comfortable with smart-contract and lending-market risk. It is less suited to people who need audited, insured or regulated products.

Felix Vaults FAQs

What is Felix Vaults?

Felix Vaults lets you deposit assets that are lent out through Morpho vaults on HyperEVM, the smart-contract layer of Hyperliquid. In return you earn interest paid by borrowers. It is one product within the wider Felix protocol.

What changed in Felix vaults V2?

Felix says its V2 vaults, built with Morpho, merged the earlier flagship and frontier vaults to unify liquidity. The aim is to pool deposits so capital is used more efficiently across lending markets.

Where does the yield come from?

The yield comes from interest that borrowers pay on loans made through Morpho markets. A post from the project cites $11.85M in gross interest generated against $33.8M deposited across Felix vaults. The actual rate you earn varies with borrowing demand.

Which chain does Felix Vaults run on, and how big is it?

DefiLlama lists Felix Vaults on Hyperliquid (HyperEVM) only, with about $29.8M in TVL at the time of the data. The tracking page lists no audits and the project has no token.

Is Felix Vaults safe?

Yes. Risks include smart-contract bugs, problems in the underlying Morpho markets, borrower defaults or bad debt, and chain-level issues. Funds are not insured, and no audits are listed in the tracking data, so only deposit what you can afford to lose.

How does it differ from Felix CDP?

Felix is a parent protocol that also includes Felix CDP, the USDhl stablecoin and Felix Perps. The vaults are the passive lending option, while the CDP product is aimed at users who want to borrow against collateral.

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