Hyperithm Review 2026: Market-Neutral Vault Curator

Hyperithm is a digital asset manager based in Tokyo and Seoul. Its homepage says it was founded in January 2018 and describes itself as the first digital asset manager based out of those two cities. It lists Coinbase Ventures, Hashed, Samsung Next and Kakao Investment as backers.

The firm focuses on market-neutral trading through systematic arbitrage across digital and traditional markets. It also makes venture investments in firms such as Midas, Lighter, ether.fi, Kaito.ai, Sei Network and JPYC. It lists Lloyd Lee and Sangrok Oh as leaders.

On DefiLlama it appears as a Risk Curator since May 2025, with about $239.7M in TVL across ten chains and a 7% drop over the past week. No token or audits are listed. The site's headline stats, including a 3.7 Sharpe ratio since 2018 and 92% positive weeks, are self-reported, gross of fees and tied to one flagship strategy.

Hyperithm runs market-neutral strategies. The idea is to hold offsetting positions so that gains do not depend on whether crypto prices rise or fall. It does this through arbitrage, capturing price differences between markets with algorithms.

The firm says it operates on both centralized venues and on-chain markets. On DefiLlama it is tracked as a risk curator, meaning a manager that sets strategy and risk parameters for vaults that other users can deposit into. A search result describes one such product, a Midas-linked stablecoin yield strategy on Ethereum.

Depositors rely on the manager's execution and risk controls. The project does not describe vault mechanics, such as deposit and withdrawal timing or the specific strategies used in each vault.

Fees are not published publicly. The homepage says its performance figures are gross of fees, so net returns to investors will be lower than the quoted numbers.

Anyone considering a Hyperithm-managed vault should look for management and performance fees, plus any redemption terms, in the specific vault's documentation before depositing.

DefiLlama lists no audits for Hyperithm. Risks include manager execution, counterparty exposure on centralized venues, and the smart-contract risk of any vault platform used. The project does not describe custody arrangements.

The site says it is for informational purposes only and is not an offer to invest in any fund or product. The homepage says it serves corporate clients and high-net-worth individuals. The project does not state regulatory licences, and no incidents are mentioned. A third-party search snippet cites a risk grade of B- (35/100), but its methodology is not described here.

Hyperithm fits investors who want a professional manager running market-neutral strategies, particularly institutions and high-net-worth clients, which the firm says it serves. It is less suited to users who want fully transparent, fixed-fee, audited on-chain products with simple retail access.