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Steady ETH Loop
wstETH looped against WETH on Morpho, with an ETH perp short holding net delta at zero.
Modeled APY3.9%net of venue costs and the 20% compute fee
TVL$0$332K seeded
Share value0.00001.0000 at inception
Depositors37since inception
Capacity$535K$203K left
Capacity usedlimited by WETH borrow liquidity on Morpho Blue · Base
62%
$332K deposited$535K total capacity
Overview
Steady ETH Loop runs a leveraged loop on wstETH/WETH via Morpho Blue on Base. Dynamic leverage holds the position at 3.00x and keeps it inside the published protection envelope, while a perp hedge holds net delta at zero. Earned yield is swept back into the position on a 24h cadence.
All figures on this page are modeled from the vault's published parameters.
Vault configuration
CuratorPriime Labs
CreatedMar 2, 2026
VenueMorpho Blue
ChainBase
Strategy classLeveraged loop
ModulesLiquidity sourceDynamic leverageDynamic hedgeAuto-compound
VerificationOperator quorum (WAVS), every action co-signed · modeled
Automations
Base · Safety controls
In shadowDynamic leverage
Holds the loop at target. Trims when health drops, adds a layer when there is room.
1.42health factor · 3.00x leverage · inside the target bandlive
Emergency floor< 1.28
Deleverage1.35
Target1.42
Lever-up> 1.49
The cascade · one action per check
Health factor is below1.28→Fast unwind
Health factor between1.28 and 1.35→Sell slice, repay borrow
Health factor between1.35 and 1.49→Hold
Health factor is above1.49→Add a layer
Liquidation LTV · 94.5%Cascade acts after · 3.65pp of pair driftApplied leverage · 3.00xCadence · every blockLast rebalance · 39h ago
Hyperliquid · ETH perp
In shadowDynamic hedge
Keeps net delta at zero and the short funded.
−0.02%net delta · target 0 · inside the bandlive
−0.5%0+0.5%
Margin · keeps the short funded
Margin is below3.5%→Trim short, restore to 20%
Funding negative3 periods→Exit the venue
Cadence · every 5 minShort leverage · 3.00xMargin reserve · 15%Margin now · 16.2%Last check · 2 min ago
Morpho Blue · Compounding
In shadowAuto-compound
Sweeps earned yield back into the position once it clears the threshold.
Accrued since last compound$0.00
$0$35.23 accrues per 24h check · clears $155.00 in 5 checks
At the 24h check, accrued at least$155.00→Harvest and re-supply
Cadence · 24hLast compound · 4d agoNext check · in 3h
wstETH/WETH · What defeats the reaction
What would have to break
Every row is a mechanism and the clock it runs against. Nothing here is a probability.
What can be closed
This liquidates if wstETH loses 29% against WETH. We trim 3.65pp before that.
The perp short holds 33% of the deposit as margin and reserve. That leg can be closed against you.
- Short margin ratio33.3%
- Short's own liquidationnot measured
Four things could reach 29% before the trim does.
- Automations compile in shadownot armed→nothing acts yet
Faster than we act
- wstETH gapping against WETHWe trim 3.65pp before it. A gap prices in one block.29%→3.65pp · every block
- Unwinding wstETH/WETH at the capThe exit crosses WETH borrow liquidity on Morpho Blue · Base.$535K→33.3% · every 5 min
- Refilling the ETH short on wstETH/WETHThe reserve funds that many refills. Then someone has to act.1.00→33.3% · every 5 min
Acts and still loses
- The ETH short that hedges wstETH/WETHOn Hyperliquid, restoring margin sells into the move.33.3%
- Morpho Blue · Base freezing the wstETH marketA frozen market stops the exit, not the position.structural
Takes the yield, not the capital
- wstETH/WETH was priced once, at one blockThe rate at open is not the rate you are reading.49174196
2 things this vault does not measure
- Feed age behind wstETH/WETHThe scan checks wstETH. That result never crosses to here.not measured→3.65pp · every block
- Oracle, bridge, stablecoin and RPC healthNot watched by this vault. Their state never crosses into wstETH/WETH.not measured
Envelope, bands and thresholds are the vault's published parameters.
Performance
Share value, modeled
1.0176Deterministic model from inception at the vault's modeled APY. 1.0000 at inception.
Returns
Since inception 179d+1.76%
7d change modeled−0.10%
30d return modeled+0.05%
Parameters
MarketwstETH/WETH
VenueMorpho Blue · Base
Applied leverage3.00x
Liquidation LTV94.5%
Health bands1.42 target · 1.35 deleverage · 1.28 floor
Hedge leverage3.00x
Margin reserve15% of short notional
Margin rule3.5% → 20%
Hedge coinETH perp
Harvest threshold$155
Compound cadence24h
Capacity$535K
Capacity bindinglimited by WETH borrow liquidity on Morpho Blue · Base
Read atBase · block 49,174,196
Room the trim works intrims 3.65pp before it · 29% adverse pair move
Auto-deleverage begins1.35 health
Main riskThe cascade starts trimming at 1.35 health, emergency unwind at 1.28. The trim is 3.65pp of pair drift from here. Liquidation on the wstETH/WETH pair needs 29% adverse pair move.
Protection envelope1.28 / 1.35 / 1.49 health
Delta band±0.5%
Remaining capacity$203K
Min deposit$50
Compute fee20% of yield, at harvest
Settlement fee2% of each deposit
Management feenone on idle capital
Withdrawal feenone on principal
Composed modules
Liquidity sourceHolds the position on the venue and market this vault runs on.
Dynamic leverageWatches the health factor every block and trims the loop before it reaches the liquidation band.
Dynamic hedgeRuns a perp short against the position so price moves cancel, and keeps its margin funded.
Auto-compoundSweeps earned yield back into the position once it clears the harvest threshold.
Activity
| Action | Detail | Time |
|---|---|---|
| Leverage rebalancedmodeled | 2.93x → 3.00x | 2d ago |
| Hedge trimmedmodeled | margin restored to 20% | 2d ago |
| Leverage rebalancedmodeled | 3.01x → 3.00x | 4d ago |
| Compound executedmodeled | $157.42 re-supplied | 4d ago |
| Leverage rebalancedmodeled | 2.97x → 3.00x | 6d ago |
| Hedge trimmedmodeled | margin restored to 20% | 6d ago |
| Leverage rebalancedmodeled | 3.01x → 3.00x | 8d ago |
| Compound executedmodeled | $176.49 re-supplied | 9d ago |
Earlier activity truncated