Monetrix mxHYPE

Summary

Ketju does not approve Monetrix mxHYPE under its class rule for protocols on unapproved chains: the vault runs on Hyperliquid L1, which Ketju does not approve. The mxHYPE vault is HYPE-denominated and borrows USDC against deposits to run a delta-neutral strategy on Hyperliquid Core. Ketju covers Monetrix USDM, a separate product, in its own memo. We made no finding on how well Monetrix is run.

Review triggers
• Ketju changes its verdict on Hyperliquid L1, at which point the borrowing, hedge construction, funding and liquidation risk require their own review
• Monetrix deploys meaningful independently accounted backing for this product on an approved chain

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2026-12-15.

Research

How it works

Depositors supply HYPE, and the protocol borrows USDC against it and runs a delta-neutral strategy on Hyperliquid Core. It converts the proceeds back into HYPE before paying smxHYPE stakers. The holder is therefore long HYPE, short a USDC loan, and exposed to funding and hedge results at the same time. Every part of that trade, and the collateral that secures it, sits on Hyperliquid L1 or HyperEVM.

Size and holdings

The DefiLlama protocol API, read on 2026-09-15, classed Monetrix mxHYPE under Basis Trading and reported about $1.63M on Hyperliquid L1. DefiLlama listed it on 2026-08-27 with no recorded audit. DefiLlama split its earlier single Monetrix entry into mxHYPE and USDM. This memo covers the HYPE-denominated vault, and the Monetrix USDM memo covers the funding-driven stable token.

Who controls it

Borrowing against a volatile deposit to fund a hedge adds a liquidation risk that the USDM product does not have. A fall in HYPE against the borrowed USDC can force deleveraging before any funding view plays out. Margin, auto-deleveraging and redemption all depend on Hyperliquid Core, and the chain verdict covers all of them. No audit is recorded for this product.

Withdrawals

We found no published withdrawal terms for the Monetrix mxHYPE vault as of Oct. 18, 2026. Monetrix’s site loaded without readable documentation on redemption, cooldown, fees or limits. DefiLlama describes the vault as HYPE deposits backing a borrowed-USDC hedge on Hyperliquid Core, so a redemption depends on closing that hedge.

Class rule

Ketju does not approve any protocol under the class rule for protocols on unapproved chains while the rule stands. The rule covers the structure and makes no finding about this protocol’s quality. It does not tell an advisor what a client should hold. The review triggers list the events that would lead Ketju to review the rule or this protocol again.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• Monetrix · primary · accessed 2026-09-15
  Supports: protocol identity, mxHYPE vault, smxHYPE staking, delta-neutral overlay, Hyperliquid Core
• DefiLlama: Monetrix mxHYPE record · secondary · accessed 2026-09-15
  Supports: current TVL, Hyperliquid L1 perimeter, Basis Trading category, listing date, product split, no recorded audit

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.