Verify a decision

{"actor":"system:backfill","investigation_id":"0e37df7c-8b50-40fd-a1c2-13a01732a9fb","kind":"publish","page_slug":"hyperbeat","published_at":"2026-10-13T05:25:52.799Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Hyperbeat","sections":[{"content":"Hyperbeat's documentation describes a product set that includes Earn vaults operating across HyperEVM and HyperCore, HYPE liquid staking (beHYPE, described as a Hyperbeat x Ether.fi token), delta-neutral tokens, Morphobeat lending vaults, the MasterSwap DEX aggregator and an on-chain 'liquid banking' stack. It also states that it operates a mainnet validator node with P2P.org. The documentation names a single core contributor, Hyperbeat Labs, and no individuals. A Morpho case study (self-reported marketing content) says Hyperbeat began as a vault curator on Morpho and later expanded into liquid banking.","heading":"Overview and products","severity":"low","sources":[{"credibility":2,"name":"Hyperbeat documentation","type":"official","url":"https://docs.hyperbeat.org"},{"credibility":2,"name":"Hyperbeat documentation index","type":"official","url":"https://docs.hyperbeat.org/llms.txt"},{"credibility":2,"name":"Hyperbeat core contributors","type":"official","url":"https://docs.hyperbeat.org/readme/core-contributors.md"},{"credibility":2,"name":"Morpho case study: Hyperbeat","type":"official","url":"https://morpho.org/stories/hyperbeat"}]},{"content":"On re-verification against DefiLlama's API on 13 October 2026, the 'Hyperbeat' listing showed about $34.86M TVL (almost entirely on Hyperliquid L1) and the separate 'Hyperbeat Earn' listing showed about $19.9M, categorised as Yield Aggregator. These are lower than the $41.6M total (Earn $24.8M) supplied by the requester from 7 October 2026; the difference may reflect market movement, the date gap, or listing scope, and the breakdown was not independently reproduced. Third-party snapshots of undetermined date give conflicting figures (for example about $27.6M across three vaults on Trading Strategy and about $36.9M on OAK Research), so TVL should be treated as volatile and checked live.","heading":"TVL and figure discrepancies","severity":"low","sources":[{"credibility":2,"name":"DefiLlama API: Hyperbeat","type":"on_chain","url":"https://api.llama.fi/protocol/hyperbeat"},{"credibility":2,"name":"DefiLlama API: Hyperbeat Earn","type":"on_chain","url":"https://api.llama.fi/protocol/hyperbeat-earn"},{"credibility":2,"name":"Trading Strategy: Hyperbeat curator","type":"research","url":"https://tradingstrategy.ai/vaults/curators/hyperbeat"},{"credibility":2,"name":"OAK Research: Hyperbeat vs Veda","type":"research","url":"https://oakresearch.io/en/projects/hyperbeat/vs/veda"}]},{"content":"The Earn overview says its vaults span 'a wide spectrum of risk tranches' and automate DeFi strategies on HyperEVM, but the page does not explain how capital is allocated, who sets allocations, what keys or roles exist, or what the fees and withdrawal terms are. The Morpho case study states that Hyperbeat sets risk parameters, asset mix and rate targets for the vaults it curates and configures borrow markets including accepted collateral (HYPE, BTC, ETH, gold, SOL); it does not cover liquidation thresholds, oracles, loss handling or governance. Third-party coverage describes allocation across protocols such as Hypurrfi, Morpho and Upshift, and some vaults (for example a Midas-based LST vault reportedly managed by RockawayX) appear to be run with outside partners, so control of routing is likely split between Hyperbeat and partner curators. Delta-neutral products depend on perpetual funding rates and can lose value when funding turns negative; one tracker reported a negative 30-day APY for Hyperbeat vaults at an undetermined date. Users should read each vault's contract and role configuration directly; this page could not verify who holds admin or allocator permissions.","heading":"Strategy risk and routing control","severity":"medium","sources":[{"credibility":2,"name":"Hyperbeat Earn overview","type":"official","url":"https://docs.hyperbeat.org/hyperbeat-earn.md"},{"credibility":2,"name":"Morpho case study: Hyperbeat","type":"official","url":"https://morpho.org/stories/hyperbeat"},{"credibility":2,"name":"Trading Strategy: Hyperbeat curator","type":"research","url":"https://tradingstrategy.ai/vaults/curators/hyperbeat"},{"credibility":3,"name":"Staking Rewards: Midas Hyperbeat LST Vault","type":"research","url":"https://www.stakingrewards.com/defi/0x81e064d0eb539de7c3170edf38c1a42cbd752a76"}]},{"content":"Hyperbeat's Audits page links to its own audit repository on GitHub and to partner audit pages (August Digital, Midas, Morpho), stating that its vault infrastructure partners have each been audited. The page gives no auditor, scope or date for Hyperbeat's own contracts. Both DefiLlama listings show zero audits. This page did not open the linked reports, so audit coverage of Hyperbeat-specific code (as opposed to partner infrastructure) is unverified.","heading":"Audits","severity":"medium","sources":[{"credibility":2,"name":"Hyperbeat documentation: Audits","type":"official","url":"https://docs.hyperbeat.org/resources/audits.md"},{"credibility":2,"name":"DefiLlama API: Hyperbeat Earn","type":"on_chain","url":"https://api.llama.fi/protocol/hyperbeat-earn"}]},{"content":"Searches for Hyperbeat combined with hack, exploit, depeg and loss terms returned no reports of a security incident involving Hyperbeat or beHYPE. A separate Hyperliquid-ecosystem vault drain (HypervaultFi) surfaced in results and is a different project. Absence of search results is not proof that no incident occurred; DefiLlama's hacks database and Hyperbeat's official channels should be checked.","heading":"Incidents","severity":"low","sources":[{"credibility":3,"name":"DEXTools tutorial on Hyperbeat (non-incident explainer)","type":"other","url":"https://www.dextools.io/tutorials/what-is-hyperbeat-hyperliquid-yield-vaults-guide-2026-ja"}]}],"sources_used":[{"credibility":2,"name":"Hyperbeat documentation","type":"official","url":"https://docs.hyperbeat.org"},{"credibility":2,"name":"Hyperbeat documentation index","type":"official","url":"https://docs.hyperbeat.org/llms.txt"},{"credibility":2,"name":"Hyperbeat documentation: Audits","type":"official","url":"https://docs.hyperbeat.org/resources/audits.md"},{"credibility":2,"name":"Hyperbeat Earn overview","type":"official","url":"https://docs.hyperbeat.org/hyperbeat-earn.md"},{"credibility":2,"name":"Hyperbeat core contributors","type":"official","url":"https://docs.hyperbeat.org/readme/core-contributors.md"},{"credibility":2,"name":"Morpho case study: Hyperbeat","type":"official","url":"https://morpho.org/stories/hyperbeat"},{"credibility":2,"name":"DefiLlama API: Hyperbeat","type":"on_chain","url":"https://api.llama.fi/protocol/hyperbeat"},{"credibility":2,"name":"DefiLlama API: Hyperbeat Earn","type":"on_chain","url":"https://api.llama.fi/protocol/hyperbeat-earn"},{"credibility":2,"name":"Trading Strategy: Hyperbeat curator","type":"research","url":"https://tradingstrategy.ai/vaults/curators/hyperbeat"},{"credibility":2,"name":"OAK Research: Hyperbeat vs Veda","type":"research","url":"https://oakresearch.io/en/projects/hyperbeat/vs/veda"},{"credibility":3,"name":"Staking Rewards: Midas Hyperbeat LST Vault","type":"research","url":"https://www.stakingrewards.com/defi/0x81e064d0eb539de7c3170edf38c1a42cbd752a76"},{"credibility":3,"name":"DEXTools tutorial on Hyperbeat","type":"other","url":"https://www.dextools.io/tutorials/what-is-hyperbeat-hyperliquid-yield-vaults-guide-2026-ja"}],"summary":"Hyperbeat is a yield and liquid-banking platform on Hyperliquid's HyperEVM offering Earn vaults, the beHYPE liquid staking token, delta-neutral tokens and Morpho-based lending vaults, developed by Hyperbeat Labs. No public hack or loss incident was found in the sources searched, but DefiLlama lists no audits for its own listings, its documentation does not describe routing control, admin keys or fees, and several of its vaults rely on third-party infrastructure. DefiLlama TVL read on 13 October 2026 (about $34.9M for Hyperbeat and about $19.9M for Hyperbeat Earn) was below the $41.6M requester figure from 7 October 2026.","timeline":[{"date":"2026-10","event":"DefiLlama showed about $34.86M TVL for Hyperbeat and about $19.9M for Hyperbeat Earn, with no audits listed for Earn","source":"DefiLlama API","source_url":"https://api.llama.fi/protocol/hyperbeat"}]},"v":1}