Total Value Locked$2.83m
TVL by Chain
Hyperliquid L1$2.83m
Key Metrics
Fees 30d$16,936
Fees 30d by chain
Hyperliquid L1$16,936
Fees 7d$3,297
Hyperliquid L1$3,297
Fees 24h$738
Hyperliquid L1$738
Cumulative Fees$90,404
Hyperliquid L1$90,404
Revenue 30d$2,540
Revenue 30d by chain
Hyperliquid L1$2,540
Revenue 7d$494.47
Hyperliquid L1$494.47
Revenue 24h$111
Hyperliquid L1$111
Cumulative Revenue$10,911
Hyperliquid L1$10,911
Protocol Information
Monetrix is the first fully on-chain funding-driven yield-bearing stable token, native to Hyperliquid
Methodology
TVL: TVL is the USDC collateral backing USDM: USDC held by the MonetrixVault and RedeemEscrow on HyperEVM plus the protocol's Hyperliquid Core account equity (delta-neutral spot + short-perp positions, HLP and borrow-lend balances), read on-chain from the MonetrixAccountant (totalBacking), which marks Core positions to market via Hyperliquid precompiles. USDC still in the pre-launch Genesis Vault is also counted and migrates into the main vault as users mint USDM. Staked USDM (sUSDM), the insurance fund (funded from skimmed yield) and undistributed yield are excluded. The HYPE-denominated mxHYPE vault is tracked separately under Monetrix mxHYPE.View code on GitHubFees: Yield generated by the USDM vault's delta-neutral positions on Hyperliquid Core (funding payments, HLP and borrow-lend yield), measured at distribution via the MonetrixVault's YieldDistributed event, plus instant redeem/unstake fees paid by users.View code on GitHubRevenue: Share of distributed yield routed to the foundation, plus instant redeem/unstake fees. The insurance-fund share is a protocol reserve that backstops the system and is booked as supply-side revenue rather than protocol revenue.View code on GitHubYields
Pools Tracked1
Average Supply APY5.47%
Competitors
Monetrix USDM history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Jun 11, 2026 to Oct 28, 2026.
All-time high TVL: $3.13m on Oct 7, 2026. All-time low TVL: $1.19m on Jun 11, 2026.
Daily TVL, Sep 29, 2026 to Oct 28, 2026
| Date | TVL |
|---|---|
| Sep 29, 2026 | $3.06m |
| Sep 30, 2026 | $3.07m |
| Oct 1, 2026 | $3.07m |
| Oct 2, 2026 | $3.07m |
| Oct 3, 2026 | $3.06m |
| Oct 4, 2026 | $3.09m |
| Oct 5, 2026 | $3.12m |
| Oct 6, 2026 | $3.11m |
| Oct 7, 2026 | $3.13m |
| Oct 8, 2026 | $3.13m |
| Oct 9, 2026 | $3.1m |
| Oct 10, 2026 | $3.1m |
| Oct 11, 2026 | $3.1m |
| Oct 12, 2026 | $2.98m |
| Oct 13, 2026 | $2.97m |
| Oct 14, 2026 | $2.97m |
| Oct 15, 2026 | $2.96m |
| Oct 16, 2026 | $3m |
| Oct 17, 2026 | $3m |
| Oct 18, 2026 | $2.97m |
| Oct 19, 2026 | $2.93m |
| Oct 20, 2026 | $2.94m |
| Oct 21, 2026 | $2.94m |
| Oct 22, 2026 | $2.94m |
| Oct 23, 2026 | $2.94m |
| Oct 24, 2026 | $2.93m |
| Oct 25, 2026 | $2.91m |
| Oct 26, 2026 | $2.87m |
| Oct 27, 2026 | $2.87m |
| Oct 28, 2026 | $2.83m |
TVL at each month end, Jun 2026 to Oct 2026
| Date | TVL |
|---|---|
| Jun 30, 2026 | $2.49m |
| Jul 31, 2026 | $2.66m |
| Aug 31, 2026 | $2.6m |
| Sep 30, 2026 | $3.07m |
| Oct 28, 2026 (latest) | $2.83m |
Fees and revenue by UTC calendar month, Jun 2026 to Oct 2026
| Month | Fees | Revenue |
|---|---|---|
| Jun 2026 | $11,243 | $982.55 |
| Jul 2026 | $18,968 | $1,898 |
| Aug 2026 | $24,831 | $2,727 |
| Sep 2026 | $19,432 | $2,914 |
| Oct 2026 (to date) | $15,930 | $2,389 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/monetrix-usdm
Frequently asked questions
What is Monetrix USDM's TVL?
As of Oct 28, 2026, Monetrix USDM has $2.83m in total value locked. TVL has decreased 6% over the past 30 days.
What chains does Monetrix USDM operate on?
Monetrix USDM operates on Hyperliquid L1. Hyperliquid L1 holds the largest share at 100%.
How much has Monetrix USDM generated in fees and revenue?
Over the past 30 days, Monetrix USDM generated $16,936 in fees. Of that, $2,540 was protocol revenue. Based on the trailing year, the annualized rate is $237,392 in fees and $28,652 in revenue.
How does Monetrix USDM's TVL compare to similar protocols?
Among Basis Trading protocols tracked by DefiLlama, Monetrix USDM ranks #23 by TVL. The category holds $7.548b across 41 protocols, and Monetrix USDM accounts for <0.1% of that total. Similar protocols include Liminal Basis, Monetrix mxHYPE, Monetrix mxBTC, Ethena USDe, Falcon Finance, BitFi Basis, Solv Basis Trading, Solstice, Aster USDF, and Tori Finance.
How many yield pools does Monetrix USDM have?
DefiLlama tracks 1 Monetrix USDM yield pool with an average APY of 5.5%.