In this monthly report, we examine the best-performing DeFi vaults across blockchains and decentralised exchanges for October 2026.
About the report
In this post, we examine the performance of DeFi vaults. Vaults can be considered "self-custodial investment strategies" in traditional finance: smart contracts that let users deposit funds from their cryptocurrency wallets and execute a predefined strategy with investors' money.
Report content updates
Since the previous report is from February 2026, we have updated the report as follows:
- Include tokenised funds
- Segmented vaults by underlying activity: lending, RWA, perp dexes, etc.
- Added Robinhood, Megaeth chains
These benchmarks include:
- 29 blockchains and 117 vault protocols
- The report data is dated 2026-10-01
- 5,660 stablecoin-denominated vaults, of which 4,016 have up-to-date data
- Combined TVL of the vaults is $36.4B
If you are interested in analysing our datasets yourself, please check our Pro vault data subscription.
DeFi vault community news, October 2026
Highlights of what happened in the DeFi vault industry in the last month. Read more news and research on our blog.
The rise of tokenised funds
We now cover tokenised funds.
Often there is no clear distinction between a vault and a tokenised fund. From the technical point of view, both use exactly the same smart contract technology with whitelisting. For the report, we define a project as a tokenised fund if we find evidence that it has self-declared as a tokenised fund.
Currently, the main use case of tokenised funds seems to be using money-market fund shares as collateral. Money market funds are not that different from stablecoins structurally - only from a commercial perspective, in that the investor explicitly keeps the yield. We also see the first tokenised venture capital funds and index funds.
The total vault-like DeFi TVL is $30B in vaults and $6B in funds. The industry is still insignificantly small. For comparison, Jane Street, a United States-based proprietary trading firm, made more profit in 2025 than the entire TVL of all DeFi vaults combined.
The rise of Robinhood chain
Robinhood, the leading global online stock broker, launched its Arbitrum-based blockchains. Various real-world assets, like tokenised stocks or tokenised stock derivatives (different investor rights), are available there. This has caused significant excitement in the DeFi community, as there are finally uncorrelated non-crypto assets to trade onchain. Earlier, this has been held back by regulation, and what has changed is the US political interest in pushing forward with the innovation
Interesting Robinhood projects include Arcus 3x long stock vaults, Lighter RWA perps and spot stock being traded on Uniswap v4 and onchain aggregators.
Latest podcasts
The latest episodes of the Trading Strategy podcast, where we talk with DeFi vault protocols and curators. We interview the smartest onchain strategy quants, vault curators and DeFi masterminds.
 | Episode #13: Yearn
Listen to our latest episode featuring Yearn and learn why fully on-chain, automatic accounting is the foundation of trustworthy DeFi vaults. |
 | Episode #12: Atoma
Listen to our latest episode featuring Atoma Vault and learn why points on perp DEXs should come on top of profit, not at the cost of bleeding your capital. |
 | Episode #11: Frax
Listen to our latest episode featuring Frax and learn how a five-year DeFi native is rebuilding its entire stack around a fully backed, yield-forwarding digital dollar. |
 | Episode #10: Domination Finance
Listen to our latest episode featuring Domination Finance and learn how market share itself becomes a tradable on-chain instrument. |
Watch on YouTube
Listen on SpotifyThe best-performing vaults
- Vaults are ranked by their annualised last one-month returns
- Minimum $100k TVL in every table, $1M for AMM pools and $15k for new vaults; lending, RWA and new vaults also need at least 10 deposit and redemption events
- View the live vault ranking
New vaults
The best-performing vaults launched recently. Their short history makes their returns less reliable, so treat them as vaults to watch. See all new vaults.
| Vault | 3M history | 1M ann. | 3M ann. | Lifetime ann. | 3M Sharpe | TVL | Age (y) | Token | Chain | Protocol | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Arcus GLD (5x Short) | >9,999% | >9,999% | >9,999% | --- | $34k | 0.01 | USDG | Robinhood | Arcus | |
| 2 | Arcus SPCX (3x Long) | 1,835.9% | 1,835.9% | 1,835.9% | --- | $85k | 0.02 | USDG | Robinhood | Arcus | |
| 3 | BTC (3x Long) |  | 1,329.4% | 189.5% | 189.5% | 1.40 | $82k | 0.10 | USDG | Robinhood | Arcus |
| 4 | 1212.Alpha |  | 241.2% | 273.9% | 273.9% | 3.40 | $1.6M | 0.11 | USDC | Ethereum | Lagoon Finance |
| 5 | BTC (1x Long) |  | 178.7% | 112.2% | 112.2% | 2.55 | $32k | 0.10 | USDG | Robinhood | Arcus |
| 6 | HOOD (3x Long) |  | 112.9% | -87.0% | -87.0% | 0.18 | $293k | 0.10 | USDG | Robinhood | Arcus |
| 7 | Arcus GME (5x Short) | 104.4% | 104.4% | 104.4% | --- | $89k | 0.02 | USDG | Robinhood | Arcus | |
| 8 | SpaceX Hyperliquid Synth |  | 99.7% | 192.0% | 192.0% | 3.17 | $16k | 0.10 | USDC | Hyperliquid | Lagoon Finance |
| 9 | Harvest: USDC Vault (0x904a) |  | 23.6% | 17.5% | 17.5% | 6.16 | $860k | 0.15 | USDC | Base | Harvest Finance |
| 10 | Staked USDx |  | 22.3% | 22.3% | 22.3% | 82.58 | $36.4M | 0.07 | USDx | Ethereum | Axis |
| 11 | ArcadiaV2 Global Dollar Debt |  | 21.2% | 21.2% | 21.2% | 67.47 | $92k | 0.06 | USDG | Robinhood | Arcadia Finance |
| 12 | Glasgow Cosmic by Ryllo |  | 18.7% | 18.7% | 18.7% | >100 | $106k | 0.08 | USDC | Monad | Accountable |
| 13 | Nest Liquid Credit Vault |  | 17.7% | 17.7% | 17.7% | 54.38 | $1.4M | 0.07 | USDC | Ethereum | Nest |
| 14 | Senior ArcadiaV2 Global Dollar |  | 15.4% | 15.4% | 15.4% | 49.27 | $109k | 0.06 | USDG | Robinhood | Arcadia Finance |
| 15 | Vectis UltraX Arb |  | 14.9% | 14.9% | 14.9% | 11.61 | $744k | 0.05 | USDC | Ethereum | Accountable |
| 16 | SharpByte RWA Ecosystem Vault |  | 14.8% | 12.7% | 12.7% | 8.29 | $1.3M | 0.15 | USDC | Ethereum | Upshift |
| 17 | SPICE Credit |  | 13.8% | 13.5% | 13.5% | >100 | $1.1M | 0.14 | USDC | Ethereum | Accountable |
| 18 | Salt Markets Alpha |  | 12.0% | 12.2% | 12.2% | >100 | $5.5M | 0.14 | USDC | Monad | Accountable |
| 19 | Barker H1 Vault |  | 11.6% | 14.4% | 14.4% | 7.93 | $43k | 0.11 | USDC | Hyperliquid | Barker |
| 20 | Axis Origin USDx |  | 11.6% | 9.1% | 9.1% | 8.94 | $26.4M | 0.16 | USDx | Ethereum | Upshift |
Lending vaults
Vaults that supply stablecoins to lending protocols such as Morpho and Euler, and earn the interest borrowers pay. See all lending vaults.
Real-world asset (RWA) vaults
Vaults that invest in, lend against or finance real-world assets, such as private credit, trade finance and royalties. See all RWA vaults.
Real-world asset vaults are a new category and may still contain misclassifications, as we are refining the different RWA categories.
| Vault | 3M history | 1M ann. | 3M ann. | Lifetime ann. | 3M Sharpe | TVL | Age (y) | Token | Chain | Protocol | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Atoma RWA |  | 8.1% | 30.4% | 30.4% | 8.91 | $194k | 0.20 | USDC | Arbitrum | Atoma |
| 2 | ALAR SailOut Royalty |  | 7.9% | -7.0% | 39.7% | -2.42 | $1.6M | 0.67 | USDe | Berachain | Liquid Royalty |
| 3 | Gami USDC |  | 7.6% | 7.3% | 8.3% | 37.50 | $8.9M | 0.89 | USDC | Ethereum | Lagoon Finance |
| 4 | 1212.Stable |  | 7.4% | 7.3% | 7.3% | 7.90 | $1.7M | 0.46 | USDC | Ethereum | Lagoon Finance |
| 5 | KPK USDC LiquidLane |  | 5.6% | 5.7% | 5.7% | >100 | $1.0M | 0.16 | USDC | Ethereum | Symbiotic |
| 6 | 3F x Steakhouse USDC |  | 4.4% | 4.7% | 3.8% | >100 | $15.9M | 0.69 | USDC | Ethereum | Morpho |
| 7 | Coinshift Conservative USPC |  | 2.9% | 2.4% | 5.0% | 18.25 | $7.5M | 0.41 | USDC | Ethereum | Lagoon Finance |
| 8 | YieldNest RWA MAX |  | 0.0% | 8.3% | 7.4% | 5.53 | $9.2M | 1.30 | USDC | Ethereum | YieldNest |
| 9 | Flint USD |  | -12.1% | 7.5% | 2.9% | 1.59 | $704k | 0.30 | USDC | Ethereum | Lagoon Finance |
| 10 | Frankencoin Shares | -40.7% | -40.7% | -40.7% | --- | $751k | 0.01 | ZCHF | Ethereum | Frankencoin |
Perpetual futures DEX vaults by return
Vaults on perpetual futures DEXes such as Hyperliquid, GRVT and Lighter, which are discretionary, directional algorithmic or market making vaults. See all perpetual futures vaults.
| Vault | 3M history | 1M ann. | 3M ann. | Lifetime ann. | 3M Sharpe | TVL | Age (y) | Token | Chain | Protocol | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | DOEZOE |  | >9,999% | 1,407.6% | 146.4% | 2.27 | $116k | 1.33 | USDC | Hypercore | Hyperliquid |
| 2 | Brob |  | >9,999% | >9,999% | >9,999% | 5.67 | $1.4M | 0.55 | USDC | Hypercore | Hyperliquid |
| 3 | Guinea Pool |  | >9,999% | 1,194.9% | 0.7% | 2.67 | $195k | 1.10 | USDC | Lighter | Lighter |
| 4 | BredoStrategy |  | >9,999% | 4,811.6% | 52.2% | 3.74 | $6.0M | 0.62 | USDC | Hypercore | Hyperliquid |
| 5 | Long LINK Short XRP |  | >9,999% | >9,999% | -98.1% | 3.43 | $2.8M | 1.19 | USDC | Hypercore | Hyperliquid |
| 6 | Portola Strategies |  | >9,999% | >9,999% | >9,999% | 5.72 | $215k | 0.06 | USDC | Hypercore | Hyperliquid |
| 7 | DailyTradeAI Low risk |  | 7,571.1% | 544.8% | -58.7% | 1.91 | $137k | 2.13 | USDC | Hypercore | Hyperliquid |
| 8 | CVTB |  | 4,903.8% | 160.1% | -71.0% | 1.40 | $229k | 0.52 | USDC | Hypercore | Hyperliquid |
| 9 | FLEXIBLE POOL |  | 3,579.2% | 5,609.0% | 115.5% | 4.34 | $116k | 0.95 | USDC | Lighter | Lighter |
| 10 | Enjoyooor V3 |  | 2,479.4% | 3,209.3% | 173.1% | 3.71 | $2.6M | 0.46 | USDC | Hypercore | Hyperliquid |
| 11 | korea wins again |  | 2,134.4% | -65.3% | -64.5% | -0.85 | $157k | 0.27 | USDC | Hypercore | Hyperliquid |
| 12 | Christ is King |  | 1,336.0% | 1,185.8% | 1,185.8% | 4.34 | $124k | 0.10 | USDC | Lighter | Lighter |
| 13 | Delta_01 |  | 1,281.5% | 304.5% | 131.1% | 2.96 | $916k | 2.09 | USDC | Hypercore | Hyperliquid |
| 14 | Fund Inception |  | 1,176.6% | 251.2% | -5.1% | 3.25 | $165k | 0.81 | USDC | Hypercore | Hyperliquid |
| 15 | Aquila Chrysaetos |  | 913.5% | 488.0% | 64.7% | 4.42 | $117k | 1.15 | USDC | Hypercore | Hyperliquid |
| 16 | Value token strategy |  | 911.8% | 1,467.0% | 156.0% | 3.88 | $335k | 0.63 | USDC | Hypercore | Hyperliquid |
| 17 | Jade Lotus Capital |  | 597.1% | 550.1% | 62.9% | 2.26 | $868k | 1.34 | USDC | Hypercore | Hyperliquid |
| 18 | Elsewhere |  | 573.5% | 366.8% | -13.6% | 2.54 | $681k | 2.23 | USDC | Hypercore | Hyperliquid |
| 19 | Bitcoin Moving Average Long/Short |  | 548.7% | -31.3% | -28.3% | -0.09 | $2.4M | 0.98 | USDC | Hypercore | Hyperliquid |
| 20 | BULBUL2DAO |  | 539.5% | -2.6% | 72.3% | 0.26 | $419k | 1.79 | USDC | Hypercore | Hyperliquid |
Perpetual futures DEX vaults by Sharpe ratio
The same vaults ranked by their three-month Sharpe ratio, the return per unit of volatility. The ranking rewards steady returns over high but volatile ones; see risk-adjusted return.
| Vault | 3M history | 1M ann. | 3M ann. | Lifetime ann. | 3M Sharpe | TVL | Age (y) | Token | Chain | Protocol | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Opportunistic Bundle |  | 10.7% | 10.8% | 10.2% | >100 | $1.0M | 0.33 | USDT | Grvt | GRVT |
| 2 | KangCFA |  | 8.9% | 8.7% | 8.5% | 39.98 | $1.9M | 0.71 | USDT | Grvt | GRVT |
| 3 | Grvt Liquidity Provider (GLP) |  | 10.5% | 10.8% | 14.2% | 31.00 | $13.5M | 0.93 | USDT | Grvt | GRVT |
| 4 | Fire Liquidity Provider |  | 21.2% | 21.6% | 31.5% | 14.58 | $2.0M | 0.36 | USDT | Hibachi | Hibachi |
| 5 | PF1 |  | 65.8% | 42.0% | 40.7% | 8.38 | $497k | 1.29 | USDC | Hypercore | Hyperliquid |
| 6 | Lighter Ethereum Liquidity Provider (LLP) |  | 13.9% | 17.4% | 111.2% | 7.65 | $83.4M | 1.69 | USDC | Lighter | Lighter |
| 7 | FuturAI Labs - High Sharpe, Low Volatility |  | 13.5% | 9.5% | 9.5% | 7.47 | $161k | 0.59 | USDC | Hypercore | Hyperliquid |
| 8 | Lighter Robinhood Liquidity Provider (LLP) |  | 255.3% | 1,650.5% | 1,459.3% | 7.40 | $2.0M | 0.25 | USDG | Lighter | Lighter |
| 9 | Stratwise Multi-Asset Public |  | 52.8% | 34.1% | 34.1% | 6.73 | $186k | 0.21 | USDC | Hypercore | Hyperliquid |
| 10 | Hyperliquidity Provider (HLP) |  | 3.8% | 3.5% | 32.9% | 5.92 | $183.0M | 3.39 | USDC | Hypercore | Hyperliquid |
| 11 | Protocol Vault |  | 7.3% | 4.6% | 10.7% | 5.82 | $8.6M | 1.31 | USDT | ApeX | ApeX |
| 12 | Portola Strategies | | >9,999% | >9,999% | >9,999% | 5.72 | $215k | 0.06 | USDC | Hypercore | Hyperliquid |
| 13 | Brob | | >9,999% | >9,999% | >9,999% | 5.67 | $1.4M | 0.55 | USDC | Hypercore | Hyperliquid |
| 14 | BTC vs ALTS and NEWS/DIPS |  | 0.0% | 0.0% | 84.2% | 5.35 | $409k | 0.97 | USDC | Lighter | Lighter |
| 15 | Candle Effect v2 |  | 51.5% | 26.2% | 44.8% | 4.50 | $116k | 0.33 | USDC | Lighter | Lighter |
| 16 | Aquila Chrysaetos | | 913.5% | 488.0% | 64.7% | 4.42 | $117k | 1.15 | USDC | Hypercore | Hyperliquid |
| 17 | Christ is King | | 1,336.0% | 1,185.8% | 1,185.8% | 4.34 | $124k | 0.10 | USDC | Lighter | Lighter |
| 18 | FLEXIBLE POOL | | 3,579.2% | 5,609.0% | 115.5% | 4.34 | $116k | 0.95 | USDC | Lighter | Lighter |
| 19 | Robonet - Allora Woodpecker |  | 8.7% | 22.4% | 31.8% | 4.28 | $100k | 0.25 | USDT | Hibachi | Hibachi |
| 20 | JizzJazz |  | 413.6% | 265.2% | 37.4% | 4.11 | $229k | 2.46 | USDC | Hypercore | Hyperliquid |
AMM pools
AMM liquidity pools, such as GMX GM and GLV pools and YieldBasis pools, earn trading fees, but their returns also move with the prices of the pooled crypto assets. See all AMM vaults.
| Vault | 3M history | 1M ann. | 3M ann. | Lifetime ann. | 3M Sharpe | TVL | Age (y) | Token | Chain | Protocol | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | GM UNI [UNI-USDC] |  | >9,999% | 1,388.2% | 39.7% | 4.05 | $1.1M | 3.01 | USDC | Arbitrum | GMX |
| 2 | GM AVAX [WAVAX-USDC] |  | 3,249.2% | 288.6% | 32.9% | 3.84 | $3.8M | 3.01 | USDC | Avalanche | GMX |
| 3 | GLV [WAVAX-USDC] |  | 2,913.1% | 332.7% | 4.0% | 4.05 | $1.0M | 1.99 | USDC | Avalanche | GMX |
| 4 | GM LINK [LINK-USDC] |  | 486.4% | 414.2% | 52.2% | 4.38 | $3.6M | 3.01 | USDC | Arbitrum | GMX |
| 5 | GM SOL [SOL-USDC] |  | 276.9% | 176.0% | 82.1% | 3.53 | $5.2M | 3.01 | USDC | Arbitrum | GMX |
| 6 | GM ETH [WETH-WETH] |  | 276.1% | 476.7% | -2.6% | 4.10 | $19.0M | 2.47 | USDC | Arbitrum | GMX |
| 7 | yb-LP WETH |  | 186.2% | 705.1% | 125.0% | 3.74 | $29.0M | 0.34 | USD | Ethereum | YieldBasis |
| 8 | GM BTC [WBTC-WBTC] |  | 160.8% | 226.8% | 11.9% | 3.43 | $10.1M | 2.47 | USDC | Arbitrum | GMX |
| 9 | yb-LP cbBTC |  | 153.5% | 323.5% | 31.3% | 4.02 | $29.8M | 0.34 | USD | Ethereum | YieldBasis |
| 10 | GM ETH [WETH-USDC] |  | 129.1% | 176.7% | 29.0% | 3.82 | $48.8M | 3.01 | USDC | Arbitrum | GMX |
| 11 | GM ETH [WETH.e-USDC] |  | 128.0% | 259.3% | 38.7% | 3.48 | $1.3M | 2.96 | USDC | Avalanche | GMX |
| 12 | GLV [WETH-USDC] |  | 121.6% | 177.7% | 18.3% | 3.87 | $15.1M | 2.07 | USDC | Arbitrum | GMX |
| 13 | GM XRP [WETH-USDC] |  | 115.9% | 135.5% | 24.9% | 3.53 | $4.5M | 2.99 | USDC | Arbitrum | GMX |
| 14 | yb-LP tBTC |  | 88.7% | 252.0% | 12.8% | 4.43 | $20.6M | 0.34 | USD | Ethereum | YieldBasis |
| 15 | yb-LP WBTC |  | 80.4% | 231.1% | 15.5% | 4.31 | $38.2M | 0.34 | USD | Ethereum | YieldBasis |
| 16 | GM BTC [WBTC-USDC] |  | 74.0% | 96.3% | 38.2% | 3.58 | $59.1M | 3.01 | USDC | Arbitrum | GMX |
| 17 | GM HYPE [WBTC-USDC] |  | 65.1% | 103.5% | 12.4% | 4.58 | $2.2M | 1.57 | USDC | Arbitrum | GMX |
| 18 | GLV [WBTC-USDC] |  | 57.7% | 104.7% | 24.1% | 3.86 | $12.5M | 2.05 | USDC | Arbitrum | GMX |
| 19 | GM ZEC [WBTC-USDC] |  | 55.4% | 102.2% | 20.8% | 2.41 | $2.3M | 0.77 | USDC | Arbitrum | GMX |
| 20 | GM BTC [BTC.b-USDC] |  | 43.0% | 95.3% | 48.4% | 3.51 | $1.1M | 3.01 | USDC | Avalanche | GMX |
Vaults on each chain
The best-performing vaults on each blockchain, for investors who stay on one chain. The blockchains page lists the vaults of every chain.
Tokenised funds
The tokenised funds with the best returns. Their yields follow money market, treasury and credit rates, and many are open only to qualified or institutional investors. See all tokenised funds.
Often there is no clear distinction between a vault and a tokenised fund. From the technical point of view, both use exactly the same smart contract technology with whitelisting. For the report, we define a project as a tokenised fund if we find evidence that it has self-declared as a tokenised fund.
Yield by chain and protocol
To better understand market competition between blockchains and protocols, we also compare projects by best returns, not just highest TVL.
In each chart, a small dot is a vault, and the large dot is the TVL-weighted average annualised three-month return, compared with the 3-month US Treasury bill as the risk-free rate.
Yield by protocol, high TVL
The largest vault protocols by TVL, which hold most of the stablecoin deposits. See all vault protocols.
Yield by protocol, high yield
The protocols paying the highest average yield. High yields usually come with higher risk, so check where the yield comes from before investing. The vault yield by protocol chart compares the yields of every protocol.
Yield by blockchain
Which blockchains pay the most on stablecoins. Browse the vaults of each chain on the blockchains page.
Risk and return
Higher returns usually come with higher volatility. Vaults above and to the left of the crowd offer better returns for their risk. The vault yield and risk chart compares the returns of all vaults with their risk ratings.
Vaults and tokenised funds TVL
How much money stablecoin vaults and tokenised funds hold, by protocol, blockchain and fund, over the last 12 months. The stablecoin TVL chart has the full history.
Stablecoin TVL by DeFi vault protocol
Where the stablecoins deposited in DeFi vaults are, by protocol, over the last 12 months. Tokenised funds are shown separately below. The live chart has the full history.
Stablecoin TVL by blockchain
The same deposits by the blockchain they are on. The live chart has the full history.
Stablecoin NAV by tokenised fund
Tokenised funds bring money market, treasury and credit funds onchain. The chart shows their net asset value (NAV) by fund over the last 12 months. See the tokenised funds page for the live data.
Inflows and outflows
Where the money moved: the vaults and blockchains whose total value locked grew or shrank the most over the last 30 days. A TVL change includes deposits, redemptions and the returns the vaults earned. Browse all vaults and their current TVL on the vaults page.
Inflows and outflows by vault
The vaults with the largest TVL increases and decreases, in dollars. The high TVL vaults page ranks the vaults with at least $2M TVL.
Inflows and outflows by blockchain
The net TVL change of all vaults on each blockchain, for the blockchains with the largest increases and decreases. The blockchains page shows the TVL of every chain.
Partners
We want to thank our partners Arbitrum DAO, Envio, dRPC, IPOR, Goldsky, IceCreamSwap, GRVT, Orderly Network, Lagoon Finance, Webacy and Quants Spaces for getting this report together.
Next steps
Visit our vaults page for real-time dashboards. If you have any questions, contact us on Discord, email or Twitter.