# Armitage Documentation

> Armitage is the specialized vault curation arm of Wintermute, delivering institutional-grade DeFi vaults backed by global liquidity infrastructure.
> This file contains the complete Armitage docs website in clean Markdown, optimized for LLM retrieval, summarization, and question answering.

LLM-friendly endpoints at armitage.wintermute.com:
- /llms.txt - Root alias for the compact docs index
- /llms-full.txt - Root alias for the full docs text
- /docs/llms.txt - Compact index of docs pages
- /docs/llms-full.txt - Full docs pages in clean Markdown

This file contains 9 pages from https://armitage.wintermute.com/docs, separated by linked page headings.

Pages are organized into these sections:
- **Get started** (3 pages): Welcome, About Armitage, How to deposit
- **Architecture** (1 page): Vault infrastructure
- **Vaults** (4 pages): Our vaults, Prime, Select, Apex
- **Operations** (1 page): Risks & Monitoring

Quick navigation:
- New to Armitage? -> "About Armitage"
- Depositing USDC? -> "How to deposit"
- Understanding the vault architecture? -> "Vault infrastructure"
- Comparing vault tiers? -> "Our vaults", "Prime", "Select", and "Apex"
- Reviewing depositor risks? -> "Risks & Monitoring"

# --- Get started ---

## [Welcome](https://armitage.wintermute.com/docs)

> Armitage is the specialized vault curation arm of Wintermute, delivering institutional-grade DeFi vaults backed by global liquidity infrastructure.

## Start here

### Read first: About Armitage

Background, philosophy, and the four curation principles that guide every
vault decision.

[Read about us](https://armitage.wintermute.com/docs/about)

### Interact: Deposit guide

Step-by-step walkthrough for depositing assets into the Armitage vaults on
Morpho.

[Open guide](https://armitage.wintermute.com/docs/deposit-guide)

### Learn: Vault infrastructure

How Armitage uses Morpho Vault V2: isolated markets, role-based access,
dashboard transparency.

[Inspect architecture](https://armitage.wintermute.com/docs/vault-infrastructure)

### Review: Risks & Monitoring

The five risk categories every depositor is exposed to, and how Armitage
mitigates and monitors them.

[Acknowledge risks](https://armitage.wintermute.com/docs/risks-and-monitoring)

## Vault tiers

Three tiers, one curator, distinct risk-yield envelopes.

### Live: Prime

Conservative tier focused on blue-chip collateral and capital preservation.

[Inspect Prime](https://armitage.wintermute.com/docs/vaults/prime)

### Live: Select

Balanced tier: blue-chip prime augmented with vetted higher-yield
opportunities.

[Inspect Select](https://armitage.wintermute.com/docs/vaults/select)

### Planned: Apex

Reserved for the most aggressive risk-yield envelope. Currently a tier
definition, not yet deployed.

[Read tier spec](https://armitage.wintermute.com/docs/vaults/apex)

## [About Armitage](https://armitage.wintermute.com/docs/about)

> The specialized curation arm of Wintermute, translating proprietary trading expertise into institutional-grade DeFi vaults.

## Background

[Wintermute](https://www.wintermute.com) is a global leading algorithmic trading firm in digital assets. Founded in 2017, we have operated through multiple market cycles, consistently providing liquidity across both centralized and decentralized venues. Today Wintermute trades over **$10 billion in daily volume across 70+ venues**.

Our DeFi roots run deep. We were among the earliest institutional participants on platforms like dYdX and have long been active liquidity providers across onchain venues. We co-incubated [Wildcat Protocol](https://wildcat.finance), a decentralized onchain credit facility built specifically for institutional borrowers, as a reflection of our conviction that transparent, onchain credit is foundational to a more efficient DeFi ecosystem.

Armitage by Wintermute vaults represent our first foray into structured vault curation, starting with Morpho. Our vaults serve that same role: a structured product layer that brings Wintermute's trading expertise and onchain credit activity directly to passive depositors.

## What Armitage does

Armitage operates as a vault curator. We provide the infrastructure, expertise, and operational rigor required to deploy and maintain DeFi vaults at institutional standards.

The vaults are permissionless and non-custodial. Anyone can deposit or withdraw without our approval, and depositors retain full custody through the underlying protocol's smart contracts.

As a curator, we handle:

- Selecting which strategies a vault allocates to
- Rebalancing vault allocations to optimize risk-adjusted returns
- Monitoring vault health and protocol risk continuously
- Applying our risk framework as market conditions evolve
- Ensuring sufficient liquidity for depositor exits

## How our vaults work

We're starting with Morpho, where our model works as follows:

- **Deposit & Shares**
  Anyone can deposit into our vaults. Depositors receive tokenized vault shares that accumulate yield as the vault generates returns.
- **Allocation across markets**
  Based on the vault tier, we deploy capital across multiple Morpho lending markets. Examples include existing markets with collateral like cbBTC, or newly created with a tokenized loan on Wildcat.
- **Active rebalancing**
  We continuously adjust allocations based on changing risk conditions, liquidity depth, and yield opportunities. Our rebalancing is informed by real-time market data from Wintermute's trading operations.
- **Permissionless exit**
  Depositors can withdraw at any time, subject to available liquidity in the underlying markets. There are no lock-ups, although during periods of high market utilization, withdrawal liquidity may be temporarily constrained; see the [Risks & Monitoring](https://armitage.wintermute.com/docs/risks-and-monitoring) section.

## The Armitage philosophy

Vault curation is maturing quickly, with a growing set of curators staking out edges in advisory expertise or TradFi distribution. Armitage occupies a different space entirely because we don't just "score" risk; we manage it through active execution and the synergy with our core business.

## Core curation principles

### Principle 01: End-to-end risk execution

Wintermute can execute liquidations for every market we support. We do not
rely on third-party liquidators to appear when positions need to be unwound.
This lets us safely support collateral types that other curators cannot,
expanding the yield opportunity set without compromising depositor
protection.

### Principle 02: Trading-informed risk management

Wintermute processes $10B+ in daily trading volume across 70+ venues. That
operational scale gives us direct visibility into market regimes, liquidity
conditions, and stress events in real time. Vault allocation and rebalancing
decisions are informed by live market data, not solely by onchain metrics.

### Principle 03: Institutional credibility with DeFi depth

Wintermute has been a counterparty to major exchanges, protocols, and
institutions since 2017. We have operated at scale across both CeFi and DeFi
through multiple market cycles. The curator managing depositor capital is a
firm that institutions already rely on, with a deep DeFi track record to
match.

### Principle 04: Multi-chain capability

Wintermute already operates across 10+ chains. We can expand vault curation
to new chains as opportunities arise and intend to grow the Armitage Vault
offering over time, subject to available yield sources and borrowing demand
to provide target APYs to depositors.

## [How to deposit](https://armitage.wintermute.com/docs/deposit-guide)

> Walkthrough for depositing USDC into the Armitage vaults on Morpho.

Armitage vaults are currently deployed on [Morpho](https://app.morpho.org). Deposits are permissionless and noncustodial: you connect your wallet directly to Morpho, and your USDC moves inside the Morpho V2 vault's smart contracts.

## Before you deposit

> Every vault is exposed to smart contract, collateral, oracle, liquidity, and bad-debt risks. Review the [Risks & Monitoring](https://armitage.wintermute.com/docs/risks-and-monitoring) page before depositing.

## Steps

### 1. Pick a tier

Choose between [Prime](https://armitage.wintermute.com/docs/vaults/prime) (conservative) or
[Select](https://armitage.wintermute.com/docs/vaults/select) (balanced) based on your risk tolerance.

### 2. Connect your wallet

Open the vault page on Morpho and connect any EVM wallet (MetaMask, Rabby,
hardware wallets via WalletConnect).

### 3. Approve & deposit USDC

Approve the vault contract for USDC, then deposit. Yield begins accruing
immediately and compounds inside the vault.

## Direct vault links

- **Prime**: [app.morpho.org → Wintermute USDC Prime](https://app.morpho.org/ethereum/vault/0x5dc53a23AdC9f2Bed98de6F59F7F309a7c71FF2B)
- **Select**: [app.morpho.org → Wintermute USDC Select](https://app.morpho.org/ethereum/vault/0xA2EAaD0D586cF9FD73bb2c09cF6A7E3e187D68cd)

Alternatively, search for **"Armitage by Wintermute"** on Morpho's curator directory.

[Open Morpho](https://app.morpho.org/ethereum/curator/armitage)

[Compare vaults](https://armitage.wintermute.com/docs/vaults)

## Withdrawals

Both deployed vaults have a **Force Deallocate Penalty of 0%**, so large withdrawals carry no penalty. During periods of high market utilization, withdrawal liquidity may be temporarily constrained; see the [risk categories](https://armitage.wintermute.com/docs/risks-and-monitoring#risk-categories) section.

## Fees

There are no deposit or withdrawal fees on the deployed Armitage vaults. Performance and management fees are both currently set to **0%**. Morpho doesn't take any fees as well.

# --- Architecture ---

## [Vault infrastructure](https://armitage.wintermute.com/docs/vault-infrastructure)

> How Armitage uses Morpho Vault V2: isolated markets, role-based access, and dashboard transparency.

Currently, we utilize [Morpho](https://docs.morpho.org/learn/concepts/vault-v2/) as an infrastructure provider for our vaults. Morpho's design centers on two main structures:

## Primitive: Isolated markets

Each market is defined by a collateral asset, a loan asset, an oracle, and a
Liquidation LTV (LLTV).

## Aggregator: Vaults

Vaults aggregate user deposits and allocate them across multiple markets
according to the curator's strategy.

## Why this separation matters

This separation is what allows curators to develop custom strategies, fitted to different risk and yield profiles, by selecting specific lending markets to allocate to. It provides Armitage with granular control over the vault's risk profile and yield generation sources, including:

- **Blue-chip crypto markets**: established collateral, deep liquidity, well-understood liquidation mechanics.
- **Pendle PT markets**: fixed-yield exposure with looping opportunities.
- **Yield-bearing assets**: liquid staking and other assets that generate yield.
- **Exotic RWA markets**: tokenized real-world assets, money market instruments.

## Role-based access control

Beyond exposure control, Morpho Vault V2 introduces role separation, which lets us split responsibilities across different wallet infrastructure providers, giving each role a different degree of safety and flexibility.

| Role          | Responsibility                                                              |
| ------------- | --------------------------------------------------------------------------- |
| **Owner**     | Sets the vault's high-level configuration and timelocks.                    |
| **Curator**   | Strategy authority: proposes market additions, caps, and allocation policy. |
| **Allocator** | Operational authority: executes rebalancing inside the curator's policy.    |
| **Sentinel**  | Emergency authority: can derisk distressed markets without delay if needed. |

## Transparency

Morpho exposes every vault's current allocation, role assignments, timelocks, and proposed changes through its dashboard. The Armitage vault state is observable at any time on Morpho's UI.

Our existing vaults utilize [Morpho's Vault V2 infrastructure](https://docs.morpho.org/learn/concepts/vault-v2/).

# --- Vaults ---

## [Our vaults](https://armitage.wintermute.com/docs/vaults)

> Three vault tiers (Prime, Select, and Apex), each designed for a distinct risk-yield profile.

We offer three vault tiers, each designed for a distinct risk-yield profile. They give depositors flexibility to choose the vault that matches their risk tolerance the best.

## Live: Prime

Conservative tier designed for depositors prioritizing capital preservation
over return maximization. Focused exclusively on blue-chip crypto collateral
markets.

[Inspect Prime →](https://armitage.wintermute.com/docs/vaults/prime)

## Live: Select

Balanced tier designed for depositors with higher risk tolerance, with
selected higher-yield opportunities mixed with blue-chip crypto collateral
markets.

[Inspect Select →](https://armitage.wintermute.com/docs/vaults/select)

## Planned: Apex

Highest tier tailored for sophisticated depositors, who seek maximum yield,
with highest risk tolerance. Pendle PTs, novel yield-bearing assets, exotic
RWA markets will be used exclusively as collateral.

[Read tier spec →](https://armitage.wintermute.com/docs/vaults/apex)

## Status

As of now, the deployed vaults are **Prime** and **Select**, both using Morpho Vault V2 with Morpho Blue markets and sharing the risk monitoring and operational infrastructure.

## [Prime](https://armitage.wintermute.com/docs/vaults/prime)

> Conservative tier built on blue-chip Morpho markets, capital preservation first.

Live · Ethereum

Our Prime vaults consist of existing blue-chip high-TVL markets on Morpho, providing yield with conservative risk exposure. It targets conservative profiles prioritizing capital preservation, exclusively blue-chip collateral with deep liquidity and well-understood risk parameters.

The Prime tier is currently represented by the Wintermute USDC Prime vault on Ethereum.

- **Target APY**: 4–5% (Per market conditions)
- **Fees**: 0% (No charge)
- **Asset**: USDC (ERC-20 stablecoin)
- **Chain**: Ethereum (Mainnet)

[Deposit on Morpho](https://app.morpho.org/ethereum/vault/0x5dc53a23AdC9f2Bed98de6F59F7F309a7c71FF2B)

[Review risks](https://armitage.wintermute.com/docs/risks-and-monitoring)

## Deployment details

| Field                    | Value                                                                                        |
| ------------------------ | -------------------------------------------------------------------------------------------- |
| Chain                    | Ethereum                                                                                     |
| Asset                    | [USDC](https://etherscan.io/address/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48)              |
| Vault infrastructure     | Morpho Vault V2                                                                              |
| Target APY               | 4–5% (correlated to market conditions)                                                       |
| Performance fee          | 0%                                                                                           |
| Management fee           | 0%                                                                                           |
| Force deallocate penalty | 0% (better UX for larger withdrawals)                                                        |
| Deployment address       | `0x5dc53a23AdC9f2Bed98de6F59F7F309a7c71FF2B`                                                 |
| Owner                    | [Safe Multisig 4/6](https://etherscan.io/address/0xb83a77677c51aaf6c45b0b64199eae6938559e5e) |
| Curator                  | [Safe Multisig 3/5](https://etherscan.io/address/0x4687e45bb5518a995913a24bb2816fe2031d74d8) |

## Markets

Prime allocates exclusively to blue-chip Morpho markets:

| Market                                                                                                                     | LLTV |
| -------------------------------------------------------------------------------------------------------------------------- | ---- |
| [cbBTC / USDC](https://app.morpho.org/ethereum/market/0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64)  | 86%  |
| [wstETH / USDC](https://app.morpho.org/ethereum/market/0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc) | 86%  |
| [WBTC / USDC](https://app.morpho.org/ethereum/market/0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49)   | 86%  |

## Timelocks

Timelocks for specific functions follow [Morpho's requirements](https://docs.morpho.org/get-started/resources/app-ecosystem#vault-v2-timelock-requirements). Critical changes (e.g. the addition of a new market) are delayed by **at least 3 days** before execution. More critical actions are delayed by **7 days**. The exact timelock specifications are visible on the Morpho UI alongside other technical specifics.

> Prime only enters markets with established collateral and deep liquidity. New market additions are subject to Armitage's full due diligence process, see [Risks & Monitoring](https://armitage.wintermute.com/docs/risks-and-monitoring).

## [Select](https://armitage.wintermute.com/docs/vaults/select)

> Balanced tier with blue-chip markets plus selected higher-yield opportunities.

Live · Ethereum

Our Select vaults consist of existing blue-chip high-TVL markets on Morpho, expanded by a few select higher-yield opportunities. It provides higher yield compared to Prime while maintaining balanced risk exposure. Our borrowing activity on Wildcat, where we have established credit lines in USDC, USDT, WETH, cbBTC, and WBTC, provides a natural pipeline for scaling this tier.

The Select tier is currently represented by the Wintermute USDC Select vault on Ethereum.

- **Target APY**: 5–8% (Per market conditions)
- **Fees**: 0% (No charge)
- **Asset**: USDC (ERC-20 stablecoin)
- **Chain**: Ethereum (Mainnet)

[Deposit on Morpho](https://app.morpho.org/ethereum/vault/0xA2EAaD0D586cF9FD73bb2c09cF6A7E3e187D68cd)

[Review risks](https://armitage.wintermute.com/docs/risks-and-monitoring)

## Deployment details

| Field                    | Value                                                                                        |
| ------------------------ | -------------------------------------------------------------------------------------------- |
| Chain                    | Ethereum                                                                                     |
| Asset                    | [USDC](https://etherscan.io/address/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48)              |
| Vault infrastructure     | Morpho Vault V2                                                                              |
| Target APY               | 5–8% (correlated to market conditions)                                                       |
| Performance fee          | 0%                                                                                           |
| Management fee           | 0%                                                                                           |
| Force deallocate penalty | 0% (better UX for larger withdrawals)                                                        |
| Deployment address       | `0xA2EAaD0D586cF9FD73bb2c09cF6A7E3e187D68cd`                                                 |
| Owner                    | [Safe Multisig 4/6](https://etherscan.io/address/0xb83a77677c51aaf6c45b0b64199eae6938559e5e) |
| Curator                  | [Safe Multisig 3/5](https://etherscan.io/address/0x4687e45bb5518a995913a24bb2816fe2031d74d8) |

## Markets

Select allocates across blue-chip markets and a small set of vetted higher-yield opportunities:

| Market                                                                                                                                       | LLTV |
| -------------------------------------------------------------------------------------------------------------------------------------------- | ---- |
| [cbBTC / USDC](https://app.morpho.org/ethereum/market/0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64)                    | 86%  |
| [wstETH / USDC](https://app.morpho.org/ethereum/market/0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc)                   | 86%  |
| [WBTC / USDC](https://app.morpho.org/ethereum/market/0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49)                     | 86%  |
| [stUSDS / USDC](https://app.morpho.org/ethereum/market/0xd570c19c0dc0fbe4ab7faf4a37c4150e1c141c8aada8ca3e1b4b6c1b712af93d/stusds-usdc)       | 86%  |
| [v-wmtUSDC / USDC](https://app.morpho.org/ethereum/market/0x1d09bf979a167075f5608686642fd3cdb458de742a234175892fa03f23693f6b/v-wmtusdc-usdc) | 86%  |

## Timelocks

Timelocks for specific functions follow [Morpho's requirements](https://docs.morpho.org/get-started/resources/app-ecosystem#vault-v2-timelock-requirements). Critical changes (e.g. the addition of a new market) are delayed by **at least 3 days** before execution. More critical actions are delayed by **7 days**. Exact timelock specifications are visible on the Morpho UI alongside other technical specifics.

> Select includes Pendle PT markets and other higher-LLTV positions. Review the full [Risks & Monitoring](https://armitage.wintermute.com/docs/risks-and-monitoring) page before depositing.

## [Apex](https://armitage.wintermute.com/docs/vaults/apex)

> Highest tier for the most aggressive risk-yield envelope.

Planned · Not yet deployed

Apex is the highest-risk tier in the Armitage vault offering. It is currently a tier definition: no Apex vault has been deployed yet.

## Intended profile

Apex will consist exclusively of high-yield opportunities, tailored for maximum yield. Examples of the kind of markets Apex would target:

- **Pendle PT markets**: fixed-yield exposure with looping opportunities.
- **Yield-bearing assets**: liquid staking and other assets that generate yield.
- **Exotic RWA markets**: tokenized real-world assets, money market instruments.

This tier is suitable only for **sophisticated depositors with high risk tolerance**.

> The Apex vault has not been deployed. Depositors looking for live exposure should use [Prime](https://armitage.wintermute.com/docs/vaults/Prime) or [Select](https://armitage.wintermute.com/docs/vaults/select).

## When Apex launches

When Apex is deployed, this page will be updated with full deployment details (chain, asset, target APY, market allocation, timelocks, and ownership) in the same format as the [Prime](https://armitage.wintermute.com/docs/vaults/prime) and [Select](https://armitage.wintermute.com/docs/vaults/select) pages.

# --- Operations ---

## [Risks & Monitoring](https://armitage.wintermute.com/docs/risks-and-monitoring)

> The five risk categories every depositor is exposed to, and how Armitage mitigates and monitors them.

> Every Armitage vault depositor is exposed to the following categories of risk. Partial or full loss of funds is possible. Review each category (and how we mitigate it) before allocating capital.

## Risk categories

### Smart contract risks

Each depositor is exposed to the smart contract infrastructure used by the
underlying protocols. The primary entrypoint is Morpho, but the risk extends
to every market used (including collateral and oracle dependencies). As part
of our due diligence we assess security audits of every protocol we touch
and implement mitigation techniques (detailed below). However, the depositor
could still be subject to partial or full loss of funds.

### Collateral asset risks

Each collateral asset in the allocation basket introduces a new set of
dependencies, including smart contracts, governance and economic risk,
independent of Morpho. Beyond onchain infrastructure there is also an
off-chain factor, e.g. custodian solvency for tokenized RWAs. Combined,
these risks could lead to a collateral asset losing its value (e.g. if the
underlying asset depreciates). The depositor's exact loss depends on the
liquidatable amount of the collateral and the vault's allocation to the
exposed market, and could lead to partial or full loss of funds.

### Oracle risks

Aside from collateral, each market is defined by its **oracle**, which
determines the value that can be borrowed and triggers liquidation. Risks
arise from price that differs from or lags reality (e.g. tokenized assets
with self-reported reserves during a rapid drawdown), or from oracle
malfunction (which can prevent interaction with the market). As with
collateral risks, oracle failure can lead to partial or full loss of funds
depending on the vault's allocation to the market and accrued losses.

### Liquidity & contagion risks

Even when the vault is not directly exposed to a distressed asset, contagion
risk remains. It arises from assets adjacent to the affected one or from
generic market panic, and usually leads to high market utilization, leaving
depositors unable to withdraw promptly. Prolonged periods of high
utilization can also increase liquidation activity. In such cases,
depositors may face an inability to exit the vault quickly.

### Bad debt risks

Bad debt arises when a borrower's debt exceeds the liquidatable amount of
their collateral. It can occur in cases of extreme volatility or when a
collateral oracle lags real asset valuation. High-LLTV markets and markets
with low-liquidity collateral are at higher risk, though severe volatility
can affect low-LLTV blue-chip markets as well. In a bad-debt event,
depositors face partial or full loss of funds depending on the bad-debt
amount and the vault's allocation to the affected market.

## How we mitigate and monitor

Our risk monitoring philosophy is centered on **maximum control over the exposure carried by every vault**. It splits into two parts: an initial onboarding process, and continuous monitoring of the asset after onboarding.

### Initial onboarding

The onboarding process starts with uncovering the core dependencies of a market.

#### Check 01: Oracle setup

How well the oracle reflects the liquidatable value of the asset, its
security model, and its reliability under stress.

#### Check 02: Collateral asset

Analysis of the asset's core dependencies and any underlying assets that
affect its valuation; liquidatability; and any off-chain assumption
components.

#### Check 03: Market state

Health of existing borrower positions and liquidation clusters.

Our due diligence process helps, to a certain extent, minimize smart contract, collateral asset and oracle risk, while liquidity and bad debt risks are managed through ongoing monitoring and structural defenses (allocation strategy, caps, LLTV selection based on the tier's risk profile).

### Continuous monitoring

If an asset clears due diligence, we then continuously monitor its health, dependencies, and other relevant metrics through two pillars:

#### Pillar 01: Hypernative

Automated exploit detection used as a security-first signal. Triggers prompt
deallocation from affected markets in the event of an asset or dependency
exploit, mitigating depositor risk.

#### Pillar 02: Internal risk engine

Internal monitoring focused on a complementary set of metrics, including
indicators that can reflect an exploit (e.g. severe divergence between
reserves and total supply, or rapid changes in either). Triggers feed into
internal review and/or automated action.

Each pillar is focused on **minimizing depositor losses when an exploit or economic risk materializes**, by reacting and deallocating the vault's assets from the affected market. Together they combine real-time detection of materializing events with early-warning signals on developing risks, with the goal of acting before losses are realized when possible, and minimizing them when they cannot be prevented.