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№ 06 The 2026 Yield Dossier

A standing dispatch on

Perp Vault Yield

Best reward rate today

25.21%

7-day trace

drift-staked-sol - DSOL

Capital

$400 M

Operators

4

Chains

4

№ 01

The opportunity

Perp vault yield is a different animal. Hyperliquid (HLP), Jupiter (JLP), GMX (GLP/GM) and dYdX all run perpetual-futures exchanges where traders bet on price with leverage. Each exchange has a backstop vault — you deposit USDC or a token basket, and you earn the trading fees + funding-rate spread + most of the time, the net PnL of the traders losing money to the house. Headline APYs are often the highest in DeFi (20–80%) because trading fees compound aggressively.

№ 02

The roster

24 · by capital
DS

DSOL

Solana Solana

6.48%

$200 M

ETH USDC

ETH · USDC

Arbitrum Arbitrum ▲1.0%

7.79%

$50 M

WB USDC

WBTC.B · USDC

Arbitrum Arbitrum ▲4.8%

10.43%

$40 M

ETH

ETH

Arbitrum Arbitrum ▲4.6%

7.42%

$20 M

WB

WBTC.B

Arbitrum Arbitrum ▲0.6%

3.46%

$7 M

USDC

USDC

Arbitrum Arbitrum

6.66%

$5 M

AVAX USDC

AVAX · USDC

Avalanche Avalanche

9.32%

$5 M

ETH USDC

ETH · USDC

Arbitrum Arbitrum ▼10.3%

4.64%

$4 M

LINK USDC

LINK · USDC

Arbitrum Arbitrum ▲3.5%

7.38%

$4 M

SOL USDC

SOL · USDC

Arbitrum Arbitrum

12.00%

$4 M

WB USDC

WBTC.B · USDC

Arbitrum Arbitrum ▲1.7%

25.21%

$3 M

SOL JL

SOL · JLP

Solana Solana ▲5.3%

22.71%

$3 M

USDC

USDC

Base Base ▲2.2%

5.01%

$2 M

ETH USDC

ETH · USDC

Arbitrum Arbitrum ▲0.8%

2.62%

$2 M

ETH USDC

ETH · USDC

Arbitrum Arbitrum ▼7.5%

3.71%

$2 M

ETH USDC

ETH · USDC

Avalanche Avalanche ▲6.2%

7.04%

$2 M

JL USDC

JLP · USDC

Solana Solana ▲1.9%

16.58%

$2 M

ETH USDC

ETH · USDC

Arbitrum Arbitrum ▼2.3%

0.63%

$1 M

ETH USDC

ETH · USDC

Arbitrum Arbitrum ▲0.9%

2.30%

$1 M

ETH USDC

ETH · USDC

Arbitrum Arbitrum ▼1.3%

4.44%

$1 M

BTC USDC

BTC · USDC

Avalanche Avalanche ▲1.8%

8.19%

$1 M

WB USDC

WBTC.B · USDC

Arbitrum Arbitrum ▼6.0%

0.48%

$1 M

ETH USDC

ETH · USDC

Arbitrum Arbitrum ▲0.7%

1.96%

$1 M

WB USDC

WBTC.B · USDC

Arbitrum Arbitrum ▼1.6%

0.51%

$1 M

Refreshed hourly · pre-fee · check each pool for risk notes

End of dossier · № 06 May 23, 2026