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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%

7.80%

$50 M

WB USDC

WBTC.B · USDC

Arbitrum Arbitrum ▲4.3%

10.35%

$40 M

ETH

ETH

Arbitrum Arbitrum ▲5.0%

7.76%

$20 M

WB

WBTC.B

Arbitrum Arbitrum ▲0.7%

3.50%

$7 M

USDC

USDC

Arbitrum Arbitrum

6.64%

$5 M

AVAX USDC

AVAX · USDC

Avalanche Avalanche

9.44%

$5 M

ETH USDC

ETH · USDC

Arbitrum Arbitrum ▼10.4%

4.54%

$4 M

LINK USDC

LINK · USDC

Arbitrum Arbitrum ▲3.6%

7.44%

$4 M

SOL USDC

SOL · USDC

Arbitrum Arbitrum

11.95%

$4 M

WB USDC

WBTC.B · USDC

Arbitrum Arbitrum ▲1.4%

25.09%

$3 M

SOL JL

SOL · JLP

Solana Solana ▲5.8%

23.37%

$3 M

USDC

USDC

Base Base ▲2.3%

5.04%

$2 M

ETH USDC

ETH · USDC

Arbitrum Arbitrum ▲0.8%

2.61%

$2 M

ETH USDC

ETH · USDC

Arbitrum Arbitrum ▼7.2%

3.92%

$2 M

ETH USDC

ETH · USDC

Avalanche Avalanche ▲6.2%

6.99%

$2 M

JL USDC

JLP · USDC

Solana Solana ▲1.7%

16.76%

$2 M

ETH USDC

ETH · USDC

Arbitrum Arbitrum ▼2.3%

0.63%

$1 M

ETH USDC

ETH · USDC

Arbitrum Arbitrum ▲0.8%

2.30%

$1 M

ETH USDC

ETH · USDC

Arbitrum Arbitrum ▼1.3%

4.53%

$1 M

BTC USDC

BTC · USDC

Avalanche Avalanche ▲1.8%

8.14%

$1 M

WB USDC

WBTC.B · USDC

Arbitrum Arbitrum ▼6.0%

0.48%

$1 M

ETH USDC

ETH · USDC

Arbitrum Arbitrum ▲0.7%

1.93%

$1 M

WB USDC

WBTC.B · USDC

Arbitrum Arbitrum ▼1.6%

0.60%

$1 M

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

End of dossier · № 06 May 23, 2026