RWA & DeFi Vault Liquidity Stress-Test Results
Compare 36-month redemption-queue waits, DeFi unwind delays, and excess yield above US T-Bills across 32 vaults.
ONyc — OnRe ONyc (tokenised reinsurance)
Direct RWA Fund Reinsurance Solana Based on public docs, not verified by the issuer Data as of 2026-11-09Tokenised property and casualty reinsurance pool on Solana generating yield from collateralised insurance premiums.
See Monte Carlo Range, 4-Pillar Breakdown & Safe Borrowing Limits Exit Speed · Capital Stability · Liquidity · Crash Downside
36-Month Stock-Flow Stress Trajectories
1. Secondary Immediate-Exit Price vs. NAV ($)
Solid blue = Active trajectory · Dashed slate = Public baseline · Dotted = NAV.
2. Unpaid FIFO Redemption Queue ($M)
Redemptions queued behind a gate or asset settlement lag ($0M = par clearance).
3. Investor Total-Return Index ($1.00 Base)
Compounded per-unit NAV + distributions over 36 monthly periods.
Calibration Provenance & Flagged Assumptions
Every parameter is either extracted from public disclosures or flagged as an asset-class prior.
| Parameter | Configured Value | Evidence Status | Primary Source / Sensitivity Note | As Of |
|---|
Stress-Test Results — All 32 Vaults & Funds
Click any row to open its full liquidity stress summary. Tokenised US T-Bill funds are pinned first as the Risk-Free Reference.
| # | Vault / Issuer | Category | Liquidity Stress Score | Yield above T-Bills after risk | Normal → Crash APY | 30% Run Wait | Summary |
|---|---|---|---|---|---|---|---|
| Risk-Free Reference Tokenised US T-Bill & Sovereign Reserve Funds — Scored on the same Liquidity Stress basis (pinned reference band) | |||||||
| 1 | USTBRisk-Free ReferenceEthereumSolana | Direct RWA Fund | A+ · 99.6 | Risk-Free Reference US T-Bill baseline | 3.79% → 2.24% | 0 mo (Instant) | Inspect → |
| 2 | USDtbRisk-Free ReferenceEthereumArbitrumBase | Synthetic / Wrapper | A+ · 99.5 | Risk-Free Reference US T-Bill baseline | 2.95% → 1.71% | 0 mo (Instant) | Inspect → |
| 3 | BUIDLRisk-Free ReferenceEthereumSolanaArbitrumBase | Direct RWA Fund | A+ · 99.4 | Risk-Free Reference US T-Bill baseline | 3.76% → 2.20% | 0 mo (Instant) | Inspect → |
| 4 | JTRSYRisk-Free ReferenceEthereumBaseArbitrum4% Leveraged | Direct RWA Fund | A+ · 99.2 | Risk-Free Reference US T-Bill baseline | 2.98% → 1.74% | 0 mo (Instant) | Inspect → |
| 5 | USDYRisk-Free ReferenceEthereumSolanaArbitrum | Direct RWA Fund | A+ · 99.1 | Risk-Free Reference US T-Bill baseline | 3.74% → 2.19% | 0 mo (Instant) | Inspect → |
| 6 | wYLDSRisk-Free ReferenceSolanaEthereum | Direct RWA Fund | A+ · 99.1 | Risk-Free Reference US T-Bill baseline | 3.52% → 1.96% | 0 mo (Instant) | Inspect → |
| 7 | sUSDSRisk-Free ReferenceEthereumArbitrumBaseSolana8% Leveraged | Synthetic / Wrapper | A+ · 99.1 | Risk-Free Reference US T-Bill baseline | 2.61% → 1.53% | 0 mo (Instant) | Inspect → |
| 8 | SPARK-USDCRisk-Free ReferenceBaseEthereumArbitrum6% Leveraged | Curated Vault | A+ · 99.0 | Risk-Free Reference US T-Bill baseline | 3.35% → 2.18% | 0 mo (Instant) | Inspect → |
| 9 | wMRisk-Free ReferenceEthereumArbitrumSolana12% Leveraged | Synthetic / Wrapper | A+ · 98.9 | Risk-Free Reference US T-Bill baseline | 2.89% → 1.69% | 0 mo (Instant) | Inspect → |
| Yield Vaults & Wrappers Ranked by Liquidity Stress Score (safety & exit liquidity only; excess yield shown separately) | |||||||
| 10 | GROVE-USDCBaseEthereum18% Leveraged | Curated Vault | B+ · 75.3 | +0.13%/yr Beats T-Bills after risk | 4.69% → 2.40% | 1 mo wait (-0.08%) | Inspect → |
| 11 | GTUSDC-PBaseEthereum20% Leveraged | Curated Vault | B+ · 74.9 | +0.11%/yr Beats T-Bills after risk | 4.68% → 2.38% | 1 mo wait (-0.08%) | Inspect → |
| 12 | PSTSolanaEthereum7% Leveraged | Direct RWA Fund | B+ · 74.5 | +2.74%/yr Beats T-Bills after risk | 7.52% → 5.01% | 1 mo wait (-0.13%) | Inspect → |
| 13 | STEAK-USDGEthereumBase22% Leveraged | Curated Vault | B+ · 74.0 | +1.96%/yr Beats T-Bills after risk | 6.68% → 4.20% | 1 mo wait (-0.09%) | Inspect → |
| 14 | SEN-RLUSDEthereum24% Leveraged | Curated Vault | B+ · 73.6 | +1.00%/yr Beats T-Bills after risk | 5.67% → 3.23% | 1 mo wait (-0.08%) | Inspect → |
| 15 | SIRLOIN-USDCBaseEthereum26% Leveraged | Curated Vault | B+ · 72.4 | +0.62%/yr Beats T-Bills after risk | 5.30% → 2.79% | 1 mo wait (-0.10%) | Inspect → |
| 16 | SEN-PYUSDEthereum32% Leveraged | Curated Vault | B+ · 72.2 | +2.83%/yr Beats T-Bills after risk | 7.61% → 5.00% | 1 mo wait (-0.08%) | Inspect → |
| 17 | CETESSolana | Direct RWA Fund | B+ · 70.8 | -1.55%/yr Below required spread | 5.75% → 1.93% | 0 mo (Instant) | Inspect → |
| 18 | PRIMESolanaEthereum15% Leveraged | Direct RWA Fund | B+ · 69.9 | +0.96%/yr Beats T-Bills after risk | 5.81% → 2.97% | 1 mo wait (-0.13%) | Inspect → |
| 19 | AUTOSolana95% Leveraged | Direct RWA Fund | B · 69.4 | +4.21%/yr Beats T-Bills after risk | 9.35% → 5.76% | 0 mo (Instant) | Inspect → |
| 20 | reUSDEthereumSolanaBaseArbitrum3% Leveraged | Direct RWA Fund | B · 69.1 | +1.25%/yr Beats T-Bills after risk | 5.93% → 4.05% | 3 mo wait (-2.80%) | Inspect → |
| 21 | nOPALSolanaEthereum8% Leveraged | Direct RWA Fund | B · 68.6 | +4.75%/yr Beats T-Bills after risk | 9.84% → 6.40% | 1 mo wait (-0.12%) | Inspect → |
| 22 | sUSDeEthereumArbitrumBaseSolana35% Leveraged | Synthetic / Wrapper | B · 66.4 | +0.01%/yr Beats T-Bills after risk | 4.63% → 2.31% | 1 mo wait (-0.15%) | Inspect → |
| 23 | sUSDaiArbitrumSolana | Direct RWA Fund | B · 65.0 | +4.90%/yr Beats T-Bills after risk | 10.19% → 6.29% | 1 mo wait (-0.16%) | Inspect → |
| 24 | oTFYSolanaEthereum24% Leveraged | Direct RWA Fund | B · 64.0 | +3.68%/yr Beats T-Bills after risk | 8.77% → 5.87% | 1 mo wait (-0.29%) | Inspect → |
| 25 | syrupUSDCEthereumSolanaBase6% Leveraged | Curated Vault | B- · 60.0 | +0.31%/yr Beats T-Bills after risk | 5.28% → 2.09% | 1 mo wait (-0.09%) | Inspect → |
| 26 | USCCSolanaEthereum | Synthetic / Wrapper | B- · 59.8 | +2.60%/yr Beats T-Bills after risk | 7.11% → -0.45% | 0 mo (Instant) | Inspect → |
| 27 | HLSCOPEEthereumSolana | Direct RWA Fund | C · 59.8 | +0.84%/yr Beats T-Bills after risk | 5.69% → 3.00% | 4 mo wait (-2.65%) | Inspect → |
| 28 | ONycSolana56% Leveraged | Direct RWA Fund | C · 58.9 | +4.45%/yr Beats T-Bills after risk | 9.70% → 7.04% | 2 mo wait (-1.96%) | Inspect → |
| 29 | PT-siUSDEthereumArbitrum45% Leveraged | Synthetic / Wrapper | C · 56.6 | +4.08%/yr Beats T-Bills after risk | 9.07% → 6.08% | 2 mo wait (-1.54%) | Inspect → |
| 30 | thUSDEthereumArbitrumBase28% Leveraged | Synthetic / Wrapper | D · 52.8 | +1.38%/yr Beats T-Bills after risk | 6.30% → 3.44% | 2 mo wait (-1.98%) | Inspect → |
| 31 | bUSD0EthereumArbitrum42% Leveraged | Synthetic / Wrapper | D · 50.5 | -1.33%/yr Below required spread | 4.16% → -0.14% | 3 mo wait (-3.47%) | Inspect → |
| 32 | ACREDEthereumSolana | Direct RWA Fund | D · 49.9 | +1.84%/yr Beats T-Bills after risk | 7.82% → 5.37% | 17 mo wait (-8.25%) | Inspect → |
Compare All 32 Vaults Across 9 Crash Scenarios (32×9 Matrix) Normal · 30% Bank Run · Credit Loss · Asset Freeze · DeFi Unwind · Full Crisis
Custom Vault Liquidity Stress Simulator
Select an archetype preset or enter structural terms to run the 9-scenario 36-month stock-flow stress test in your browser.
Custom RWA Yield Vault
36-Month Stock-Flow & Queue-Clearing Liquidity Stress Methodology
Unlike trailing Sharpe ratios distorted by smoothed off-chain NAVs, every Stress-Test Result executes a 36-month period-by-period stock-flow and FIFO redemption-queue simulation across 9 macroeconomic and DeFi looping regimes with Monte Carlo parameter uncertainty. Headline Liquidity Stress Scores measure safety and exit liquidity only; excess yield is reported separately as Yield above T-Bills after risk.
1. Why Smoothed NAVs Conceal Exit-Queue & Looping Risk
10—until a 30% withdrawal wave hits a quarterly gate or 90-day asset settlement lag, queuing redemptions for 3 to 17 months or forcing an 8.25% secondary-market exit haircut.
40%–95% of a vault's supply is looped on Morpho, Kamino, or Aave against a static par oracle, a +250 bps borrow-rate spike forces 60% of levered positions to unwind within 30 days—colliding directly with the underlying asset's off-chain settlement pipeline.
98.9–99.6), while risk-adjusted carry is reported separately in Yield above T-Bills after risk.
2. Four Safety-Only Pillars (0–100) & Liquidity Stress Bands
In each of the 9 stress regimes, every vault is scored from 0 to 100 across four safety and exit-liquidity pillars (with zero reward for high nominal APY):
Pillar 1: Exit Speed & Cost (30%)
Inputs: FIFO queue wait, immediate secondary-market NAV discount, underlying settlement lag, and redemption gates.
Exponentially penalizes multi-month redemption waits, secondary exit haircuts, and structural quarterly/monthly gate caps.
Pillar 2: Capital Stability (25%)
Inputs: Peak 36-month total-return drawdown, NAV-per-token dip below par, and adverse credit/FX write-downs.
Penalizes principal drawdowns from borrower defaults, forced asset-sale haircuts, or non-USD sovereign FX depreciation.
Pillar 3: Liquidity Resilience (20%)
Inputs: Same-period Liquidity Coverage Ratio (cash buffer + credit line), peak unpaid queue/AUM, and DeFi looped share.
Rewards disclosed instant cash/T-bill buffers and penalizes thin buffers, synthetic wrapper layers, and high leverage concentration.
Pillar 4: Crash Downside (25%)
Inputs: Principal/forced-exit loss, negative crash carry (e.g., inverted perp funding), and fee drag under stress.
Basis and synthetic wrappers whose net APY turns negative during market crashes (e.g., USCC at -0.45% crash APY) receive a direct crash-downside penalty and cannot outrank tokenised US T-Bills.
0 mo wait ·
A+ (82–100) Minimal Stress Friction (≤ 2 mo run wait) ·
A (76–81.9) Strong Stress Resilience (≤ 2 mo wait) ·
B+ (69.5–75.9) Moderate Settlement Lag ·
B / B- (59.0–69.4) Moderate Exit Friction / Elevated Stress Sensitivity ·
C (54.0–58.9 or 4–5 mo queue) Elevated Queue / Unwind Risk ·
D (<54.0 or ≥ 6 mo queue / ≥ 5% exit discount) Severe Exit Lockup.
Letter bands summarize simulated liquidity stress only and are not regulated credit ratings.
3. Nine Stress-Weighted Simulation Regimes
| Scenario ID | Stress Regime Name | Stress Weight | 36-Month Stock-Flow Shock Specification |
|---|---|---|---|
baseline | 1. Calm Market (Baseline) | 10.0% | Stated gross yield, normal monthly subscriptions, 12%/yr baseline turnover, zero credit or run shocks. |
low_participation | 2. Low Inflows (-60% Subscriptions) | 5.0% | New investor subscriptions drop by 60% while organic redemptions increase by 25%, testing sponsor fee break-even. |
concentrated_withdrawals | 3. 30% Institutional Run (2-Mo Wave) | 20.0% | 30% of institutional capital tenders in Month 12 followed by a 15% second wave in Month 13; tests FIFO queue wait & secondary NAV discount. |
adverse_asset_return | 4. Credit Loss & Yield Shock | 15.0% | Gross portfolio yield compresses plus asset-class-specific credit/basis shocks and write-downs in Months 12 and 18. |
delayed_settlement | 5. Asset Settlement Freeze (+1–2 Mo Lag) | 12.0% | Underlying off-chain asset liquidation lag extends by +1 to +2 months and forced-sale liquidation haircuts widen by 25%–35%. |
reduced_external_liquidity | 6. Credit Line Cut (-70%) & Haircut | 8.0% | Standby liquidity facility capacity is cut by 70% while secondary-market required return spreads widen by +300 bps. |
combined_adverse | 7. Combined Crisis (Run + Credit + Freeze) | 15.0% | Simultaneous 30% institutional withdrawal wave, credit/basis shock, extended asset settlement lag, and 50% facility cut. |
reverse_stress_test | 8. Severe 50% Run (SLA Breaking Point) | 7.0% | 50% institutional withdrawal shock in Month 12 + 25% in Month 13, plus a 41-point grid search to find the exact shock % that breaches a 3-month queue. |
loop_unwind | 9. DeFi Looping Unwind (Morpho / Kamino) | 8.0% | DeFi borrow rates spike by +250 bps; 60% of the vault's looped collateral share unwinds in Month 12 and 20% in Month 13 while inflows fall 50%. |
4. Public Documentation Provenance & Issuer Corrections
Based on Public Docs (Not Issuer-Verified)
Parameters are compiled from public docs, rwa.xyz, DeFiLlama APIs, and on-chain supply (snapshot: 2026-11-09). No listed vault has endorsed or commercially sponsored these figures.
Estimated Priors for Undisclosed Terms
Where cash reserve buffers, loan-maturity ladders, or standby credit lines are not publicly disclosed, conservative asset-class priors are applied and explicitly flagged in each vault's provenance table.
Open Corrections & Vault Submissions
Protocol teams, curators, and researchers can submit primary documentation links or updated reserve/settlement figures using the form below so public model inputs stay accurate.
Correct our data / Submit your vault data
All figures above are modelled from public disclosures and have not been verified by issuers. If a reserve buffer, settlement cycle, or gate parameter for your vault is outdated—or you want to submit a vault's public documentation for testing—send us the details below.