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CuratorWatch
Wintermute is a London-based algorithmic trading firm and crypto market maker that provides liquidity across centralized and decentralized markets and curates DeFi lending vaults through its Armitage product on Morpho.
Strong across credit, technical, and operational risk
New curator — short on-chain track record. This grade leans on structure and peers more than realized history, so expect it to be volatile and move as the book seasons.
Loss axis only (yield/fees excluded). Curator-level Expected Loss, TVL-weighted across the live book. v1 (curatorwatch-risk-methodology-v1.md), schema 1.0.0 · model 4b840ab · updated 2026-07-06.
Daily closing AUM from CuratorWatch snapshots — hover for any day. History begins when tracking began, not at the curator’s inception.
| Deal | |||||||
|---|---|---|---|---|---|---|---|
| Wintermute USDC Select | USDC | morpho | A | $33.74M | 4.31% | 0% | — |
| Wintermute USDC Prime | USDC | morpho | A+ | $22.56M | 3.40% | 0% | — |
EL grade is the vault’s Expected-Loss rating from CuratorWatch’s loss-anchored model — the annual loss an LP should expect (probability of loss × severity), graded A+ (lowest expected loss) through E. Hover a grade for the modeled bps/yr and confidence interval; “—” means not yet rated. Deal links open the deposit flow for vaults this curator currently offers through Turtle, with TVL and APR pulled live from the opportunity.
Healthy liquidations repay lenders in full; bad debt is the loss signal. Full event detail lives in the Liquidations lens.
Deposit of $3.50M (14.5% of vault TVL) into Wintermute USDC Prime.
Deposit of $4.14M (11.3% of vault TVL) into Wintermute USDC Select.
Vault went live with $30.42M in initial deposits.
Vault went live with $20.26M in initial deposits.
TVL grew 100.0% in 24h ($250.0k → $500.0k). Strong capital inflow.
TVL grew 100.0% in 24h ($250.0k → $500.0k). Strong capital inflow.
TVL grew 150.0% in 24h ($100.0k → $250.0k). Strong capital inflow.
TVL grew 150.0% in 24h ($100.0k → $250.0k). Strong capital inflow.
Users with positions across multiple vaults