Share price method
Every yield-bearing vault issues shares that represent a depositor’s proportional stake. As the vault earns yield, the total value it holds grows relative to the number of shares outstanding, so each share becomes worth more. Vaults.fyi reads these values directly from on-chain contracts hourly and derives APY from the change in share price over the chosen window. The share price at any point in time is:APY formulas
For vaults that compound automatically, Vaults.fyi uses the compounding formula:time is the length of the window in seconds and year is the number of seconds in a year (31,536,000).
Why trailing averages, not spot rates
A spot rate captures yield at a single instant, which can be skewed by temporary liquidity events, large deposits or withdrawals, or the timing of reward distributions. Trailing averages over 1d, 7d, and 30d give you a more stable picture of what a vault actually returned across different time horizons.The 1-day APY is the most responsive to recent changes. The 30-day APY is the most stable but slower to reflect strategy shifts. Use the window that matches your use case.
Adjusting for TVL fluctuations
When a vault’s total value locked (TVL) changes significantly within a window, a simple average overstates or understates yield. Vaults.fyi applies a TVL-weighted average to correct for this. Each observation is weighted by the minimum TVL between two consecutive data points — a conservative approach that avoids inflating yield during periods of large inflows:This weighting matters most for newer vaults or vaults that experience sudden large deposits, where TVL can swing by orders of magnitude within a single measurement window.
Reward token APY
Some vaults distribute yield in a token that is different from the deposit asset. Vaults.fyi accounts for reward tokens separately and adds them to the base vault APY. To calculate reward APY over a given window:- Compute the number of reward tokens distributed per deposited token over the period, using a TVL-weighted average of the emission rate.
- Calculate the time-weighted average price ratio between the reward token and the deposit asset (Price In Token, or PIT).
- Convert the accumulated reward value into deposit-asset terms using that ratio.
- Compare the converted value to the initial deposit to derive APY.
The apyComposite field
The API returns an apyComposite object that breaks APY into two components:
| Field | Description |
|---|---|
totalApy | The fully compounded APY, combining the vault’s own yield with any underlying protocol yield (e.g., a vault built on top of an LST). |
intrinsicApy | The staking or protocol-level yield from the underlying asset alone, before the vault strategy adds its own return. |
Why does Vaults.fyi APY differ from what a protocol reports?
Why does Vaults.fyi APY differ from what a protocol reports?
Protocol UIs often display forward-looking or instantaneous rates based on the current supply/borrow utilization model. Vaults.fyi reports trailing realized APY based on what share prices actually did over the window. The two can differ — especially when rates changed recently, or when a protocol’s model assumes continuous compounding that does not match how yield actually accrues.
What happens with vaults that update earnings irregularly?
What happens with vaults that update earnings irregularly?
Some vaults — particularly liquid staking tokens (LSTs) and Yearn-style strategies — accrue yield in batches rather than continuously. When an earnings update lands, the share price jumps sharply, which inflates the short-term APY reading for that window. Vaults.fyi surfaces this behavior honestly; the 7d and 30d windows tend to give a cleaner picture for these vault types.
Are there vault types with special share price logic?
Are there vault types with special share price logic?