> For the complete documentation index, see [llms.txt](https://docs.markovlabs.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.markovlabs.xyz/overview/products.md).

# Products

## Credit Vaults

Markov’s first products are **DeFi credit vaults** that manage asset allocations across markets on specific DeFi lending protocols, including [Morpho](https://app.morpho.org/) and [Fira](https://www.fira.money/). These vaults are designed to optimize capital deployment while managing risk according to the characteristics of the underlying collateral.

* **Morpho Prime Vault:** Allocates capital across markets with collateral that is considered prime and low-risk on the Morpho protocol.
* **Fira Prime Vault:** Allocates capital across markets with collateral that is considered prime and low-risk on the Fira protocol.
* **Tiered Risk Vaults:** A set of vaults designed for higher-risk and more volatile assets. These assets often have strong demand for leverage but are not typically curated by existing protocols.

To learn more how these vaults are managed, see [Curation Methodology](/curation-methodology/structure.md).

## Carry Rate Vaults

Additionally, Markov offers a [Funding Rate Arbitrage Vault](https://vaults-markovlabs.user.onyx.enzyme.finance/).

The product is a vault strategy running a delta-neutral carry trade on ETH. We create a leveraged ETH position on Aave (mainnet), hedged by a short perpetual on Hyperliquid. Returns come from rate carry: we earn Hyperliquid funding and the Aave ETH supply rate while paying USDC borrowing costs — no directional exposure to ETH.

Today we are offering the first version of this product which earns 7-9% at 2X notional long and short exposure. As interest scales and we build up our execution infra, we plan to offer this with more leverage to target higher yield.

To learn more, see [Funding Rate Arbitrage](/alternative-vaults/funding-rate-arbitrage-vault.md).