# Reading a vault APY: base yield, incentives, and the part that expires

URL: https://www.caijing188.com/vault-apy-anatomy/
Published: 2026-10-25T12:09:39+08:00 | Updated: 2026-10-27T22:09:50+08:00
Verified: 2026-10-27

## Quick answer
A vault APY usually adds three legs: base yield, an incentive token, and points. Only the base is a rate, and only the net after fees and slippage compounds. Maple paid 5.20% and Plume nOPAL 10.73% against 3.60% to 3.61% on tokenised Treasuries, as of October 2026, which is credit risk rather than a risk-free rate.

## Summary
Split the headline before comparing it to anything. The base yield is a rate, the incentive is a position in the issuer's token, and points are an option on a token that may not exist. Maple at 5.20% and nOPAL at 10.73% in RWA.xyz's October 2026 readings sit against 3.60% to 3.61% on tokenised Treasuries, and that gap pays for credit risk. Only the realised net compounds.

## Key takeaways
- Maple quoted 5.20% and Plume nOPAL 10.73% in RWA.xyz readings for October 2026
- Tokenised Treasuries quoted 3.60% to 3.61% annualised on a seven-day basis on 7 October 2026
- 10.73% is more than 7 points above a Treasury, which is the price of credit risk
- Private credit was about $8 billion of the on-chain RWA book in October 2026

## FAQ
Q: Why is a 10.73% vault not comparable to a 3.6% Treasury?
A: Because one is a credit spread and the other is close to a risk-free rate. The extra yield compensates for borrowers who can default, capital that can be locked, and an exit that may take longer than a Treasury settlement. Comparing them directly overstates the vault by most of the spread.
Q: Are points worth anything in an APY calculation?
A: Not until something prices them. Points are an unpriced claim on a token that may not exist, distributed by a formula that can change. Treating them as zero is not pessimism, it is the only treatment that keeps the headline comparable to a rate.
Q: What costs sit between the headline and the realised yield?
A: Management and performance fees, entry and exit costs, slippage when converting a non-native reward, and the gas or bridging needed to move in and out. On a large position these are small. On a small one they can consume the entire incentive leg.