The vault compounds at a variable rate, depending on the TVL, APR and user activities such as deposit and withdraw. It's guaranteed to compound at least more than once a day even when gas price would make it compound at a loss.
APYordinaryvault =(1 + APRtargetpool / 365) ^ 365 β 1
APYhoneyvault = (APRtargetpool / 365) / (APRbeepool / 365) * ((1 + (APRbeepool / 365)) ^ 365 - 1)