Rate history · read from chain state
What DeFi actually paid.
A year of weekly stablecoin yield, borrow costs and RWA returns across Aave and Morpho on Ethereum, Arbitrum and Base — read straight from chain state.
Best average USDC APY4.15%Morpho Blue · Base · 89.0% utilized
Spread across venues1.71%Best minus worst, 26-week average
Most volatile±2.1826-week std dev · Aave v3 · Ethereum
Average depth$820.8MWithdrawable, 26-week average
Stablecoin yield
What lending USDC actually paid.
Weekly supply APY across Aave v3 and Morpho Blue.
USDC supply APY
Aave v3 · ArbitrumAave v3 · BaseAave v3 · EthereumMorpho Blue · ArbitrumMorpho Blue · BaseMorpho Blue · Ethereum
USDC utilization
Borrowed ÷ suppliedUSDC available liquidity
Supplied minus borrowed| Venue | Chain | Current | Δ 1w | Mean | Min | Max | σ | Util now | Peak util | Supplied |
|---|---|---|---|---|---|---|---|---|---|---|
| Aave v3 | Arbitrum | 2.60% | −0.05 | 2.45% | 1.44% | 5.91% | ±0.97 | 80.1% | 92.9% | $168.6M |
| Aave v3 | Base | 3.44% | −0.07 | 3.14% | 2.51% | 3.63% | ±0.34 | 86.7% | 88.4% | $177.9M |
| Aave v3 | Ethereum | 3.30% | +0.10 | 3.30% | 1.65% | 13.43% | ±2.18 | 91.1% | 100.0% | $2.1B |
| Morpho Blue | Arbitrum | 3.18% | +0.60 | 3.18% | 2.14% | 5.35% | ±0.69 | 89.6% | 91.5% | $2.3M |
| Morpho Blue | Base | 4.32% | −0.04 | 4.15% | 3.33% | 5.56% | ±0.45 | 89.0% | 91.1% | $1.5B |
| Morpho Blue | Ethereum | 3.44% | −0.76 | 3.36% | 1.92% | 4.44% | ±0.64 | 86.7% | 91.4% | $308.1M |
Crypto-backed loans
The cost of borrowing against BTC and ETH.
Weekly borrow APY for USDC, with the terms behind each market.
USDC borrow APY against crypto collateral
Aave v3 · EthereumcbBTC/USDC · BasecbBTC/USDC · EthereumAave v3 · ArbitrumAave v3 · BaseWBTC/USDC · Ethereum
| Market | Chain | Venue | Borrow APY | Mean | Peak | σ | Util now | Max LTV | Liq. threshold | Liq. penalty | Liquidity |
|---|---|---|---|---|---|---|---|---|---|---|---|
| tBTC/USDC | Ethereum | Aave v3pooled | 4.04% | 4.30% | 15.03% | ±2.25 | 91.1% | 73.0% | 78.0% | 7.5% | $190.6M |
| WBTC/USDC | Ethereum | Aave v3pooled | 4.04% | 4.30% | 15.03% | ±2.25 | 91.1% | 73.0% | 78.0% | 5.0% | $190.6M |
| wstETH/USDC | Ethereum | Aave v3pooled | 4.04% | 4.30% | 15.03% | ±2.25 | 91.1% | 78.5% | 81.0% | 6.0% | $190.6M |
| rETH/USDC | Ethereum | Aave v3pooled | 4.04% | 4.30% | 15.03% | ±2.25 | 91.1% | 75.0% | 79.0% | 7.5% | $190.6M |
| cbETH/USDC | Ethereum | Aave v3pooled | 4.04% | 4.30% | 15.03% | ±2.25 | 91.1% | 75.0% | 79.0% | 7.5% | $190.6M |
| WETH/USDC | Ethereum | Aave v3pooled | 4.04% | 4.30% | 15.03% | ±2.25 | 91.1% | 80.5% | 83.0% | 5.0% | $190.6M |
| cbBTC/USDC | Ethereum | Aave v3pooled | 4.04% | 4.30% | 15.03% | ±2.25 | 91.1% | 73.0% | 78.0% | 7.5% | $190.6M |
| weETH/USDC | Ethereum | Aave v3pooled | 4.04% | 4.30% | 15.03% | ±2.25 | 91.1% | 77.5% | 80.0% | 7.0% | $190.6M |
| cbBTC/USDC | Base | Morpho Blue | 4.86% | 4.66% | 6.10% | ±0.44 | 89.0% | 86.0% | 86.0% | — | $161.5M |
| cbBTC/USDC | Ethereum | Morpho Blue | 3.97% | 3.81% | 4.89% | ±0.63 | 86.7% | 86.0% | 86.0% | — | $41.0M |
| WBTC/USDC | Arbitrum | Aave v3pooled | 3.62% | 3.61% | 7.12% | ±0.88 | 80.1% | 73.0% | 78.0% | 7.0% | $33.6M |
| weETH/USDC | Arbitrum | Aave v3pooled | 3.62% | 3.61% | 7.12% | ±0.88 | 80.1% | 75.0% | 77.0% | 7.5% | $33.6M |
| wstETH/USDC | Arbitrum | Aave v3pooled | 3.62% | 3.61% | 7.12% | ±0.88 | 80.1% | 75.0% | 79.0% | 7.2% | $33.6M |
| WETH/USDC | Arbitrum | Aave v3pooled | 3.62% | 3.61% | 7.12% | ±0.88 | 80.1% | 80.0% | 84.0% | 5.0% | $33.6M |
| rETH/USDC | Arbitrum | Aave v3pooled | 3.62% | 3.61% | 7.12% | ±0.88 | 80.1% | 69.0% | 74.0% | 7.5% | $33.6M |
| weETH/USDC | Base | Aave v3pooled | 4.43% | 4.26% | 4.80% | ±0.27 | 86.7% | 75.0% | 77.0% | 7.5% | $23.7M |
| cbETH/USDC | Base | Aave v3pooled | 4.43% | 4.26% | 4.80% | ±0.27 | 86.7% | 75.0% | 79.0% | 7.5% | $23.7M |
| WETH/USDC | Base | Aave v3pooled | 4.43% | 4.26% | 4.80% | ±0.27 | 86.7% | 80.0% | 83.0% | 5.0% | $23.7M |
| wstETH/USDC | Base | Aave v3pooled | 4.43% | 4.26% | 4.80% | ±0.27 | 86.7% | 75.0% | 79.0% | 6.0% | $23.7M |
| cbBTC/USDC | Base | Aave v3pooled | 4.43% | 4.26% | 4.80% | ±0.27 | 86.7% | 73.0% | 78.0% | 7.5% | $23.7M |
| WBTC/USDC | Ethereum | Morpho Blue | 3.96% | 3.83% | 4.89% | ±0.64 | 86.8% | 86.0% | 86.0% | — | $16.3M |
| WETH/USDC | Base | Morpho Blue | 4.86% | 4.68% | 6.58% | ±0.57 | 89.0% | 86.0% | 86.0% | — | $8.9M |
| cbETH/USDC | Base | Morpho Blue | 4.86% | 4.68% | 6.63% | ±0.55 | 89.0% | 86.0% | 86.0% | — | $557K |
| weETH/USDC | Arbitrum | Morpho Blue | 4.02% | 4.89% | 10.81% | ±2.52 | 84.1% | 86.0% | 86.0% | — | $267K |
| wstETH/USDC | Arbitrum | Morpho Blue | 3.55% | 3.64% | 5.84% | ±0.68 | 89.6% | 86.0% | 86.0% | — | $237K |
| WBTC/USDC | Arbitrum | Morpho Blue | 3.81% | 3.89% | 7.22% | ±1.09 | 88.6% | 86.0% | 86.0% | — | $222K |
| WBTC/USDC.e | Arbitrum | Aave v3pooled | 10.25% | 8.36% | 10.27% | ±1.55 | 88.0% | 73.0% | 78.0% | 7.0% | $129K |
| weETH/USDC.e | Arbitrum | Aave v3pooled | 10.25% | 8.36% | 10.27% | ±1.55 | 88.0% | 75.0% | 77.0% | 7.5% | $129K |
| wstETH/USDC.e | Arbitrum | Aave v3pooled | 10.25% | 8.36% | 10.27% | ±1.55 | 88.0% | 75.0% | 79.0% | 7.2% | $129K |
| WETH/USDC.e | Arbitrum | Aave v3pooled | 10.25% | 8.36% | 10.27% | ±1.55 | 88.0% | 80.0% | 84.0% | 5.0% | $129K |
| rETH/USDC.e | Arbitrum | Aave v3pooled | 10.25% | 8.36% | 10.27% | ±1.55 | 88.0% | 69.0% | 74.0% | 7.5% | $129K |
Real-world assets
Tokenized yield, measured as NAV drift.
Realized return for tokenized T-bills and basis trades.
NAV growth, indexed — first observed week = 100
mBASISmTBILLmBTC
| Token | Chain | Realized APY | Denominated in | NAV (USD) | TVL | Weeks |
|---|---|---|---|---|---|---|
| mBASIS | Base | 4.63% | USD | $1.2028 | $165K | 26 |
| mBASIS | Ethereum | 4.63% | USD | $1.2028 | $131K | 26 |
| mTBILL | Base | 3.27% | USD | $1.0678 | $189K | 26 |
| mTBILL | Ethereum | 3.27% | USD | $1.0678 | $53.2M | 26 |
| mBTC | Ethereum | 0.00% | BTC | $64,614.4722 | $9K | 26 |
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