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 USDT APY3.28%Morpho Blue · Ethereum · 87.1% utilized
Spread across venues1.01%Best minus worst, 26-week average
Most volatile±2.3226-week std dev · Aave v3 · Ethereum
Average depth$1.0BWithdrawable, 26-week average
Stablecoin yield
What lending USDT actually paid.
Weekly supply APY across Aave v3 and Morpho Blue.
USDT supply APY
Aave v3 · ArbitrumAave v3 · EthereumMorpho Blue · ArbitrumMorpho Blue · Ethereum
USDT utilization
Borrowed ÷ suppliedUSDT available liquidity
Supplied minus borrowed| Venue | Chain | Current | Δ 1w | Mean | Min | Max | σ | Util now | Peak util | Supplied |
|---|---|---|---|---|---|---|---|---|---|---|
| Aave v3 | Arbitrum | 2.57% | −0.04 | 2.27% | 1.39% | 3.14% | ±0.54 | 79.6% | 87.8% | $51.1M |
| Aave v3 | Ethereum | 2.77% | +0.03 | 2.93% | 1.55% | 13.43% | ±2.32 | 83.6% | 100.0% | $3.0B |
| Morpho Blue | Arbitrum | 3.48% | −4.44 | 3.26% | 2.38% | 7.92% | ±1.39 | 88.6% | 94.5% | $1.8M |
| Morpho Blue | Ethereum | 5.20% | +1.97 | 3.28% | 2.22% | 5.59% | ±1.03 | 92.0% | 92.2% | $138.0M |
Crypto-backed loans
The cost of borrowing against BTC and ETH.
Weekly borrow APY for USDT, with the terms behind each market.
USDT borrow APY against crypto collateral
Aave v3 · EthereumwstETH/USDT · EthereumAave v3 · ArbitrumWBTC/USDT · EthereumweETH/USDT0 · Arbitrum
| Market | Chain | Venue | Borrow APY | Mean | Peak | σ | Util now | Max LTV | Liq. threshold | Liq. penalty | Liquidity |
|---|---|---|---|---|---|---|---|---|---|---|---|
| tBTC/USDT | Ethereum | Aave v3pooled | 3.70% | 4.05% | 15.02% | ±2.39 | 83.6% | 73.0% | 78.0% | 7.5% | $494.3M |
| WBTC/USDT | Ethereum | Aave v3pooled | 3.70% | 4.05% | 15.02% | ±2.39 | 83.6% | 73.0% | 78.0% | 5.0% | $494.3M |
| wstETH/USDT | Ethereum | Aave v3pooled | 3.70% | 4.05% | 15.02% | ±2.39 | 83.6% | 78.5% | 81.0% | 6.0% | $494.3M |
| rETH/USDT | Ethereum | Aave v3pooled | 3.70% | 4.05% | 15.02% | ±2.39 | 83.6% | 75.0% | 79.0% | 7.5% | $494.3M |
| cbETH/USDT | Ethereum | Aave v3pooled | 3.70% | 4.05% | 15.02% | ±2.39 | 83.6% | 75.0% | 79.0% | 7.5% | $494.3M |
| WETH/USDT | Ethereum | Aave v3pooled | 3.70% | 4.05% | 15.02% | ±2.39 | 83.6% | 80.5% | 83.0% | 5.0% | $494.3M |
| cbBTC/USDT | Ethereum | Aave v3pooled | 3.70% | 4.05% | 15.02% | ±2.39 | 83.6% | 73.0% | 78.0% | 7.5% | $494.3M |
| weETH/USDT | Ethereum | Aave v3pooled | 3.70% | 4.05% | 15.02% | ±2.39 | 83.6% | 77.5% | 80.0% | 7.0% | $494.3M |
| wstETH/USDT | Ethereum | Morpho Blue | 5.65% | 3.74% | 6.06% | ±1.02 | 92.0% | 86.0% | 86.0% | — | $11.0M |
| WBTC/USDT0 | Arbitrum | Aave v3pooled | 3.60% | 3.43% | 3.98% | ±0.36 | 79.6% | 73.0% | 78.0% | 7.0% | $10.4M |
| weETH/USDT0 | Arbitrum | Aave v3pooled | 3.60% | 3.43% | 3.98% | ±0.36 | 79.6% | 75.0% | 77.0% | 7.5% | $10.4M |
| wstETH/USDT0 | Arbitrum | Aave v3pooled | 3.60% | 3.43% | 3.98% | ±0.36 | 79.6% | 75.0% | 79.0% | 7.2% | $10.4M |
| WETH/USDT0 | Arbitrum | Aave v3pooled | 3.60% | 3.43% | 3.98% | ±0.36 | 79.6% | 80.0% | 84.0% | 5.0% | $10.4M |
| rETH/USDT0 | Arbitrum | Aave v3pooled | 3.60% | 3.43% | 3.98% | ±0.36 | 79.6% | 69.0% | 74.0% | 7.5% | $10.4M |
| WBTC/USDT | Ethereum | Morpho Blue | 5.66% | 3.79% | 6.14% | ±1.16 | 92.0% | 86.0% | 86.0% | — | $4.7M |
| weETH/USDT0 | Arbitrum | Morpho Blue | 3.93% | 3.69% | 8.38% | ±1.40 | 88.6% | 86.0% | 86.0% | — | $202K |
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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