Morpho Watch

cbBTC on Morpho

Coinbase Wrapped BTC (cbBTC) on Morpho, on every network: $5.71M in 5 vaults, $5.22M lent in 3 markets, $3.60B posted as collateral in 25 markets. Rates differ between vaults and markets because each has its own borrowers, collateral and curator.

Data from Morpho's API · updated

Best vault net APY

2.81%

Hyperithm cbBTC Apex

Best market supply APY

3.13%

against aHyperBTC, Monad

Cheapest to borrow

3.44%

against aHyperBTC, Monad

Posted as collateral

$3.60B

25 markets

Earn on cbBTC: vaults

Deposit cbBTC and a curator lends it out for you. Net APY is after the curator's fee.

Vaults that take cbBTC
Vault Deposits Net APY 30‑day APY Fee Withdrawable
Hyperithm cbBTC ApexV2Hyperithm · Monad · $4.02M $4.02M55.92 cbBTC 2.81% 2.20% 10% $2.7K
Moonwell Frontier cbBTCAnthias Labs · Base · $1.02M $1.02M14.18 cbBTC 0.15%incl. 0.13% rewards 0.02% 15% $680K
Moonwell Frontier cbBTCV2Anthias Labs · Base · $372K $372K5.18 cbBTC 0.15%incl. 0.13% rewards 0.02% 15% $372K
Gauntlet cbBTC CoreGauntlet · Base · $299K $299K4.17 cbBTC 0.19% 0.06% 10% $250K
UltraYield cbBTC CoreV2UltraYield · Ethereum · $718 $7180.01 cbBTC 0.00% 0.00% 0% $718

Borrow cbBTC: markets

Markets that lend out cbBTC, each against one kind of collateral.

Markets that lend cbBTC
Market Supplied Supply APY Borrowed Borrow APY Utilization
aHyperBTC / cbBTCMonad · LLTV 77% $4.24M59.00 cbBTC 3.13% $3.86M$5.97M collateral 3.44% 91.1%
LBTC / cbBTCBase · LLTV 91.5% $757K10.55 cbBTC 0.06% $513K$622K collateral 0.08% 67.7%
LBTC / cbBTCBase · LLTV 94.5% $231K3.21 cbBTC 1.22% $228K$270K collateral 1.23% 99.0%

Borrow against cbBTC

Markets that accept cbBTC as collateral. The LLTV is the loan-to-value at which a loan can be liquidated.

Markets that accept cbBTC as collateral
Market Supplied Supply APY Borrowed Borrow APY Utilization
cbBTC / USDCBase · LLTV 86% $1.90B1.90B USDC 4.52% $1.61B$2.92B collateral 5.33% 85.1%
cbBTC / USDCEthereum · LLTV 86% $353.4M353.45M USDC 4.37% $303.7M$614.6M collateral 5.10% 85.9%
cbBTC / EURCVEthereum · LLTV 86% $19.42M17.58M EURCV 1.82% $17.51M$27.41M collateral 2.02% 90.1%
cbBTC / USDTEthereum · LLTV 86% $9.52M9.53M USDT 3.05% $7.91M$14.74M collateral 3.68% 83.1%
cbBTC / EURCBase · LLTV 86% $5.78M5.23M EURC 6.88% $5.41M$8.96M collateral 7.37% 93.7%
cbBTC / USDCEthereum · LLTV 86% $5.15M5.15M USDC 4.48% $4.64M$7.27M collateral 4.99% 90.1%
cbBTC / PYUSDEthereum · LLTV 86% $1.68M1.68M PYUSD 3.79% $1.51M$3.76M collateral 4.22% 90.0%
cbBTC / USDSEthereum · LLTV 86% $1.94M1.94M USDS 3.96% $1.75M$2.84M collateral 4.40% 90.1%
cbBTC / USDTEthereum · LLTV 86% $1.00M1.00M USDT 3.01% $837K$2.42M collateral 3.61% 83.7%
cbBTC / RLUSDEthereum · LLTV 86% $1.56M1.56M RLUSD 3.18% $1.19M$2.24M collateral 4.20% 76.2%
cbBTC / EURCVEthereum · LLTV 86% $1.12M1.02M EURCV 2.74% $1.02M$2.10M collateral 3.03% 90.5%
cbBTC / USDCEthereum · LLTV 86% $588K587.66K USDC 6.44% $523K$1.05M collateral 7.26% 89.1%
cbBTC / XSGDBase · LLTV 86% $313K402.78K XSGD 0.67% $281K$518K collateral 0.75% 89.7%
cbBTC / WETHBase · LLTV 91.5% $173K85.69 WETH 1.39% $154K$321K collateral 1.56% 89.5%
cbBTC / EURCEthereum · LLTV 86% $129K116.82K EURC 2.77% $115K$285K collateral 3.11% 89.2%
cbBTC / tGBPEthereum · LLTV 86% $153K115.57K tGBP 0.79% $134K$220K collateral 0.91% 87.4%
cbBTC / pathUSDTempo · LLTV 77% $64.8K65.19K pathUSD 0.80% $49.3K$109K collateral 1.05% 76.1%
cbBTC / WETHEthereum · LLTV 91.5% $146K72.31 WETH 0.03% $66.7K$99.1K collateral 0.06% 45.8%
cbBTC / WETHEthereum · LLTV 91.5% $51.1K25.39 WETH 2.76% $46.6K$68.7K collateral 3.03% 91.2%
cbBTC / VCHFBase · LLTV 77% $23.1K19.26K VCHF 0.50% $20.2K$32.8K collateral 0.58% 87.3%
cbBTC / AUSDEthereum · LLTV 86% $10.0K9.97K AUSD 3.86% $9.3K$29.1K collateral 4.12% 93.8%
cbBTC / USDCMonad · LLTV 77% $8.0K8.04K USDC 23.90% $7.5K$17.2K collateral 25.95% 92.9%
cbBTC / OUSDTempo · LLTV 86% $2.8K2.78K OUSD 2.92% $2.5K$4.4K collateral 3.24% 90.3%
cbBTC / wARSEthereum · LLTV 62.5% $10.9K18.09M wARS 0.00% $1.00$6.00 collateral 0.03% <0.01%
cbBTC / EUROPEthereum · LLTV 86% $2.8K2.50K EUROP 0.00% $2.00$6.00 collateral 0.03% 0.1%

About cbBTC on Morpho

Coinbase Wrapped BTC (cbBTC) is on Morpho on 4 networks: Monad, Base, Ethereum and Tempo. Morpho prices it at $71.8K.

5 vaults take cbBTC deposits, holding $5.71M in all. The largest is Hyperithm cbBTC Apex on Monad, curated by Hyperithm, with $4.02M deposited and paying 2.81% net APY after fees.

cbBTC is lent out in 3 markets, with $5.22M supplied and $4.60M borrowed. The largest is aHyperBTC / cbBTC on Monad, where borrowers pay 3.44% and lenders earn 3.13%.

As collateral, $3.60B of cbBTC backs $1.96B of loans in 25 markets, which lend USDC, EURCV, USDT and EURC and 12 other assets against it. They liquidate a loan at between 62.5% and 91.5% of the collateral's value. The largest is cbBTC / USDC on Base, where borrowers pay 5.33%.

cbBTC on Morpho: quick answers

Where can I earn the most on cbBTC on Morpho?

Hyperithm cbBTC Apex on Monad pays 2.81% net APY, the most among cbBTC vaults open to deposits with at least $1M in them. The largest cbBTC vault, Hyperithm cbBTC Apex, pays 2.81% net APY.

Where is it cheapest to borrow cbBTC on Morpho?

Borrowing cbBTC against aHyperBTC on Monad costs 3.44% a year, the lowest among markets in use with at least $250K left to borrow.

Can I borrow against cbBTC on Morpho?

Yes: 25 markets accept cbBTC as collateral, with liquidation LTVs up to 91.5%. The largest is cbBTC / USDC on Base, where borrowers pay 5.33%.

Which networks is cbBTC on Morpho available on?

Monad, Base, Ethereum and Tempo.

Borrowing against cbBTC? Check your numbers with the liquidation price calculator. More assets on the assets page.