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Morpho Watch

Borrow against Bitcoin on Morpho

Bitcoin reaches Morpho as wrapped tokens such as cbBTC (Coinbase's), WBTC and LBTC. People post them as collateral to borrow dollars without selling their Bitcoin. Each market sets a fixed LLTV: if the loan grows past that share of the collateral's value, it can be liquidated.

Data from Morpho's API · updated

BTC posted as collateral

$5.07B

62 markets

Borrowed against BTC

$2.41B

47.5% of the collateral value

Cheapest loan against BTC

0.07%

LBTC / cbBTC, Base

Largest BTC market

cbBTC / USDC

$3.22B posted, Base

Cheapest loans against Bitcoin

Lowest borrow APY with at least $250K available

Earn on Bitcoin

Vaults that lend out BTC, by net APY

Every market that takes Bitcoin as collateral

Largest collateral first. Sort by borrow APY to find the cheapest loan.

Markets with Bitcoin collateral
Market Supplied Supply APY Borrowed Borrow APY Utilization
cbBTC / USDCBase · LLTV 86% $1.65B1.65B USDC 4.31% $1.48B$3.22B collateral 4.80% 89.9%
cbBTC / USDCEthereum · LLTV 86% $338.3M338.33M USDC 4.50% $305.2M$704.8M collateral 5.00% 90.2%
kBTC / RLUSDEthereum · LLTV 86% $220.0M220.00M RLUSD 3.32% $199.0M$300.6M collateral 3.68% 90.4%
WBTC / USDCEthereum · LLTV 86% $127.5M127.56M USDC 4.57% $115.1M$254.0M collateral 5.08% 90.2%
kBTC / PYUSDEthereum · LLTV 86% $162.9M162.87M PYUSD 6.95% $151.9M$242.4M collateral 7.47% 93.2%
WBTC / USDTEthereum · LLTV 86% $84.74M84.76M USDT 4.37% $77.07M$156.4M collateral 4.82% 90.9%
cbBTC / RLUSDEthereum · LLTV 86% $12.99M12.99M RLUSD 3.51% $11.69M$41.87M collateral 3.91% 90.0%
cbBTC / USDTEthereum · LLTV 86% $17.21M17.21M USDT 4.33% $15.65M$37.32M collateral 4.78% 90.9%
cbBTC / EURCVEthereum · LLTV 86% $14.45M12.69M EURCV 1.88% $13.04M$23.03M collateral 2.09% 90.3%
WBTC / EURCVEthereum · LLTV 86% $5.20M4.57M EURCV 1.82% $4.69M$9.93M collateral 2.02% 90.1%
cbBTC / EURCBase · LLTV 86% $4.40M3.87M EURC 2.43% $3.53M$7.84M collateral 3.03% 80.3%
cbBTC / USDSEthereum · LLTV 86% $3.68M3.68M USDS 2.66% $3.31M$5.99M collateral 2.96% 90.0%
cbBTC / EURCVEthereum · LLTV 86% $3.06M2.69M EURCV 1.82% $2.76M$5.14M collateral 2.02% 90.1%
WBTC / RLUSDEthereum · LLTV 86% $3.08M3.08M RLUSD 3.63% $2.79M$4.88M collateral 4.01% 90.7%
WBTC / USDTEthereum · LLTV 86% $2.97M2.97M USDT 4.33% $2.70M$4.70M collateral 4.78% 90.9%
cbBTC / PYUSDEthereum · LLTV 86% $1.70M1.70M PYUSD 4.66% $1.54M$4.55M collateral 5.14% 90.8%
WBTC / USDCArbitrum · LLTV 86% $2.66M2.66M USDC 1.99% $1.80M$4.38M collateral 2.96% 67.5%
LBTC / USDCEthereum · LLTV 86% $1.99M1.99M USDC 5.25% $1.69M$4.20M collateral 6.21% 84.9%
WBTC / EURCVEthereum · LLTV 86% $1.92M1.68M EURCV 1.92% $1.73M$3.56M collateral 2.13% 90.3%
WBTC / USDCEthereum · LLTV 86% $1.87M1.87M USDC 4.41% $1.68M$3.51M collateral 4.90% 90.1%
WBTC / EURCEthereum · LLTV 86% $1.64M1.44M EURC 2.41% $1.35M$3.16M collateral 2.92% 82.8%
SolvBTC / WBTCEthereum · LLTV 94.5% $1.39M16.62 WBTC 0.12% $1.26M$3.04M collateral 0.13% 90.5%
UBTC / USD₮0HyperEVM · LLTV 77% $1.08M1.08M USD₮0 15.60% $1.01M$2.25M collateral 16.77% 93.5%
WBTC / USDCPolygon · LLTV 86% $786K786.25K USDC 19.19% $772K$1.95M collateral 19.57% 98.2%
WBTC / PYUSDEthereum · LLTV 86% $1.19M1.19M PYUSD 4.81% $1.08M$1.84M collateral 5.32% 90.7%
WBTC / USDT0Arbitrum · LLTV 86% $1.20M1.20M USDT0 2.05% $833K$1.78M collateral 2.97% 69.4%
UBTC / USDCHyperEVM · LLTV 77% $743K743.45K USDC 4.25% $576K$1.75M collateral 5.51% 77.6%
cbBTC / USDTEthereum · LLTV 86% $798K798.49K USDT 1.75% $601K$1.74M collateral 2.33% 75.3%
tBTC / USDCEthereum · LLTV 77% $540K539.95K USDC 5.32% $490K$1.47M collateral 5.89% 90.7%
cbBTC / USDCEthereum · LLTV 86% $608K608.53K USDC 4.53% $552K$1.34M collateral 5.01% 90.7%
uniBTC / USDCBase · LLTV 77% $365K365.21K USDC 12.01% $332K$1.33M collateral 13.30%−6.50% rewards 90.8%
cbBTC / USDCEthereum · LLTV 86% $652K651.80K USDC 4.57% $593K$1.08M collateral 5.04% 90.9%
cbBTC / pathUSDTempo · LLTV 77% $504K506.30K pathUSD 3.17% $470K$927K collateral 3.40% 93.2%
WBTC / USDCOP Mainnet · LLTV 86% $666K666.18K USDC 3.81% $579K$885K collateral 4.39% 86.9%
WBTC / eUSDEthereum · LLTV 86% $430K430.32K eUSD 3.30% $385K$790K collateral 3.69% 89.5%
LBTC / cbBTCBase · LLTV 91.5% $799K9.52 cbBTC 0.04% $461K$572K collateral 0.07% 57.6%
UBTC / USDeHyperEVM · LLTV 77% $292K292.11K USDe 5.88% $234K$507K collateral 7.40% 80.0%
cbBTC / WETHBase · LLTV 91.5% $319K118.92 WETH 1.54% $288K$497K collateral 1.71% 90.2%
LBTC / cbBTCBase · LLTV 94.5% $344K4.10 cbBTC 1.05% $336K$425K collateral 1.07% 97.6%
UBTC / USD₮0HyperEVM · LLTV 86% $165K165.52K USD₮0 15.61% $155K$289K collateral 16.74% 93.7%
LBTC / EURCVEthereum · LLTV 86% $161K141.15K EURCV 1.83% $76.7K$281K collateral 3.87% 47.7%
WBTC / WETHEthereum · LLTV 91.5% $209K77.85 WETH 0.20% $85.3K$241K collateral 0.48% 40.8%
cbBTC / tGBPEthereum · LLTV 86% $116K87.93K tGBP 0.82% $105K$214K collateral 0.91% 90.0%
WBTC / tGBPEthereum · LLTV 86% $183K138.51K tGBP 0.15% $104K$213K collateral 0.27% 56.7%
WBTC / AUSDMonad · LLTV 86% $102K102.50K AUSD 1.31%+0.58% rewards $89.2K$184K collateral 1.51% 87.0%
cbBTC / XSGDBase · LLTV 86% $145K185.42K XSGD 0.63% $121K$183K collateral 0.75% 83.2%
cbBTC / EURCEthereum · LLTV 86% $60.2K52.88K EURC 2.41% $47.0K$143K collateral 3.10% 78.0%
LBTC / USDCBase · LLTV 86% $46.9K46.86K USDC 4.25% $41.0K$124K collateral 4.87% 87.6%
WBTC / PYUSDEthereum · LLTV 86% $40.7K40.69K PYUSD 9.07% $37.4K$118K collateral 9.92% 91.8%
cbBTC / WETHEthereum · LLTV 91.5% $201K74.78 WETH 0.02% $62.6K$116K collateral 0.05% 31.2%
WBTC / USDCMonad · LLTV 86% $82.2K82.21K USDC 2.33%+0.15% rewards $55.8K$114K collateral 3.46% 67.8%
WBTC / USDCUnichain · LLTV 86% $37.2K37.22K USDC 8.63% $33.7K$81.2K collateral 9.58% 90.5%
cbBTC / WETHEthereum · LLTV 91.5% $69.0K25.70 WETH 1.96% $62.3K$80.5K collateral 2.17% 90.3%
WBTC / USDT0Polygon · LLTV 86% $40.7K40.70K USDT0 7.23% $31.9K$78.4K collateral 9.30% 78.5%
LBTC / PYUSDEthereum · LLTV 86% $5.2K5.19K PYUSD 6.03% $4.3K$52.7K collateral 7.24% 83.7%
WBTC / wARSEthereum · LLTV 62.5% $15.2K24.44M wARS 24.56% $13.8K$41.9K collateral 27.50% 90.4%
cbBTC / VCHFBase · LLTV 77% $22.7K18.48K VCHF 0.97% $20.2K$37.4K collateral 1.09% 89.1%
LBTC / vbUSDCKatana · LLTV 86% $45.3K45.29K vbUSDC 0.03%+6.90% rewards $7.5K$25.0K collateral 0.20% 16.6%
cbBTC / USDCMonad · LLTV 77% $8.6K8.63K USDC 15.29%+0.15% rewards $8.0K$22.1K collateral 16.52% 93.1%
WBTC / EUROPEthereum · LLTV 86% $2.8K2.50K EUROP 0.02% $3.00$7.00 collateral 19.52% 0.1%
cbBTC / EUROPEthereum · LLTV 86% $2.8K2.50K EUROP 0.00% $2.00$7.00 collateral 0.06% 0.1%
LBTC / WBTCEthereum · LLTV 86% $21.0K0.250 WBTC 0.00% $1.00$3.00 collateral 0.53% <0.01%

Bitcoin vaults

Deposit BTC and a curator lends it to borrowers. BTC yields are usually low, because few people borrow Bitcoin itself.

Bitcoin vaults on Morpho
Vault Deposits Net APY 30-day APY Fee Withdrawable
Vault Bridge WBTCGauntlet · Ethereum · $15.42M $15.42M183.71 WBTC 0.00% 0.00% 5% $15.42M
Hyperithm cbBTC ApexV2Hyperithm · Monad · $7.75M $7.75M92.23 cbBTC 2.25% 2.31% 10% $0
Gauntlet WBTC CoreGauntlet · Ethereum · $2.55M $2.55M30.44 WBTC 0.07% 0.06% 10% $1.29M
Moonwell Frontier cbBTCAnthias Labs · Base · $1.13M $1.13M13.44 cbBTC 0.09%incl. 0.07% rewards 0.09% 15% $786K
Gauntlet cbBTC CoreGauntlet · Base · $637K $637K7.58 cbBTC 0.34% 0.13% 10% $418K
Wintermute Confidential WBTCV2Armitage by Wintermute · Ethereum · $602K $602K7.18 WBTC 5.00%incl. 3.12% rewards 0.92% 0%+0.4% a year $74.2K
Moonwell Frontier cbBTCV2Anthias Labs · Base · $374K $374K4.46 cbBTC 0.09%incl. 0.07% rewards 0.02% 15% $374K
UltraYield cbBTC CoreV2UltraYield · Ethereum · $840 $8400.0100 cbBTC 0.00% 0.00% 0% $840