sUSDS / USDC on Arbitrum
A Morpho market on Arbitrum where people borrow USDC against sUSDS. A loan can be liquidated once it reaches 94.5% of the collateral's value. Lenders earn 2.59% a year and borrowers pay 2.88% right now.
Data from Morpho's API · updated
Borrow APY
2.88%
30-day average 2.77%
Supply APY
2.59%
30-day average 2.47%
Supplied
$224K
223.86K USDC
Borrowed
$202K
90.2% utilization
Available to borrow
$21.9K
up to $23.1K with vault liquidity
Collateral posted
$223K
200.72K sUSDS
sUSDS / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
sUSDS / USDC interest rate curve
What borrowers would pay at each utilization level, with today's settings
Borrow APY Supply APY
At the 90% target, borrowers pay 2.69% right now. Below it the rate falls to as little as a quarter of that; above it, it climbs to four times that when the market is fully borrowed. The curve itself also moves: while utilization stays above 90% the whole curve drifts up, and below 90% it drifts down. How Morpho interest rates work.
Liquidation map
How much sUSDS collateral could be liquidated if its price fell by each amount
Based on today's loans and today's sUSDS price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 94.5%fixed for the life of the market |
|---|---|
| Liquidation bonus | 1.68%extra collateral a liquidator receives |
| sUSDS price in USDC | 1.11 USDC |
| Oracle | ChainlinkOracleV20x52CC…7124 |
| Price feeds | 0x2483…07ba |
| Market fee | Noneshare of interest taken by the protocol |
| Pre-liquidation | Availableborrowers can opt in to gentler, earlier liquidations from 93.37% LTV |
Details
| Loan asset | USDCprice $0.9999 |
|---|---|
| Collateral | sUSDSprice $1.1106 |
| Borrow APY, last year | 3.42% |
| Borrowers | 142 |
| Created | July 16, 2025 |
| Market ID | 0x77fe2f7c…5fd3a3 |
| Rate model | 0x66F3…06DA |
| sUSDS token | 0xdDb4…7610 |
| USDC token | 0xaf88…5831 |
Vaults lending here
$220K of the $224K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Gauntlet USDC Corelends directly | $131K |
| Gauntlet USDC Primelends directly | $71.1K |
| Hyperithm USDC Apexlends directly | $17.5K |
Largest borrowers
142 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x9b6f…c50e | $106K | 1.04 |
| 0xc0A0…8B0c | $78.8K | 1.03 |
| 0xA9B1…790D | $5.3K | 1.05 |
| 0x9095…c92b | $2.4K | 1.20 |
| 0xc8C7…Dd64 | $2.1K | 1.42 |
| 0x606F…488d | $1.9K | 1.02 |
| 0x3822…9Bb7 | $1.2K | 1.08 |
| 0xC2CF…FA0d | $861 | 1.12 |
| 0x379F…e037 | $853 | 1.08 |
| 0x34Aa…c5f7 | $577 | 1.26 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
None recorded in the last 90 days
About the sUSDS / USDC market
The sUSDS / USDC market on Arbitrum was created on July 16, 2025. Anyone can lend USDC into it, and anyone holding sUSDS can borrow that USDC against it, up to a loan-to-value of 94.5% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $224K is supplied and $202K borrowed, so 90.2% of the market is in use, backed by $223K of sUSDS from 142 borrowers. Borrowers pay 2.88% a year, 2.77% on average over the last 30 days and 3.42% over the last year. Lenders earn 2.59%.
3 listed vaults lend here, providing $220K of the supply; the largest are Gauntlet USDC Core, Gauntlet USDC Prime and Hyperithm USDC Apex. Liquidators who close an unsafe loan here receive a 1.68% bonus in sUSDS. If sUSDS fell 20% against USDC, about $218K of collateral would be at risk of liquidation.
sUSDS / USDC on Arbitrum: quick answers
What is the USDC borrow rate against sUSDS on Morpho Arbitrum?
In this market it is 2.88% a year right now, and it averaged 2.77% over the last 30 days. The rate is variable: it follows how much of the market's USDC is borrowed, rising quickly above 90%.
When is a sUSDS / USDC loan liquidated?
When the loan reaches 94.5% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes sUSDS worth 1.68% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if sUSDS fell to about 0.588 USDC.
How much USDC can be borrowed here right now?
$21.9K is free in the market, and vaults can move in up to $1.2K more through Morpho's public allocator, for about $23.1K in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the sUSDS / USDC market?
Lenders earn 2.59% a year right now (2.47% averaged over 30 days). Most lend through vaults, such as Gauntlet USDC Core, Gauntlet USDC Prime and Hyperithm USDC Apex, which spread deposits across several markets.
More ways to borrow against sUSDS
Other loan assets with sUSDS as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| sUSDS / USDTEthereum · LLTV 96.5% | 3.86% | 4.23% |
| sUSDS / USDTEthereum · LLTV 96.5% | 4.45% | 4.90% |
| sUSDS / USDT0Arbitrum · LLTV 94.5% | 1.87% | 2.87% |
| sUSDS / AUSDEthereum · LLTV 94.5% | 10.81% | 11.84% |
| sUSDS / wARSEthereum · LLTV 62.5% | 19.89% | 22.18% |
