WBTC / USDC on Arbitrum
A Morpho market on Arbitrum where people borrow USDC against WBTC. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 1.99% a year and borrowers pay 2.96% right now.
Data from Morpho's API · updated
Borrow APY
2.96%
30-day average 4.37%
Supply APY
1.99%
30-day average 3.79%
Supplied
$2.66M
2.66M USDC
Borrowed
$1.80M
67.6% utilization
Available to borrow
$863K
up to $1.20M with vault liquidity
Collateral posted
$4.38M
52.17 WBTC
WBTC / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
WBTC / 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 3.65% 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 WBTC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's WBTC price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 86%fixed for the life of the market |
|---|---|
| Liquidation bonus | 4.38%extra collateral a liquidator receives |
| WBTC price in USDC | 83.93K USDC |
| Oracle | ChainlinkOracleV20x8819…14d9 |
| Price feeds | 0x0017…9CF4 0x6ce1…08e9 0x5083…4aD3 |
| Market fee | Noneshare of interest taken by the protocol |
| Pre-liquidation | Availableborrowers can opt in to gentler, earlier liquidations from 83.26% LTV |
Details
| Loan asset | USDCprice $0.9999 |
|---|---|
| Collateral | WBTCprice $83.9K |
| Borrow APY, last year | 4.35% |
| Borrowers | 208 |
| Created | July 15, 2025 |
| Market ID | 0xe6392ff1…e99169 |
| Rate model | 0x66F3…06DA |
| WBTC token | 0x2f2a…5B0f |
| USDC token | 0xaf88…5831 |
Vaults lending here
$2.66M of the $2.66M supplied comes from these vaults
Largest borrowers
208 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x26dF…A5e6 | $150K | 1.58 |
| 0x4e0D…CDff | $138K | 2.00 |
| 0xf256…fB83 | $104K | 3.25 |
| 0xABc4…b145 | $101K | 2.87 |
| 0x3C64…6b48 | $57.4K | 1.76 |
| 0xaFC5…A262 | $56.3K | 2.31 |
| 0xd413…Abcc | $49.2K | 1.79 |
| 0xC916…97C4 | $45.3K | 2.67 |
| 0x0000…E11f | $44.1K | 1.80 |
| 0x1BB0…3249 | $42.0K | 1.73 |
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
| When | Debt repaid | Transaction |
|---|---|---|
| $46.4K46.37K USDC | 0x9d78…382e |
About the WBTC / USDC market
The WBTC / USDC market on Arbitrum was created on July 15, 2025. Anyone can lend USDC into it, and anyone holding WBTC can borrow that USDC against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $2.66M is supplied and $1.80M borrowed, so 67.6% of the market is in use, backed by $4.38M of WBTC from 208 borrowers. Borrowers pay 2.96% a year, 4.37% on average over the last 30 days and 4.35% over the last year. Lenders earn 1.99%.
7 listed vaults lend here, providing $2.66M of the supply; the largest are Bitget x Steakhouse USDC, Gauntlet USDC Prime and Gauntlet USDC Core. Liquidators who close an unsafe loan here receive a 4.38% bonus in WBTC.
WBTC / USDC on Arbitrum: quick answers
What is the USDC borrow rate against WBTC on Morpho Arbitrum?
In this market it is 2.96% a year right now, and it averaged 4.37% 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 WBTC / USDC loan liquidated?
When the loan reaches 86% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes WBTC worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if WBTC fell to about 48.80K USDC.
How much USDC can be borrowed here right now?
$863K is free in the market, and vaults can move in up to $335K more through Morpho's public allocator, for about $1.20M in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the WBTC / USDC market?
Lenders earn 1.99% a year right now (3.79% averaged over 30 days). Most lend through vaults, such as Bitget x Steakhouse USDC, Gauntlet USDC Prime and Gauntlet USDC Core, which spread deposits across several markets.
Other WBTC / USDC markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| WBTC / USDCEthereum · LLTV 86% | 4.54% | 5.04% |
| WBTC / USDCEthereum · LLTV 86% | 4.57% | 5.08% |
| WBTC / USDCPolygon · LLTV 86% | 19.17% | 19.56% |
| WBTC / USDCOP Mainnet · LLTV 86% | 3.81% | 4.39% |
| WBTC / USDCMonad · LLTV 86% | 2.33%+0.14% rewards | 3.46% |
| WBTC / USDCUnichain · LLTV 86% | 8.63% | 9.58% |
More ways to borrow against WBTC
Other loan assets with WBTC as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| WBTC / USDTEthereum · LLTV 86% | 4.09% | 4.52% |
| WBTC / EURCVEthereum · LLTV 86% | 1.82% | 2.02% |
| WBTC / RLUSDEthereum · LLTV 86% | 3.62% | 4.00% |
| WBTC / USDTEthereum · LLTV 86% | 4.56% | 5.02% |
| WBTC / EURCVEthereum · LLTV 86% | 1.92% | 2.13% |
| WBTC / EURCEthereum · LLTV 86% | 2.41% | 2.92% |
