WETH / USDC on Arbitrum
A Morpho market on Arbitrum where people borrow USDC against WETH. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 2.38% a year and borrowers pay 3.03% right now.
Data from Morpho's API · updated
Borrow APY
3.03%
30-day average 3.68%
Supply APY
2.38%
30-day average 3.18%
Supplied
$164K
163.53K USDC
Borrowed
$129K
79.0% utilization
Available to borrow
$34.3K
up to $370K with vault liquidity
Collateral posted
$350K
130.17 WETH
WETH / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
WETH / 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 3.34% 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 WETH collateral could be liquidated if its price fell by each amount
Based on today's loans and today's WETH 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 |
| WETH price in USDC | 2.69K USDC |
| Oracle | ChainlinkOracleV20x282F…71A2 |
| Price feeds | 0x639F…a612 |
| 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 | WETHprice $2.7K |
| Borrow APY, last year | 4.22% |
| Borrowers | 80 |
| Created | July 16, 2025 |
| Market ID | 0xca83d02b…d8642c |
| Rate model | 0x66F3…06DA |
| WETH token | 0x82aF…Bab1 |
| USDC token | 0xaf88…5831 |
Vaults lending here
$161K of the $164K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Gauntlet USDC Primelends directly | $86.2K |
| Bitget x Steakhouse USDCV2lends directly | $49.5K |
| Hyperithm USDC Apexlends directly | $15.0K |
| KPK USDC YieldV2lends directly | $10.8K |
Largest borrowers
80 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x61Aa…A143 | $57.6K | 2.17 |
| 0x9B5c…64E8 | $10.5K | 1.60 |
| 0x9dBe…A72a | $9.4K | 2.31 |
| 0xF847…1328 | $7.3K | 1.76 |
| 0xAd78…7502 | $5.9K | 2.10 |
| 0xC916…97C4 | $4.1K | 3.21 |
| 0x2c0b…a225 | $3.8K | 1.56 |
| 0x23E6…72F1 | $2.9K | 2.81 |
| 0xB12b…88C3 | $2.6K | 1.78 |
| 0x8DA9…7781 | $2.6K | 3.68 |
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 |
|---|---|---|
| $5.005.00 USDC | 0xe875…a148 | |
| $1.061.06 USDC | 0x69bd…e73b |
About the WETH / USDC market
The WETH / USDC market on Arbitrum was created on July 16, 2025. Anyone can lend USDC into it, and anyone holding WETH 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 $164K is supplied and $129K borrowed, so 79.0% of the market is in use, backed by $350K of WETH from 80 borrowers. Borrowers pay 3.03% a year, 3.68% on average over the last 30 days and 4.22% over the last year. Lenders earn 2.38%.
4 listed vaults lend here, providing $161K of the supply; the largest are Gauntlet USDC Prime, Bitget x Steakhouse USDC and Hyperithm USDC Apex. Liquidators who close an unsafe loan here receive a 4.38% bonus in WETH. If WETH fell 20% against USDC, about $1.9K of collateral would be at risk of liquidation.
WETH / USDC on Arbitrum: quick answers
What is the USDC borrow rate against WETH on Morpho Arbitrum?
In this market it is 3.03% a year right now, and it averaged 3.68% 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 WETH / 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 WETH worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if WETH fell to about 1.56K USDC.
How much USDC can be borrowed here right now?
$34.3K is free in the market, and vaults can move in up to $335K more through Morpho's public allocator, for about $370K in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the WETH / USDC market?
Lenders earn 2.38% a year right now (3.18% averaged over 30 days). Most lend through vaults, such as Gauntlet USDC Prime, Bitget x Steakhouse USDC and Hyperithm USDC Apex, which spread deposits across several markets.
Other WETH / USDC markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| WETH / USDCBase · LLTV 86% | 4.32% | 4.83% |
| WETH / USDCEthereum · LLTV 86% | 4.74% | 5.26% |
| WETH / USDCUnichain · LLTV 86% | 9.25% | 10.22% |
| WETH / USDCMonad · LLTV 86% | 2.35%+0.14% rewards | 3.19% |
| WETH / USDCOP Mainnet · LLTV 86% | 4.50% | 4.98% |
More ways to borrow against WETH
Other loan assets with WETH as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| WETH / EURCBase · LLTV 86% | 1.96% | 2.53% |
| WETH / USDTEthereum · LLTV 86% | 4.33% | 4.78% |
| WETH / USDT0Arbitrum · LLTV 86% | 2.10% | 2.98% |
| WETH / tGBPEthereum · LLTV 86% | 1.00% | 1.11% |
| WETH / EURCEthereum · LLTV 86% | 2.30% | 2.86% |
| WETH / AUSDMonad · LLTV 86% | 1.33%+0.57% rewards | 1.51% |
