cbETH / USDC on Base (77% LLTV)
A Morpho market on Base where people borrow USDC against cbETH. A loan can be liquidated once it reaches 77% of the collateral's value. Lenders earn 4.53% a year and borrowers pay 5.36% right now.
Data from Morpho's API · updated
Borrow APY
5.36%
30-day average 5.86%
Supply APY
4.53%
30-day average 5.26%
Supplied
$18.40M
18.41M USDC
Borrowed
$15.60M
84.8% utilization
Available to borrow
$2.80M
up to $29.07M with vault liquidity
Collateral posted
$33.25M
14.42K cbETH
This is the market behind Coinbase's Coinbase staked ETH loans →
See every Coinbase loan market and what each costs right now.
cbETH / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
cbETH / 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 5.61% 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 cbETH collateral could be liquidated if its price fell by each amount
Based on today's loans and today's cbETH price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 77%fixed for the life of the market |
|---|---|
| Liquidation bonus | 7.41%extra collateral a liquidator receives |
| cbETH price in USDC | 2.31K USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x97FF…8295 |
| Price feeds | 0xd781…817d |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | cbETHprice $2.3K |
| Borrowers | 4,627 |
| Created | December 10, 2025 |
| Market ID | 0x0ca10126…49bf0d |
| Rate model | 0x4641…2687 |
| cbETH token | 0x2Ae3…Ec22 |
| USDC token | 0x8335…2913 |
Vaults lending here
$18.61M of the $18.40M supplied comes from these vaults
Largest borrowers
4,627 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x7EF3…584c | $856K | 1.31 |
| 0xe250…3E2c | $593K | 1.73 |
| 0x5255…49C5 | $433K | 2.21 |
| 0x5CF8…DbA8 | $328K | 1.35 |
| 0xF5b8…3954 | $310K | 1.98 |
| 0x791A…48Ba | $300K | 1.77 |
| 0x95A8…bF7B | $183K | 1.87 |
| 0x6ECF…F1a1 | $181K | 1.05 |
| 0xbfFa…8282 | $175K | 1.41 |
| 0xDD90…cc8C | $155K | 2.01 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
1040 in the last 30 days, $744K of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $1.061.06 USDC | 0xa118…3836 | |
| $1.401.40 USDC | 0x9a4a…171e | |
| $2.232.23 USDC | 0x9a61…ba1a | |
| $5.355.35 USDC | 0x8bed…8be7 | |
| $4.764.76 USDC | 0x8115…f423 | |
| $2.212.21 USDC | 0x764e…d645 | |
| $17.2617.26 USDC | 0x5259…57df | |
| $1.671.67 USDC | 0x51e7…7635 | |
| $2.992.99 USDC | 0x3f87…f3b9 | |
| $5.055.05 USDC | 0x3eac…99e1 |
About the cbETH / USDC market
The cbETH / USDC market on Base was created on December 10, 2025. Anyone can lend USDC into it, and anyone holding cbETH can borrow that USDC against it, up to a loan-to-value of 77% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds. Public on-chain data shows this is the market behind Coinbase's Coinbase staked ETH loans.
Right now $18.40M is supplied and $15.60M borrowed, so 84.8% of the market is in use, backed by $33.25M of cbETH from 4,627 borrowers. Borrowers pay 5.36% a year, 5.86% on average over the last 30 days. Lenders earn 4.53%.
12 listed vaults lend here, providing $18.61M of the supply; the largest are Gauntlet USDC Prime, Steakhouse USDC and Steakhouse High Yield USDC Edition. Liquidators who close an unsafe loan here receive a 7.41% bonus in cbETH. If cbETH fell 20% against USDC, about $3.68M of collateral would be at risk of liquidation. 1040 loans were liquidated here in the last 30 days.
cbETH / USDC (77% LLTV) on Base: quick answers
What is the USDC borrow rate against cbETH on Morpho Base?
In this market it is 5.36% a year right now, and it averaged 5.86% 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 are cbETH / USDC loans liquidated?
When a loan reaches 77% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes cbETH worth 7.41% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if cbETH fell to about 1.50K USDC.
How much USDC can be borrowed here right now?
$2.80M is free in the market, and vaults can move in up to $26.27M more through Morpho's public allocator, for about $29.07M in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the cbETH / USDC market?
Lenders earn 4.53% a year right now (5.26% averaged over 30 days). Most lend through vaults, such as Gauntlet USDC Prime, Steakhouse USDC and Steakhouse High Yield USDC Edition, which spread deposits across several markets.
Other cbETH / USDC markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| cbETH / USDCBase · LLTV 86% | 4.52% | 5.29% |
| cbETH / USDCBase · LLTV 86% | 3.17% | 3.61% |
More ways to borrow against cbETH
Other loan assets with cbETH as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| cbETH / WETHBase · LLTV 94.5% | 1.57% | 1.75% |
| cbETH / VCHFBase · LLTV 77% | 0.54% | 0.70% |
| cbETH / EURCBase · LLTV 86% | 6.88% | 7.34% |
| cbETH / WETHBase · LLTV 96.5% | 1.61% | 1.79% |
| cbETH / XSGDBase · LLTV 86% | 0.68% | 0.76% |
