PAXG / USDC on Base
A Morpho market on Base where people borrow USDC against PAXG. A loan can be liquidated once it reaches 77% of the collateral's value. Lenders earn 4.63% a year and borrowers pay 5.15% right now.
Data from Morpho's API · updated
Borrow APY
5.15%
paid by borrowers
Supply APY
4.63%
earned by lenders
Supplied
$39.7K
39.73K USDC
Borrowed
$35.8K
90.1% utilization
Available to borrow
$3.9K
free liquidity right now
Collateral posted
$80.5K
20.75 PAXG
PAXG / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
PAXG / 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 5.00% 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 PAXG collateral could be liquidated if its price fell by each amount
Based on today's loans and today's PAXG 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 |
| PAXG price in USDC | 3.88K USDCthe market's oracle, which liquidations follow |
| Oracle | Unknown0x6A47…BFaD |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | PAXGprice $3.9K |
| Borrowers | 34 |
| Created | October 27, 2026 |
| Market ID | 0x48dca3ed…bbe392 |
| Rate model | 0x4641…2687 |
| PAXG token | 0xe904…98Ef |
| USDC token | 0x8335…2913 |
Vaults lending here
$39.7K of the $39.7K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Steakhouse High Yield USDC EditionV2lends directly | $38.2K |
| Steakhouse High Yield USDCV2lends directly | $1.6K |
Largest borrowers
34 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xa7f3…4D19 | $17.9K | 1.68 |
| 0xcda7…5cF2 | $10.2K | 1.82 |
| 0x6dC6…d30b | $2.0K | 1.39 |
| 0xCf51…BF02 | $2.0K | 1.86 |
| 0x2CE1…B24C | $604 | 2.45 |
| 0x2a7b…2872 | $551 | 1.85 |
| 0x4F5C…085d | $408 | 2.74 |
| 0x69bd…0c12 | $245 | 1.54 |
| 0x7AF5…b438 | $201 | 1.08 |
| 0x594B…4274 | $174 | 1.19 |
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 PAXG / USDC market
The PAXG / USDC market on Base was created on October 27, 2026. Anyone can lend USDC into it, and anyone holding PAXG can borrow that USDC against it, up to a loan-to-value of 77% (its LLTV), where liquidation starts. Prices come from a custom oracle; check its source before borrowing or lending.
Right now $39.7K is supplied and $35.8K borrowed, so 90.1% of the market is in use, backed by $80.5K of PAXG from 34 borrowers. Borrowers pay 5.15% a year. Lenders earn 4.63%.
2 listed vaults lend here, providing $39.7K of the supply; the largest are Steakhouse High Yield USDC Edition and Steakhouse High Yield USDC. Liquidators who close an unsafe loan here receive a 7.41% bonus in PAXG. If PAXG fell 20% against USDC, about $1.1K of collateral would be at risk of liquidation.
PAXG / USDC on Base: quick answers
What is the USDC borrow rate against PAXG on Morpho Base?
In this market it is 5.15% a year right now. The rate is variable: it follows how much of the market's USDC is borrowed, rising quickly above 90%.
When are PAXG / 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 PAXG worth 7.41% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if PAXG fell to about 2.52K USDC.
How much USDC can be borrowed here right now?
$3.9K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the PAXG / USDC market?
Lenders earn 4.63% a year right now. Most lend through vaults, such as Steakhouse High Yield USDC Edition and Steakhouse High Yield USDC, which spread deposits across several markets.
More ways to borrow against PAXG
Other loan assets with PAXG as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| PAXG / PYUSDEthereum · LLTV 77% | 5.71% | 6.61% |
| PAXG / tGBPEthereum · LLTV 77% | 1.00% | 1.11% |
