apyUSD / apxUSD on Ethereum
A Morpho market on Ethereum where people borrow apxUSD against apyUSD. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 9.06% a year and borrowers pay 10.28% right now.
Data from Morpho's API · updated
Borrow APY
10.28%
30-day average 13.26%
Supply APY
9.06%
30-day average 11.75%
Supplied
$10.56M
10.65M apxUSD
Borrowed
$9.37M
88.7% utilization
Available to borrow
$1.19M
free liquidity right now
Collateral posted
$17.98M
12.63M apyUSD
apyUSD / apxUSD rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
apyUSD / apxUSD 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 10.40% 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 apyUSD collateral could be liquidated if its price fell by each amount
Based on today's loans and today's apyUSD price in apxUSD. 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 |
| apyUSD price in apxUSD | 1.46 apxUSDthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x7706…8872 |
| Price feeds | 0x38EE…8a6A |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | apxUSDprice $0.9915 |
|---|---|
| Collateral | apyUSDprice $1.4234 |
| Borrowers | 53 |
| Created | March 12, 2026 |
| Market ID | 0xe2338049…201264 |
| Rate model | 0x870a…00BC |
| apyUSD token | 0x38EE…8a6A |
| apxUSD token | 0x98A8…4665 |
Vaults lending here
No listed vault lends to this market right now
Largest borrowers
53 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x333C…f943 | $2.23M | 1.02 |
| 0x81F5…4c50 | $1.84M | 4.18 |
| 0x687f…75B7 | $1.56M | 1.01 |
| 0xfB74…B6C0 | $778K | 1.01 |
| 0xAa34…5Dd5 | $376K | 1.01 |
| 0xF4C3…0F28 | $347K | 1.06 |
| 0xa7B4…A948 | $311K | 1.02 |
| 0x0B85…6eEA | $229K | 1.08 |
| 0xE705…5664 | $198K | 1.06 |
| 0x1b64…621f | $196K | 1.15 |
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 apyUSD / apxUSD market
The apyUSD / apxUSD market on Ethereum was created on March 12, 2026. Anyone can lend apxUSD into it, and anyone holding apyUSD can borrow that apxUSD against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $10.56M is supplied and $9.37M borrowed, so 88.7% of the market is in use, backed by $17.98M of apyUSD from 53 borrowers. Borrowers pay 10.28% a year, 13.26% on average over the last 30 days. Lenders earn 9.06%.
No listed vault lends to this market right now, so its supply comes from direct lenders. Liquidators who close an unsafe loan here receive a 4.38% bonus in apyUSD. If apyUSD fell 20% against apxUSD, about $8.58M of collateral would be at risk of liquidation.
apyUSD / apxUSD on Ethereum: quick answers
What is the apxUSD borrow rate against apyUSD on Morpho Ethereum?
In this market it is 10.28% a year right now, and it averaged 13.26% over the last 30 days. The rate is variable: it follows how much of the market's apxUSD is borrowed, rising quickly above 90%.
When are apyUSD / apxUSD loans liquidated?
When a loan reaches 86% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes apyUSD worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if apyUSD fell to about 0.847 apxUSD.
How much apxUSD can be borrowed here right now?
$1.19M is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the apyUSD / apxUSD market?
Lenders earn 9.06% a year right now (11.75% averaged over 30 days). No listed vault lends here, so the supply comes from people lending directly.
More ways to borrow against apyUSD
Other loan assets with apyUSD as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| apyUSD / USDCEthereum · LLTV 86% | 10.80% | 11.62% |
