kBTC / RLUSD on Ethereum
A Morpho market on Ethereum where people borrow RLUSD against kBTC. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 3.32% a year and borrowers pay 3.68% right now.
Data from Morpho's API · updated
Borrow APY
3.68%
30-day average 3.23%
Supply APY
3.32%
30-day average 2.87%
Supplied
$220.0M
220.00M RLUSD
Borrowed
$199.0M
90.4% utilization
Available to borrow
$21.03M
free liquidity right now
Collateral posted
$300.6M
3.58K kBTC
kBTC / RLUSD rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
kBTC / RLUSD 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 3.24% 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 kBTC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's kBTC price in RLUSD. 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 |
| kBTC price in RLUSD | 84.01K RLUSD |
| Oracle | ChainlinkOracleV20xBCC3…5ddb |
| Price feeds | 0xF403…E88c 0x26C4…7f2A |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | RLUSDprice $1.0001 |
|---|---|
| Collateral | kBTCprice $84.0K |
| Borrowers | 18 |
| Created | April 17, 2026 |
| Market ID | 0x15bb2a6a…4eec32 |
| Rate model | 0x870a…00BC |
| kBTC token | 0x73E0…Db98 |
| RLUSD token | 0x8292…17eD |
Vaults lending here
$220.0M of the $220.0M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Sentora RLUSD MainV2lends directly | $220.0M |
Largest borrowers
18 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x0774…CcF5 | $139.0M | 1.28 |
| 0x7fB9…205E | $51.05M | 1.32 |
| 0xb721…fa38 | $5.21M | 1.38 |
| 0xB1BC…D351 | $2.52M | 1.69 |
| 0xC509…Da6B | $556K | 1.66 |
| 0x2cb2…97cF | $342K | 1.69 |
| 0xb816…A353 | $91.5K | 2.06 |
| 0xEd51…05Ca | $75.7K | 1.92 |
| 0x7bDd…56A5 | $71.0K | 1.18 |
| 0xcBC5…7312 | $41.5K | 1.65 |
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 kBTC / RLUSD market
The kBTC / RLUSD market on Ethereum was created on April 17, 2026. Anyone can lend RLUSD into it, and anyone holding kBTC can borrow that RLUSD against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $220.0M is supplied and $199.0M borrowed, so 90.4% of the market is in use, backed by $300.6M of kBTC from 18 borrowers. Borrowers pay 3.68% a year, 3.23% on average over the last 30 days. Lenders earn 3.32%.
1 listed vault lends here, providing $220.0M of the supply; the largest is Sentora RLUSD Main. Liquidators who close an unsafe loan here receive a 4.38% bonus in kBTC. If kBTC fell 20% against RLUSD, about $97.2K of collateral would be at risk of liquidation.
kBTC / RLUSD on Ethereum: quick answers
What is the RLUSD borrow rate against kBTC on Morpho Ethereum?
In this market it is 3.68% a year right now, and it averaged 3.23% over the last 30 days. The rate is variable: it follows how much of the market's RLUSD is borrowed, rising quickly above 90%.
When is a kBTC / RLUSD 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 kBTC worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if kBTC fell to about 48.84K RLUSD.
How much RLUSD can be borrowed here right now?
$21.03M is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the kBTC / RLUSD market?
Lenders earn 3.32% a year right now (2.87% averaged over 30 days). Most lend through vaults, such as Sentora RLUSD Main, which spread deposits across several markets.
More ways to borrow against kBTC
Other loan assets with kBTC as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| kBTC / PYUSDEthereum · LLTV 86% | 6.95% | 7.47% |
