OETH / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against OETH. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 6.67% a year and borrowers pay 7.53% right now.
Data from Morpho's API · updated
Borrow APY
7.53%
30-day average 8.56%
Supply APY
6.67%
30-day average 7.67%
Supplied
$10.57M
10.57M USDC
Borrowed
$9.40M
88.9% utilization
Available to borrow
$1.17M
free liquidity right now
Collateral posted
$23.57M
8.78K OETH
OETH / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
OETH / 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 7.59% 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 OETH collateral could be liquidated if its price fell by each amount
Based on today's loans and today's OETH 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 |
| OETH price in USDC | 2.68K USDC |
| Oracle | ChainlinkOracleV20xE8aD…EDB0 |
| Price feeds | 0x5f4e…8419 0x8fFf…18f6 |
| 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 | OETHprice $2.7K |
| Borrow APY, last year | 4.72% |
| Borrowers | 30 |
| Created | September 22, 2025 |
| Market ID | 0xb8fef900…82510e |
| Rate model | 0x870a…00BC |
| OETH token | 0x856c…8dC3 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$7.29M of the $10.57M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Yearn OG USDClends directly | $3.33M |
| KPK USDC PrimeV2lends directly | $2.40M |
| Yearn OG USDCV2lends directly | $761K |
| Usual Boosted USDClends directly | $699K |
| Clearstar USDC CoreV2lends directly | $103K |
Largest borrowers
30 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xa122…E7c6 | $6.38M | 1.79 |
| 0x86D8…c8d6 | $1.40M | 4.36 |
| 0xFdbB…35c9 | $572K | 1.30 |
| 0x87D6…d55C | $471K | 1.71 |
| 0xDCc2…75A9 | $145K | 1.65 |
| 0xf6d3…4184 | $107K | 2.76 |
| 0xD918…9Ad5 | $80.6K | 1.63 |
| 0xe044…59b5 | $54.8K | 1.91 |
| 0x006B…DC17 | $38.8K | 2.46 |
| 0x4029…1333 | $38.4K | 3.49 |
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 OETH / USDC market
The OETH / USDC market on Ethereum was created on September 22, 2025. Anyone can lend USDC into it, and anyone holding OETH 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 $10.57M is supplied and $9.40M borrowed, so 88.9% of the market is in use, backed by $23.57M of OETH from 30 borrowers. Borrowers pay 7.53% a year, 8.56% on average over the last 30 days and 4.72% over the last year. Lenders earn 6.67%.
5 listed vaults lend here, providing $7.29M of the supply; the largest are Yearn OG USDC, KPK USDC Prime and Yearn OG USDC. Liquidators who close an unsafe loan here receive a 4.38% bonus in OETH.
OETH / USDC on Ethereum: quick answers
What is the USDC borrow rate against OETH on Morpho Ethereum?
In this market it is 7.53% a year right now, and it averaged 8.56% 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 OETH / 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 OETH worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if OETH fell to about 1.56K USDC.
How much USDC can be borrowed here right now?
$1.17M is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the OETH / USDC market?
Lenders earn 6.67% a year right now (7.67% averaged over 30 days). Most lend through vaults, such as Yearn OG USDC, KPK USDC Prime and Yearn OG USDC, which spread deposits across several markets.