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 6.68% a year and borrowers pay 7.49% right now.
Data from Morpho's API · updated
Borrow APY
7.49%
30-day average 7.75%
Supply APY
6.68%
30-day average 6.86%
Supplied
$9.63M
9.63M USDC
Borrowed
$8.62M
89.6% utilization
Available to borrow
$1.00M
free liquidity right now
Collateral posted
$16.92M
8.42K 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 7.51% 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 | 2.01K USDCthe market's oracle, which liquidations follow |
| 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 $0.9997 |
|---|---|
| Collateral | OETHprice $2.0K |
| Borrow APY, last year | 5.43% |
| Borrowers | 29 |
| Created | September 22, 2025 |
| Market ID | 0xb8fef900…82510e |
| Rate model | 0x870a…00BC |
| OETH token | 0x856c…8dC3 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$5.18M of the $9.63M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| KPK USDC PrimeV2lends directly | $2.40M |
| Yearn OG USDClends directly | $1.66M |
| Usual Boosted USDClends directly | $705K |
| Yearn OG USDCV2lends directly | $304K |
| Clearstar USDC CoreV2lends directly | $103K |
Largest borrowers
29 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xa122…E7c6 | $6.19M | 1.40 |
| 0x86D8…c8d6 | $1.41M | 3.25 |
| 0x87D6…d55C | $478K | 1.27 |
| 0xf6d3…4184 | $108K | 2.07 |
| 0x7EA2…d4Ef | $95.3K | 1.12 |
| 0xD918…9Ad5 | $81.3K | 1.22 |
| 0xe044…59b5 | $55.3K | 1.11 |
| 0x006B…DC17 | $39.2K | 1.84 |
| 0x4029…1333 | $38.8K | 2.61 |
| 0xD525…65a3 | $37.5K | 1.05 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
1 in the last 30 days, $13.1K of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $13.1K13.13K USDC | 0x1c8b…41d0 |
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 $9.63M is supplied and $8.62M borrowed, so 89.6% of the market is in use, backed by $16.92M of OETH from 29 borrowers. Borrowers pay 7.49% a year, 7.75% on average over the last 30 days and 5.43% over the last year. Lenders earn 6.68%.
5 listed vaults lend here, providing $5.18M of the supply; the largest are KPK USDC Prime, Yearn OG USDC and Usual Boosted USDC. Liquidators who close an unsafe loan here receive a 4.38% bonus in OETH. If OETH fell 20% against USDC, about $369K of collateral would be at risk of liquidation. 1 loan was liquidated here in the last 30 days.
OETH / USDC on Ethereum: quick answers
What is the USDC borrow rate against OETH on Morpho Ethereum?
In this market it is 7.49% a year right now, and it averaged 7.75% 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 OETH / USDC 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 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 1.17K USDC.
How much USDC can be borrowed here right now?
$1.00M 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 6.68% a year right now (6.86% averaged over 30 days). Most lend through vaults, such as KPK USDC Prime, Yearn OG USDC and Usual Boosted USDC, which spread deposits across several markets.