siUSD / msUSD on Ethereum
A Morpho market on Ethereum where people borrow msUSD against siUSD. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 0.11% a year and borrowers pay 0.31% right now.
Data from Morpho's API · updated
Borrow APY
0.31%
30-day average 1.66%
Supply APY
0.11%
30-day average 1.27%
Supplied
$1.43M
1.76M msUSD
Borrowed
$530K
37.1% utilization
Available to borrow
$898K
free liquidity right now
Collateral posted
$814K
740.35K siUSD
siUSD / msUSD rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
siUSD / msUSD 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 0.55% 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 siUSD collateral could be liquidated if its price fell by each amount
Based on today's loans and today's siUSD price in msUSD. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 91.5%fixed for the life of the market |
|---|---|
| Liquidation bonus | 2.62%extra collateral a liquidator receives |
| siUSD price in msUSD | 1.10 msUSDthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xC7bB…11Af |
| Price feeds | 0xF81A…7067 0xc386…973D 0xDBDC…9bCB |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | msUSDprice $0.8098 |
|---|---|
| Collateral | siUSDprice $1.0990 |
| Borrowers | 59 |
| Created | February 12, 2026 |
| Market ID | 0x64d2f82e…e4bbd5 |
| Rate model | 0x870a…00BC |
| siUSD token | 0xDBDC…9bCB |
| msUSD token | 0xab5e…BEfA |
Vaults lending here
$1.43M of the $1.43M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Metronome msUSD Vaultlends directly | $1.43M |
Largest borrowers
59 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x2737…6AFC | $245K | 1.03 |
| 0xE9B0…5169 | $90.6K | 1.03 |
| 0xcDA5…ADD9 | $57.3K | 1.04 |
| 0x9b13…5914 | $48.6K | 1.02 |
| 0xf70F…ED88 | $16.3K | 2.60 |
| 0x7dA0…c17d | $14.4K | 1.40 |
| 0x6Ac4…6e4E | $12.0K | 1.32 |
| 0xe6db…995E | $8.5K | 1.03 |
| 0x6404…6d13 | $7.6K | 1.14 |
| 0x19aC…dD31 | $492 | 1.08 |
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 siUSD / msUSD market
The siUSD / msUSD market on Ethereum was created on February 12, 2026. Anyone can lend msUSD into it, and anyone holding siUSD can borrow that msUSD against it, up to a loan-to-value of 91.5% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $1.43M is supplied and $530K borrowed, so 37.1% of the market is in use, backed by $814K of siUSD from 59 borrowers. Borrowers pay 0.31% a year, 1.66% on average over the last 30 days. Lenders earn 0.11%.
1 listed vault lends here, providing $1.43M of the supply; the largest is Metronome msUSD Vault. Liquidators who close an unsafe loan here receive a 2.62% bonus in siUSD. If siUSD fell 20% against msUSD, about $634K of collateral would be at risk of liquidation.
siUSD / msUSD on Ethereum: quick answers
What is the msUSD borrow rate against siUSD on Morpho Ethereum?
In this market it is 0.31% a year right now, and it averaged 1.66% over the last 30 days. The rate is variable: it follows how much of the market's msUSD is borrowed, rising quickly above 90%.
When are siUSD / msUSD loans liquidated?
When a loan reaches 91.5% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes siUSD worth 2.62% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if siUSD fell to about 0.601 msUSD.
How much msUSD can be borrowed here right now?
$898K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the siUSD / msUSD market?
Lenders earn 0.11% a year right now (1.27% averaged over 30 days). Most lend through vaults, such as Metronome msUSD Vault, which spread deposits across several markets.
More ways to borrow against siUSD
Other loan assets with siUSD as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| siUSD / USDCEthereum · LLTV 91.5% | 6.84% | 7.85% |
| siUSD / AUSDMonad · LLTV 91.5% | 5.74%+1.80% rewards | 6.34% |
