SPX / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against SPX. A loan can be liquidated once it reaches 62.5% of the collateral's value. Lenders earn 13.81% a year and borrowers pay 15.38% right now.
Data from Morpho's API · updated
Borrow APY
15.38%
30-day average 15.58%
Supply APY
13.81%
30-day average 14.80%
Supplied
$29.4K
29.45K USDC
Borrowed
$26.6K
90.4% utilization
Available to borrow
$2.8K
free liquidity right now
Collateral posted
$87.3K
254.18K SPX
SPX / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
SPX / 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 13.62% 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 SPX collateral could be liquidated if its price fell by each amount
Based on today's loans and today's SPX price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 62.5%fixed for the life of the market |
|---|---|
| Liquidation bonus | 12.68%extra collateral a liquidator receives |
| SPX price in USDC | 0.339 USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x5D4a…0c8b |
| Price feeds | 0x1439…Ee41 0x8DA9…8369 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | SPXprice $0.3429 |
| Borrowers | 11 |
| Created | May 27, 2026 |
| Market ID | 0x31a277fd…1e9979 |
| Rate model | 0x870a…00BC |
| SPX token | 0xE0f6…c56C |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$24.2K of the $29.4K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Purinta USDCV2lends directly | $24.2K |
Largest borrowers
11 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x9669…06CC | $13.9K | 1.35 |
| 0xA5A7…11aE | $8.1K | 2.54 |
| 0x0C76…ffa1 | $3.0K | 3.82 |
| 0x3F3F…E312 | $1.5K | 1.88 |
| 0x9f05…f75C | $4.00 | 2.56 |
| 0xdEe6…303b | $0 | 2.19 |
| 0x6811…7596 | $0 | 1.39 |
| 0x1946…35e5 | $0 | 3.26 |
| 0x7906…5859 | $0 | 2.08 |
| 0xEEeA…AfC9 | $0 | 45.39 |
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 SPX / USDC market
The SPX / USDC market on Ethereum was created on May 27, 2026. Anyone can lend USDC into it, and anyone holding SPX can borrow that USDC against it, up to a loan-to-value of 62.5% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $29.4K is supplied and $26.6K borrowed, so 90.4% of the market is in use, backed by $87.3K of SPX from 11 borrowers. Borrowers pay 15.38% a year, 15.58% on average over the last 30 days. Lenders earn 13.81%.
1 listed vault lends here, providing $24.2K of the supply; the largest is Purinta USDC. Liquidators who close an unsafe loan here receive a 12.68% bonus in SPX.
SPX / USDC on Ethereum: quick answers
What is the USDC borrow rate against SPX on Morpho Ethereum?
In this market it is 15.38% a year right now, and it averaged 15.58% 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 SPX / USDC loans liquidated?
When a loan reaches 62.5% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes SPX worth 12.68% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if SPX fell to about 0.271 USDC.
How much USDC can be borrowed here right now?
$2.8K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the SPX / USDC market?
Lenders earn 13.81% a year right now (14.80% averaged over 30 days). Most lend through vaults, such as Purinta USDC, which spread deposits across several markets.