sUSDai / frxUSD on Ethereum
A Morpho market on Ethereum where people borrow frxUSD against sUSDai. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 1.38% a year and borrowers pay 2.46% right now.
Data from Morpho's API · updated
Borrow APY
2.46%
paid by borrowers
Supply APY
1.38%
earned by lenders
Supplied
$804K
803.64K frxUSD
Borrowed
$454K
56.5% utilization
Available to borrow
$350K
free liquidity right now
Collateral posted
$537K
481.07K sUSDai
sUSDai / frxUSD rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
sUSDai / frxUSD 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 3.42% 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 sUSDai collateral could be liquidated if its price fell by each amount
Based on today's loans and today's sUSDai price in frxUSD. 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 |
| sUSDai price in frxUSD | 1.12 frxUSD |
| Oracle | ChainlinkOracleV20xCFDC…73E7 |
| Price feeds | 0x0fBE…ee7a |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | frxUSDprice $0.9999 |
|---|---|
| Collateral | sUSDaiprice $1.1155 |
| Borrowers | 5 |
| Created | September 21, 2026 |
| Market ID | 0xc4f56ec8…e87550 |
| Rate model | 0x870a…00BC |
| sUSDai token | 0x0B2b…5ef9 |
| frxUSD token | 0xCAcd…6E29 |
Vaults lending here
$804K of the $804K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Frax USDai EcosystemV2lends directly | $804K |
Largest borrowers
5 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x7E03…d828 | $260K | 1.01 |
| 0x2156…49B6 | $155K | 1.01 |
| 0x2fCb…A48c | $19.5K | 1.08 |
| 0x17E1…96b2 | $19.2K | 1.05 |
| 0x2894…990B | $1.00 | 1.72 |
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 sUSDai / frxUSD market
The sUSDai / frxUSD market on Ethereum was created on September 21, 2026. Anyone can lend frxUSD into it, and anyone holding sUSDai can borrow that frxUSD against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $804K is supplied and $454K borrowed, so 56.5% of the market is in use, backed by $537K of sUSDai from 5 borrowers. Borrowers pay 2.46% a year. Lenders earn 1.38%.
1 listed vault lends here, providing $804K of the supply; the largest is Frax USDai Ecosystem. Liquidators who close an unsafe loan here receive a 4.38% bonus in sUSDai. If sUSDai fell 20% against frxUSD, about $537K of collateral would be at risk of liquidation.
sUSDai / frxUSD on Ethereum: quick answers
What is the frxUSD borrow rate against sUSDai on Morpho Ethereum?
In this market it is 2.46% a year right now. The rate is variable: it follows how much of the market's frxUSD is borrowed, rising quickly above 90%.
When is a sUSDai / frxUSD 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 sUSDai worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if sUSDai fell to about 0.649 frxUSD.
How much frxUSD can be borrowed here right now?
$350K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the sUSDai / frxUSD market?
Lenders earn 1.38% a year right now. Most lend through vaults, such as Frax USDai Ecosystem, which spread deposits across several markets.
More ways to borrow against sUSDai
Other loan assets with sUSDai as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| sUSDai / AUSDEthereum · LLTV 86% | 5.07% | 5.58% |
| sUSDai / USDTEthereum · LLTV 91.5% | 8.10% | 8.70% |
| sUSDai / AUSDEthereum · LLTV 91.5% | 6.46% | 7.09% |
| sUSDai / USDCArc · LLTV 86% | 5.41% | 6.01%−0.45% rewards |
| sUSDai / USDCArbitrum · LLTV 91.5% | 4.34% | 4.93% |
