WBTC / USDT on Ethereum (86% LLTV, Chainlink V1 oracle)
A Morpho market on Ethereum where people borrow USDT against WBTC. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 3.00% a year and borrowers pay 3.66% right now.
Data from Morpho's API · updated
Borrow APY
3.66%
30-day average 4.43%
Supply APY
3.00%
30-day average 3.90%
Supplied
$103.6M
103.67M USDT
Borrowed
$85.24M
82.3% utilization
Available to borrow
$18.33M
free liquidity right now
Collateral posted
$149.1M
2.07K WBTC
WBTC / USDT rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
WBTC / USDT 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 3.91% 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 WBTC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's WBTC price in USDT. 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 |
| WBTC price in USDT | 71.91K USDTthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracle0x008b…E1ef |
| Price feeds | 0xfdFD…BB23 0xF403…E88c 0x3E7d…e32D |
| 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 | USDTprice $0.9990 |
|---|---|
| Collateral | WBTCprice $71.9K |
| Borrow APY, last year | 3.78% |
| Borrowers | 412 |
| Created | January 31, 2024 |
| Market ID | 0xa921ef34…c4df99 |
| Rate model | 0x870a…00BC |
| WBTC token | 0x2260…C599 |
| USDT token | 0xdAC1…1ec7 |
Vaults lending here
$98.63M of the $103.6M supplied comes from these vaults
Largest borrowers
412 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x6bA9…FB7e | $13.86M | 1.43 |
| 0xc367…9E7D | $8.51M | 1.09 |
| 0xf42c…b2af | $6.30M | 1.11 |
| 0x5EE1…f884 | $5.22M | 1.18 |
| 0x5dB4…cB9a | $4.16M | 1.09 |
| 0xe8DB…9c61 | $4.07M | 1.09 |
| 0x54c0…4Af9 | $4.02M | 1.09 |
| 0x941D…c37E | $3.95M | 1.09 |
| 0xa631…dC35 | $1.83M | 1.52 |
| 0x86D8…c8d6 | $1.78M | 2.34 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
4 in the last 30 days, $7.37M of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $2.5K2.49K USDT | 0xa41e…e092 | |
| $7.36M7.38M USDT | 0x6fc5…b474 | |
| $1.6K1.60K USDT | 0x40a1…0c53 | |
| $2.1K2.08K USDT | 0xb95c…ff6e |
About the WBTC / USDT market
The WBTC / USDT market on Ethereum was created on January 31, 2024. Anyone can lend USDT into it, and anyone holding WBTC can borrow that USDT against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $103.6M is supplied and $85.24M borrowed, so 82.3% of the market is in use, backed by $149.1M of WBTC from 412 borrowers. Borrowers pay 3.66% a year, 4.43% on average over the last 30 days and 3.78% over the last year. Lenders earn 3.00%.
18 listed vaults lend here, providing $98.63M of the supply; the largest are Steakhouse USDT, Steakhouse Prime USDT and Spark Blue Chip USDT Vault. Liquidators who close an unsafe loan here receive a 4.38% bonus in WBTC. If WBTC fell 20% against USDT, about $58.82M of collateral would be at risk of liquidation. 4 loans were liquidated here in the last 30 days.
WBTC / USDT (86% LLTV, Chainlink V1 oracle) on Ethereum: quick answers
What is the USDT borrow rate against WBTC on Morpho Ethereum?
In this market it is 3.66% a year right now, and it averaged 4.43% over the last 30 days. The rate is variable: it follows how much of the market's USDT is borrowed, rising quickly above 90%.
When are WBTC / USDT 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 WBTC worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if WBTC fell to about 41.81K USDT.
How much USDT can be borrowed here right now?
$18.33M is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the WBTC / USDT market?
Lenders earn 3.00% a year right now (3.90% averaged over 30 days). Most lend through vaults, such as Steakhouse USDT, Steakhouse Prime USDT and Spark Blue Chip USDT Vault, which spread deposits across several markets.
Other WBTC / USDT markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| WBTC / USDTEthereum · LLTV 86% | 3.00% | 3.66% |
More ways to borrow against WBTC
Other loan assets with WBTC as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| WBTC / USDCEthereum · LLTV 86% | 4.48% | 5.17% |
| WBTC / RLUSDEthereum · LLTV 86% | 3.65% | 4.00% |
| WBTC / EURCVEthereum · LLTV 86% | 1.82% | 2.02% |
| WBTC / EURCVEthereum · LLTV 86% | 1.80% | 2.00% |
| WBTC / USDCArbitrum · LLTV 86% | 6.66% | 7.17% |
| WBTC / USDCEthereum · LLTV 86% | 4.48% | 5.17% |
