weETH / PYUSD on Ethereum
A Morpho market on Ethereum where people borrow PYUSD against weETH. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 4.29% a year and borrowers pay 4.96% right now.
Data from Morpho's API · updated
Borrow APY
4.96%
30-day average 5.38%
Supply APY
4.29%
30-day average 4.75%
Supplied
$28.40M
28.42M PYUSD
Borrowed
$24.65M
86.8% utilization
Available to borrow
$3.76M
up to $3.76M with vault liquidity
Collateral posted
$40.28M
18.08K weETH
weETH / PYUSD rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
weETH / PYUSD 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 5.11% 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 weETH collateral could be liquidated if its price fell by each amount
Based on today's loans and today's weETH price in PYUSD. 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 |
| weETH price in PYUSD | 2.23K PYUSDthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x2218…eE11 |
| Price feeds | 0x5c9C…fF22 0x5f4e…8419 0x8f1d…8FB1 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | PYUSDprice $0.9994 |
|---|---|
| Collateral | weETHprice $2.2K |
| Borrowers | 12 |
| Created | March 3, 2026 |
| Market ID | 0x85d59152…4a212c |
| Rate model | 0x870a…00BC |
| weETH token | 0xCd5f…b7ee |
| PYUSD token | 0x6c3e…A0e8 |
Vaults lending here
$28.40M of the $28.40M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Paypal USD MainV2lends directly | $28.40M |
Largest borrowers
12 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x8328…f54a | $4.01M | 1.18 |
| 0xAa34…5Dd5 | $1.89M | 1.12 |
| 0xf0bb…416C | $1.40M | 2.89 |
| 0x1B85…5b6F | $82.0K | 1.37 |
| 0xF75B…4d41 | $64.4K | 1.85 |
| 0x38B9…38aA | $45.0K | 1.22 |
| 0x66Db…6F3C | $25.0K | 1.13 |
| 0x1D90…93f1 | $22.5K | 4.29 |
| 0x4a66…5AA8 | $2.4K | 7.90 |
| 0x6288…6008 | $19.00 | 1.27 |
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 weETH / PYUSD market
The weETH / PYUSD market on Ethereum was created on March 3, 2026. Anyone can lend PYUSD into it, and anyone holding weETH can borrow that PYUSD against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $28.40M is supplied and $24.65M borrowed, so 86.8% of the market is in use, backed by $40.28M of weETH from 12 borrowers. Borrowers pay 4.96% a year, 5.38% on average over the last 30 days. Lenders earn 4.29%.
1 listed vault lends here, providing $28.40M of the supply; the largest is Paypal USD Main. Liquidators who close an unsafe loan here receive a 4.38% bonus in weETH. If weETH fell 20% against PYUSD, about $8.37M of collateral would be at risk of liquidation.
weETH / PYUSD on Ethereum: quick answers
What is the PYUSD borrow rate against weETH on Morpho Ethereum?
In this market it is 4.96% a year right now, and it averaged 5.38% over the last 30 days. The rate is variable: it follows how much of the market's PYUSD is borrowed, rising quickly above 90%.
When are weETH / PYUSD 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 weETH worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if weETH fell to about 1.30K PYUSD.
How much PYUSD can be borrowed here right now?
$3.76M is free in the market, and vaults can move in up to $3.09 more through Morpho's public allocator, for about $3.76M in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the weETH / PYUSD market?
Lenders earn 4.29% a year right now (4.75% averaged over 30 days). Most lend through vaults, such as Paypal USD Main, which spread deposits across several markets.
Other weETH / PYUSD markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| weETH / PYUSDStable · LLTV 86% | 3.22% | 3.58% |
More ways to borrow against weETH
Other loan assets with weETH as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| weETH / RLUSDEthereum · LLTV 86% | 3.44% | 4.07% |
| weETH / USDCEthereum · LLTV 86% | 4.47% | 5.31% |
| weETH / WETHEthereum · LLTV 94.5% | 3.02% | 3.30% |
| weETH / vbETHKatana · LLTV 91.5% | 1.82% | 2.04%−0.25% rewards |
| weETH / USDTEthereum · LLTV 86% | 2.97% | 3.63% |
| weETH / WETHBase · LLTV 94.5% | 1.52% | 1.67% |
