WETH / USDS on Ethereum
A Morpho market on Ethereum where people borrow USDS against WETH. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 19.99% a year and borrowers pay 21.68% right now.
Data from Morpho's API · updated
Borrow APY
21.68%
30-day average 11.44%
Supply APY
19.99%
30-day average 9.82%
Supplied
$2.1K
2.15K USDS
Borrowed
$2.0K
92.9% utilization
Available to borrow
$153
free liquidity right now
Collateral posted
$4.3K
2.15 WETH
WETH / USDS rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
WETH / USDS 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 11.11% 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 WETH collateral could be liquidated if its price fell by each amount
Based on today's loans and today's WETH price in USDS. 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 |
| WETH price in USDS | 2.01K USDSthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x76b2…Af4d |
| Price feeds | 0x5f4e…8419 0xfF30…19b1 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDSprice $0.9997 |
|---|---|
| Collateral | WETHprice $2.0K |
| Borrowers | 7 |
| Created | February 12, 2026 |
| Market ID | 0x12cacbbd…0f2199 |
| Rate model | 0x870a…00BC |
| WETH token | 0xC02a…6Cc2 |
| USDS token | 0xdC03…384F |
Vaults lending here
No listed vault lends to this market right now
Largest borrowers
7 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x8DC0…b782 | $1.6K | 1.67 |
| 0x5C2F…a38A | $423 | 3.04 |
| 0x49BE…a992 | $5.00 | 7.07 |
| 0x6157…629B | $1.00 | 3.54 |
| 0x5037…b3E2 | $0 | 1.42 |
| 0x6CC6…C4bD | $0 | 5.57 |
| 0x3195…E262 | $0 | 1.15 |
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 WETH / USDS market
The WETH / USDS market on Ethereum was created on February 12, 2026. Anyone can lend USDS into it, and anyone holding WETH can borrow that USDS against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $2.1K is supplied and $2.0K borrowed, so 92.9% of the market is in use, backed by $4.3K of WETH from 7 borrowers. Borrowers pay 21.68% a year, 11.44% on average over the last 30 days. Lenders earn 19.99%.
No listed vault lends to this market right now, so its supply comes from direct lenders. Liquidators who close an unsafe loan here receive a 4.38% bonus in WETH.
WETH / USDS on Ethereum: quick answers
What is the USDS borrow rate against WETH on Morpho Ethereum?
In this market it is 21.68% a year right now, and it averaged 11.44% over the last 30 days. The rate is variable: it follows how much of the market's USDS is borrowed, rising quickly above 90%.
When are WETH / USDS 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 WETH worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if WETH fell to about 1.17K USDS.
How much USDS can be borrowed here right now?
$153 is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the WETH / USDS market?
Lenders earn 19.99% a year right now (9.82% averaged over 30 days). No listed vault lends here, so the supply comes from people lending directly.
More ways to borrow against WETH
Other loan assets with WETH as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| WETH / USDCBase · LLTV 86% | 4.52% | 5.34% |
| WETH / USDCEthereum · LLTV 86% | 4.48% | 5.18% |
| WETH / EURCBase · LLTV 86% | 6.86% | 7.13% |
| WETH / USDTEthereum · LLTV 86% | 2.99% | 3.57% |
| WETH / USDCArbitrum · LLTV 86% | 6.65% | 7.16% |
| WETH / mUSDMonad · LLTV 86% | 0.05% | 0.43% |
