WETH / USDT on Ethereum
A Morpho market on Ethereum where people borrow USDT against WETH. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 2.99% a year and borrowers pay 3.57% right now.
Data from Morpho's API · updated
Borrow APY
3.57%
30-day average 3.99%
Supply APY
2.99%
30-day average 3.51%
Supplied
$340K
340.02K USDT
Borrowed
$286K
84.2% utilization
Available to borrow
$53.8K
up to $4.79M with vault liquidity
Collateral posted
$470K
233.32 WETH
WETH / USDT rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
WETH / 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 3.75% 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 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 |
| WETH price in USDT | 2.01K USDTthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x0F94…4580 |
| Price feeds | 0xc005…73aD |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDTprice $0.9990 |
|---|---|
| Collateral | WETHprice $2.0K |
| Borrowers | 19 |
| Created | April 16, 2026 |
| Market ID | 0x3758a9e2…adcfd2 |
| Rate model | 0x870a…00BC |
| WETH token | 0xC02a…6Cc2 |
| USDT token | 0xdAC1…1ec7 |
Vaults lending here
$340K of the $340K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Gauntlet USDT Frontierlends directly | $270K |
| Smokehouse USDTlends directly | $62.8K |
| Gauntlet USDT FrontierV2lends directly | $6.8K |
Largest borrowers
19 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x59c3…250d | $78.5K | 1.42 |
| 0xcd0c…4E01 | $54.7K | 1.25 |
| 0x29BA…c5e7 | $52.3K | 1.15 |
| 0x0AD5…8C9C | $39.1K | 1.51 |
| 0xDE79…E141 | $14.1K | 1.91 |
| 0xB108…50FB | $12.4K | 1.72 |
| 0xFdaB…3e87 | $9.0K | 1.28 |
| 0x4639…5Eff | $7.8K | 1.08 |
| 0x9Aaf…512D | $4.8K | 1.79 |
| 0x93fe…87c8 | $4.2K | 1.10 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
2 in the last 30 days, $78.07 of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $4.714.72 USDT | 0x5466…b146 | |
| $73.3673.42 USDT | 0xf5fd…2d3a |
About the WETH / USDT market
The WETH / USDT market on Ethereum was created on April 16, 2026. Anyone can lend USDT into it, and anyone holding WETH 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 $340K is supplied and $286K borrowed, so 84.2% of the market is in use, backed by $470K of WETH from 19 borrowers. Borrowers pay 3.57% a year, 3.99% on average over the last 30 days. Lenders earn 2.99%.
3 listed vaults lend here, providing $340K of the supply; the largest are Gauntlet USDT Frontier, Smokehouse USDT and Gauntlet USDT Frontier. Liquidators who close an unsafe loan here receive a 4.38% bonus in WETH. If WETH fell 20% against USDT, about $87.6K of collateral would be at risk of liquidation. 2 loans were liquidated here in the last 30 days.
WETH / USDT on Ethereum: quick answers
What is the USDT borrow rate against WETH on Morpho Ethereum?
In this market it is 3.57% a year right now, and it averaged 3.99% 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 WETH / 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 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 USDT.
How much USDT can be borrowed here right now?
$53.8K is free in the market, and vaults can move in up to $4.73M more through Morpho's public allocator, for about $4.79M in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the WETH / USDT market?
Lenders earn 2.99% a year right now (3.51% averaged over 30 days). Most lend through vaults, such as Gauntlet USDT Frontier, Smokehouse USDT and Gauntlet USDT Frontier, which spread deposits across several markets.
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 / USDCArbitrum · LLTV 86% | 6.65% | 7.16% |
| WETH / mUSDMonad · LLTV 86% | 0.05% | 0.43% |
| WETH / tGBPEthereum · LLTV 86% | 1.00% | 1.11% |
