wstETH / PYUSD on Ethereum
A Morpho market on Ethereum where people borrow PYUSD against wstETH. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 10.60% a year and borrowers pay 11.37% right now.
Data from Morpho's API · updated
Borrow APY
11.37%
30-day average 5.96%
Supply APY
10.60%
30-day average 5.32%
Supplied
$2.95M
2.95M PYUSD
Borrowed
$2.77M
93.6% utilization
Available to borrow
$189K
up to $189K with vault liquidity
Collateral posted
$12.20M
3.65K wstETH
wstETH / PYUSD rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
wstETH / 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 5.33% 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 wstETH collateral could be liquidated if its price fell by each amount
Based on today's loans and today's wstETH 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 |
| wstETH price in PYUSD | 3.34K PYUSD |
| Oracle | ChainlinkOracleV20x9f02…7916 |
| Price feeds | 0x4F67…8e79 0x5f4e…8419 0x8f1d…8FB1 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | PYUSDprice $0.9998 |
|---|---|
| Collateral | wstETHprice $3.3K |
| Borrowers | 12 |
| Created | December 14, 2025 |
| Market ID | 0xf5c5df23…864d27 |
| Rate model | 0x870a…00BC |
| wstETH token | 0x7f39…2Ca0 |
| PYUSD token | 0x6c3e…A0e8 |
Vaults lending here
$2.91M of the $2.95M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Paypal USD MainV2lends directly | $2.91M |
Largest borrowers
12 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x7ee2…5178 | $2.52M | 3.87 |
| 0xB1dB…1863 | $91.8K | 3.56 |
| 0x3d8E…98c0 | $90.6K | 2.95 |
| 0x6735…2365 | $46.9K | 2.11 |
| 0x503b…9418 | $11.2K | 2.88 |
| 0x7888…7e47 | $4.5K | 1.36 |
| 0x9006…64Ae | $2.5K | 2.79 |
| 0xA20F…Eb60 | $1.0K | 12.48 |
| 0x091A…827e | $266 | 31.64 |
| 0x08A5…1DcD | $115 | 15.99 |
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 wstETH / PYUSD market
The wstETH / PYUSD market on Ethereum was created on December 14, 2025. Anyone can lend PYUSD into it, and anyone holding wstETH 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 $2.95M is supplied and $2.77M borrowed, so 93.6% of the market is in use, backed by $12.20M of wstETH from 12 borrowers. Borrowers pay 11.37% a year, 5.96% on average over the last 30 days. Lenders earn 10.60%.
1 listed vault lends here, providing $2.91M of the supply; the largest is Paypal USD Main. Liquidators who close an unsafe loan here receive a 4.38% bonus in wstETH.
wstETH / PYUSD 86% (f5c5df) on Ethereum: quick answers
What is the PYUSD borrow rate against wstETH on Morpho Ethereum?
In this market it is 11.37% a year right now, and it averaged 5.96% 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 is a wstETH / PYUSD 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 wstETH worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if wstETH fell to about 1.94K PYUSD.
How much PYUSD can be borrowed here right now?
$189K is free in the market, and vaults can move in up to $170 more through Morpho's public allocator, for about $189K in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the wstETH / PYUSD market?
Lenders earn 10.60% a year right now (5.32% averaged over 30 days). Most lend through vaults, such as Paypal USD Main, which spread deposits across several markets.
Other wstETH / PYUSD markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| wstETH / PYUSDEthereum · LLTV 86% | 9.00% | 9.86% |
More ways to borrow against wstETH
Other loan assets with wstETH as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| wstETH / USDTEthereum · LLTV 86% | 4.37% | 4.81% |
| wstETH / WETHEthereum · LLTV 96.5% | 2.01% | 2.22% |
| wstETH / WETHMonad · LLTV 94.5% | 1.54%+1.50% rewards | 1.71% |
| wstETH / WETHEthereum · LLTV 94.5% | 1.62% | 1.82% |
| wstETH / USDCEthereum · LLTV 86% | 4.50% | 5.00% |
| wstETH / USDCEthereum · LLTV 86% | 4.57% | 5.08% |
