UBTC / USDC on HyperEVM
A Morpho market on HyperEVM where people borrow USDC against UBTC. A loan can be liquidated once it reaches 77% of the collateral's value. Lenders earn 4.64% a year and borrowers pay 5.73% right now.
Data from Morpho's API · updated
Borrow APY
5.73%
30-day average 6.71%
Supply APY
4.64%
30-day average 5.94%
Supplied
$681K
681.03K USDC
Borrowed
$554K
81.4% utilization
Available to borrow
$127K
free liquidity right now
Collateral posted
$1.27M
17.64 UBTC
UBTC / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
UBTC / USDC 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 6.18% 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 UBTC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's UBTC price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 77%fixed for the life of the market |
|---|---|
| Liquidation bonus | 7.41%extra collateral a liquidator receives |
| UBTC price in USDC | 71.73K USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x6df6…1c29 |
| Price feeds | 0x7d05…Ad5A 0x4C89…82fD |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | UBTCprice $71.8K |
| Borrow APY, last year | 7.33% |
| Borrowers | 127 |
| Created | September 12, 2025 |
| Market ID | 0x45af9c72…ab942f |
| Rate model | 0xD4a4…7483 |
| UBTC token | 0x9FDB…3463 |
| USDC token | 0xb883…630f |
Vaults lending here
$410K of the $681K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Felix USDC V2V2lends directly | $206K |
| Gauntlet USDClends directly | $204K |
Largest borrowers
127 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xAf40…c497 | $72.4K | 2.08 |
| 0x94D8…aBEC | $65.6K | 1.40 |
| 0x54E5…324A | $45.5K | 1.26 |
| 0x05D1…45cE | $35.4K | 1.91 |
| 0x61D9…3AaD | $33.2K | 2.05 |
| 0x197E…f5F0 | $33.0K | 1.38 |
| 0xfC3b…a571 | $31.0K | 1.15 |
| 0x325D…1588 | $21.3K | 1.30 |
| 0x54a3…15c2 | $20.4K | 1.45 |
| 0x821C…08dD | $13.4K | 2.47 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
1 in the last 30 days, $37.7K of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $37.7K37.74K USDC | 0x91bc…85db |
About the UBTC / USDC market
The UBTC / USDC market on HyperEVM was created on September 12, 2025. Anyone can lend USDC into it, and anyone holding UBTC can borrow that USDC against it, up to a loan-to-value of 77% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $681K is supplied and $554K borrowed, so 81.4% of the market is in use, backed by $1.27M of UBTC from 127 borrowers. Borrowers pay 5.73% a year, 6.71% on average over the last 30 days and 7.33% over the last year. Lenders earn 4.64%.
2 listed vaults lend here, providing $410K of the supply; the largest are Felix USDC V2 and Gauntlet USDC. Liquidators who close an unsafe loan here receive a 7.41% bonus in UBTC. If UBTC fell 20% against USDC, about $83.9K of collateral would be at risk of liquidation. 1 loan was liquidated here in the last 30 days.
UBTC / USDC on HyperEVM: quick answers
What is the USDC borrow rate against UBTC on Morpho HyperEVM?
In this market it is 5.73% a year right now, and it averaged 6.71% over the last 30 days. The rate is variable: it follows how much of the market's USDC is borrowed, rising quickly above 90%.
When are UBTC / USDC loans liquidated?
When a loan reaches 77% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes UBTC worth 7.41% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if UBTC fell to about 46.58K USDC.
How much USDC can be borrowed here right now?
$127K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the UBTC / USDC market?
Lenders earn 4.64% a year right now (5.94% averaged over 30 days). Most lend through vaults, such as Felix USDC V2 and Gauntlet USDC, which spread deposits across several markets.
More ways to borrow against UBTC
Other loan assets with UBTC as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| UBTC / USD₮0HyperEVM · LLTV 77% | 6.97% | 8.00% |
| UBTC / USDeHyperEVM · LLTV 77% | 7.35% | 8.58% |
| UBTC / USD₮0HyperEVM · LLTV 86% | 7.34% | 8.18% |
| UBTC / USDHLHyperEVM · LLTV 77% | 15.67% | 25.81% |
