vbETH / vbUSDT on Katana
A Morpho market on Katana where people borrow vbUSDT against vbETH. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 1.84% a year and borrowers pay 2.83% right now.
Data from Morpho's API · updated
Borrow APY
2.83%
30-day average 5.76%
Supply APY
1.84%
30-day average 4.98%
Supplied
$43.3K
43.31K vbUSDT
Borrowed
$28.2K
65.2% utilization
Available to borrow
$15.1K
up to $15.5K with vault liquidity
Collateral posted
$65.6K
24.43 vbETH
vbETH / vbUSDT rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
vbETH / vbUSDT 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 3.54% 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 vbETH collateral could be liquidated if its price fell by each amount
Based on today's loans and today's vbETH price in vbUSDT. 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 |
| vbETH price in vbUSDT | 2.69K vbUSDT |
| Oracle | ChainlinkOracleV20x2477…F084 |
| Price feeds | 0x7BdB…8eEE |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | vbUSDTprice $0.9999 |
|---|---|
| Collateral | vbETHprice $2.7K |
| Borrow APY, last year | 2.12% |
| Borrowers | 36 |
| Created | June 24, 2025 |
| Market ID | 0x9e03fc0d…69db1c |
| Rate model | 0x4F70…B428 |
| vbETH token | 0xEE7D…aB62 |
| vbUSDT token | 0x2DCa…D2F2 |
Vaults lending here
$28.9K of the $43.3K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Clearstar Core USDTV2lends directly | $28.9K |
Largest borrowers
36 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x5BD7…ed9E | $16.5K | 1.59 |
| 0x90CC…0C35 | $5.2K | 2.02 |
| 0x4B2c…7422 | $2.7K | 1.80 |
| 0xA052…0B58 | $1.8K | 2.16 |
| 0xa49b…144D | $1.2K | 2.57 |
| 0x3CE2…F303 | $357 | 1.32 |
| 0x936a…6138 | $151 | 3.05 |
| 0xf89E…bb22 | $146 | 2.27 |
| 0x7357…38A3 | $46.00 | 4.45 |
| 0xD97E…8aD7 | $46.00 | 3.04 |
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 vbETH / vbUSDT market
The vbETH / vbUSDT market on Katana was created on June 24, 2025. Anyone can lend vbUSDT into it, and anyone holding vbETH can borrow that vbUSDT against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $43.3K is supplied and $28.2K borrowed, so 65.2% of the market is in use, backed by $65.6K of vbETH from 36 borrowers. Borrowers pay 2.83% a year, 5.76% on average over the last 30 days and 2.12% over the last year. Lenders earn 1.84%.
1 listed vault lends here, providing $28.9K of the supply; the largest is Clearstar Core USDT. Liquidators who close an unsafe loan here receive a 4.38% bonus in vbETH.
vbETH / vbUSDT on Katana: quick answers
What is the vbUSDT borrow rate against vbETH on Morpho Katana?
In this market it is 2.83% a year right now, and it averaged 5.76% over the last 30 days. The rate is variable: it follows how much of the market's vbUSDT is borrowed, rising quickly above 90%.
When is a vbETH / vbUSDT 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 vbETH worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if vbETH fell to about 1.56K vbUSDT.
How much vbUSDT can be borrowed here right now?
$15.1K is free in the market, and vaults can move in up to $400 more through Morpho's public allocator, for about $15.5K in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the vbETH / vbUSDT market?
Lenders earn 1.84% a year right now (4.98% averaged over 30 days). Most lend through vaults, such as Clearstar Core USDT, which spread deposits across several markets.
More ways to borrow against vbETH
Other loan assets with vbETH as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| vbETH / vbUSDCKatana · LLTV 86% | 0.70%+3.61% rewards | 1.35% |
