vbWBTC / vbUSDC on Katana
A Morpho market on Katana where people borrow vbUSDC against vbWBTC. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 2.42% a year and borrowers pay 2.77% right now.
Data from Morpho's API · updated
Borrow APY
2.77%
30-day average 3.37%
Supply APY
2.42%
30-day average 2.89%
Supplied
$5.23M
5.24M vbUSDC
Borrowed
$4.58M
87.5% utilization
Available to borrow
$653K
up to $665K with vault liquidity
Collateral posted
$6.57M
91.57 vbWBTC
vbWBTC / vbUSDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
vbWBTC / vbUSDC 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 2.83% 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 vbWBTC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's vbWBTC price in vbUSDC. 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 |
| vbWBTC price in vbUSDC | 71.69K vbUSDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xB60F…040e |
| Price feeds | 0xAd29…1895 0x41Dd…d162 0xbe5C…9606 |
| Market fee | Noneshare of interest taken by the protocol |
| Pre-liquidation | Availableborrowers can opt in to gentler, earlier liquidations from 83.26% LTV |
Details
| Loan asset | vbUSDCprice $0.9996 |
|---|---|
| Collateral | vbWBTCprice $71.7K |
| Borrow APY, last year | 2.64% |
| Borrowers | 85 |
| Created | June 26, 2025 |
| Market ID | 0xcd2dc555…daae3e |
| Rate model | 0x4F70…B428 |
| vbWBTC token | 0x0913…Cf52 |
| vbUSDC token | 0x203A…FD36 |
Vaults lending here
$5.06M of the $5.23M supplied comes from these vaults
Largest borrowers
85 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xEDc6…472E | $3.00M | 1.14 |
| 0x0432…8D43 | $295K | 1.44 |
| 0x0A61…4a53 | $210K | 1.23 |
| 0xdb9e…a0c3 | $202K | 1.42 |
| 0x92ee…7CB2 | $189K | 1.23 |
| 0x13F2…AF12 | $125K | 1.27 |
| 0xc0c3…183c | $111K | 1.14 |
| 0x3ab4…2c90 | $73.3K | 3.21 |
| 0xDdCC…BA1c | $61.0K | 1.24 |
| 0xAe2b…A103 | $53.4K | 1.43 |
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 vbWBTC / vbUSDC market
The vbWBTC / vbUSDC market on Katana was created on June 26, 2025. Anyone can lend vbUSDC into it, and anyone holding vbWBTC can borrow that vbUSDC against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $5.23M is supplied and $4.58M borrowed, so 87.5% of the market is in use, backed by $6.57M of vbWBTC from 85 borrowers. Borrowers pay 2.77% a year, 3.37% on average over the last 30 days and 2.64% over the last year. Lenders earn 2.42%.
6 listed vaults lend here, providing $5.06M of the supply; the largest are Steakhouse Prime USDC, Steakhouse Prime USDC and Yearn Degen USDC. Liquidators who close an unsafe loan here receive a 4.38% bonus in vbWBTC. If vbWBTC fell 20% against vbUSDC, about $4.70M of collateral would be at risk of liquidation.
vbWBTC / vbUSDC on Katana: quick answers
What is the vbUSDC borrow rate against vbWBTC on Morpho Katana?
In this market it is 2.77% a year right now, and it averaged 3.37% over the last 30 days. The rate is variable: it follows how much of the market's vbUSDC is borrowed, rising quickly above 90%.
When are vbWBTC / vbUSDC 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 vbWBTC worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if vbWBTC fell to about 41.68K vbUSDC.
How much vbUSDC can be borrowed here right now?
$653K is free in the market, and vaults can move in up to $12.5K more through Morpho's public allocator, for about $665K in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the vbWBTC / vbUSDC market?
Lenders earn 2.42% a year right now (2.89% averaged over 30 days). Most lend through vaults, such as Steakhouse Prime USDC, Steakhouse Prime USDC and Yearn Degen USDC, which spread deposits across several markets.
More ways to borrow against vbWBTC
Other loan assets with vbWBTC as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| vbWBTC / vbUSDTKatana · LLTV 86% | 2.98% | 3.29% |
