vbWBTC / vbUSDT on Katana
A Morpho market on Katana where people borrow vbUSDT against vbWBTC. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 2.98% a year and borrowers pay 3.30% right now.
Data from Morpho's API · updated
Borrow APY
3.30%
30-day average 2.86%
Supply APY
2.98%
30-day average 2.42%
Supplied
$103K
102.61K vbUSDT
Borrowed
$92.8K
90.5% utilization
Available to borrow
$9.7K
up to $9.9K with vault liquidity
Collateral posted
$252K
3.51 vbWBTC
vbWBTC / vbUSDT rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
vbWBTC / 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 2.86% 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 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 |
| vbWBTC price in vbUSDT | 71.74K vbUSDTthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x07A9…F0AE |
| Price feeds | 0x41Dd…d162 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | vbUSDTprice $0.9992 |
|---|---|
| Collateral | vbWBTCprice $71.7K |
| Borrow APY, last year | 2.35% |
| Borrowers | 20 |
| Created | June 24, 2025 |
| Market ID | 0xd4ab7321…818656 |
| Rate model | 0x4F70…B428 |
| vbWBTC token | 0x0913…Cf52 |
| vbUSDT token | 0x2DCa…D2F2 |
Vaults lending here
$102K of the $103K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Yearn OG USDTV2lends directly | $102K |
| Clearstar Core USDTV2lends directly | $158 |
Largest borrowers
20 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x4b71…8974 | $49.5K | 2.11 |
| 0x5E82…12D3 | $30.2K | 2.07 |
| 0xF71a…3aa8 | $10.1K | 2.58 |
| 0xAE22…78db | $1.8K | 1.10 |
| 0x0442…21F3 | $1.1K | 4.93 |
| 0x48da…aDF2 | $43.00 | 1.77 |
| 0xa701…7c68 | $1.00 | 1.23 |
| 0xF4DC…1456 | $0 | 3.14 |
| 0xD720…0006 | $0 | 3.59 |
| 0x4D36…A44e | $0 | 1.21 |
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 / vbUSDT market
The vbWBTC / vbUSDT market on Katana was created on June 24, 2025. Anyone can lend vbUSDT into it, and anyone holding vbWBTC 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 $103K is supplied and $92.8K borrowed, so 90.5% of the market is in use, backed by $252K of vbWBTC from 20 borrowers. Borrowers pay 3.30% a year, 2.86% on average over the last 30 days and 2.35% over the last year. Lenders earn 2.98%.
2 listed vaults lend here, providing $102K of the supply; the largest are Yearn OG USDT and Clearstar Core USDT. Liquidators who close an unsafe loan here receive a 4.38% bonus in vbWBTC. If vbWBTC fell 20% against vbUSDT, about $2.3K of collateral would be at risk of liquidation.
vbWBTC / vbUSDT on Katana: quick answers
What is the vbUSDT borrow rate against vbWBTC on Morpho Katana?
In this market it is 3.30% a year right now, and it averaged 2.86% 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 are vbWBTC / vbUSDT 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 41.71K vbUSDT.
How much vbUSDT can be borrowed here right now?
$9.7K is free in the market, and vaults can move in up to $131 more through Morpho's public allocator, for about $9.9K in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the vbWBTC / vbUSDT market?
Lenders earn 2.98% a year right now (2.42% averaged over 30 days). Most lend through vaults, such as Yearn OG USDT and Clearstar Core USDT, 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 / vbUSDCKatana · LLTV 86% | 2.42% | 2.77% |
