weETH / vbETH on Katana
A Morpho market on Katana where people borrow vbETH against weETH. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 8.50% a year and borrowers pay 8.73% right now.
Data from Morpho's API · updated
Borrow APY
8.73%
30-day average 2.54%
Supply APY
8.50%
30-day average 2.33%
Supplied
$5.58M
2.08K vbETH
Borrowed
$5.45M
97.6% utilization
Available to borrow
$137K
free liquidity right now
Collateral posted
$6.29M
2.12K weETH
weETH / vbETH rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
weETH / vbETH 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 2.63% 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 weETH collateral could be liquidated if its price fell by each amount
Based on today's loans and today's weETH price in vbETH. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 91.5%fixed for the life of the market |
|---|---|
| Liquidation bonus | 2.62%extra collateral a liquidator receives |
| weETH price in vbETH | 1.10 vbETH |
| Oracle | ChainlinkOracleV20xD045…4bc9 |
| Price feeds | 0xe8D9…6FB2 |
| Market fee | Noneshare of interest taken by the protocol |
| Pre-liquidation | Availableborrowers can opt in to gentler, earlier liquidations from 89.79% LTV |
Details
| Loan asset | vbETHprice $2.7K |
|---|---|
| Collateral | weETHprice $3.0K |
| Borrow APY, last year | 1.93% |
| Borrowers | 85 |
| Created | June 30, 2025 |
| Market ID | 0x1e74d36f…81c34b |
| Rate model | 0x4F70…B428 |
| weETH token | 0x9893…19a7 |
| vbETH token | 0xEE7D…aB62 |
Vaults lending here
$5.40M of the $5.58M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Yearn OG ETHV2lends directly | $5.40M |
Largest borrowers
85 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x1f1C…7eA6 | $1.70M | 1.06 |
| 0x56F9…2794 | $1.35M | 1.02 |
| 0xA9B0…db0C | $1.18M | 1.01 |
| 0x6655…e784 | $698K | 1.02 |
| 0x0361…47aC | $318K | 1.07 |
| 0x69d2…C16B | $133K | 2.05 |
| 0x22b9…6961 | $60.9K | 1.05 |
| 0xA694…3342 | $16.0K | 1.10 |
| 0x9931…374e | $272 | 2.60 |
| 0xF1E2…c930 | $240 | 1.06 |
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 weETH / vbETH market
The weETH / vbETH market on Katana was created on June 30, 2025. Anyone can lend vbETH into it, and anyone holding weETH can borrow that vbETH against it, up to a loan-to-value of 91.5% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $5.58M is supplied and $5.45M borrowed, so 97.6% of the market is in use, backed by $6.29M of weETH from 85 borrowers. Borrowers pay 8.73% a year, 2.54% on average over the last 30 days and 1.93% over the last year. Lenders earn 8.50%.
1 listed vault lends here, providing $5.40M of the supply; the largest is Yearn OG ETH. Liquidators who close an unsafe loan here receive a 2.62% bonus in weETH. If weETH fell 20% against vbETH, about $6.01M of collateral would be at risk of liquidation.
weETH / vbETH on Katana: quick answers
What is the vbETH borrow rate against weETH on Morpho Katana?
In this market it is 8.73% a year right now, and it averaged 2.54% over the last 30 days. The rate is variable: it follows how much of the market's vbETH is borrowed, rising quickly above 90%.
When is a weETH / vbETH loan liquidated?
When the loan reaches 91.5% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes weETH worth 2.62% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if weETH fell to about 0.603 vbETH.
How much vbETH can be borrowed here right now?
$137K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the weETH / vbETH market?
Lenders earn 8.50% a year right now (2.33% averaged over 30 days). Most lend through vaults, such as Yearn OG ETH, which spread deposits across several markets.
More ways to borrow against weETH
Other loan assets with weETH as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| weETH / RLUSDEthereum · LLTV 86% | 3.77% | 4.20% |
| weETH / PYUSDEthereum · LLTV 86% | 5.28% | 5.84% |
| weETH / WETHEthereum · LLTV 94.5% | 1.95% | 2.16% |
| weETH / USDCEthereum · LLTV 86% | 4.49% | 5.00% |
| weETH / USDTEthereum · LLTV 86% | 4.61% | 5.07% |
| weETH / USDTEthereum · LLTV 86% | 4.45% | 4.91% |
