WETH / USDC on OP Mainnet
A Morpho market on OP Mainnet where people borrow USDC against WETH. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 32.93% a year and borrowers pay 35.91% right now.
Data from Morpho's API · updated
Borrow APY
35.91%
30-day average 19.27%
Supply APY
32.93%
30-day average 18.01%
Supplied
$2.6K
2.61K USDC
Borrowed
$2.4K
92.8% utilization
Available to borrow
$189
free liquidity right now
Collateral posted
$6.1K
3.02 WETH
WETH / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
WETH / 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 18.29% 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 WETH collateral could be liquidated if its price fell by each amount
Based on today's loans and today's WETH price in USDC. 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 |
| WETH price in USDC | 2.02K USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x6475…1735 |
| Price feeds | 0x13e3…08c5 0x16a9…E0f3 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | WETHprice $2.0K |
| Borrow APY, last year | 6.93% |
| Borrowers | 22 |
| Created | February 19, 2025 |
| Market ID | 0x173b6635…eb279b |
| Rate model | 0x8cD7…6ef6 |
| WETH token | 0x4200…0006 |
| USDC token | 0x0b2C…Ff85 |
Vaults lending here
$427 of the $2.6K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Gauntlet USDC Primelends directly | $427 |
Largest borrowers
22 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x916A…916b | $2.4K | 2.16 |
| 0xd785…41B8 | $11.00 | 2.24 |
| 0xED92…88F9 | $3.00 | 1.34 |
| 0x17e7…da54 | $1.00 | 1.58 |
| 0x4017…BcF3 | $1.00 | 1.62 |
| 0xa833…C54f | $0 | 1.10 |
| 0xbB34…D4dF | $0 | 5.24 |
| 0x18d0…0ed2 | $0 | 1.31 |
| 0x5770…266D | $0 | 33.73 |
| 0x6750…749B | $0 | 1.30 |
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 WETH / USDC market
The WETH / USDC market on OP Mainnet was created on February 19, 2025. Anyone can lend USDC into it, and anyone holding WETH can borrow that USDC against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $2.6K is supplied and $2.4K borrowed, so 92.8% of the market is in use, backed by $6.1K of WETH from 22 borrowers. Borrowers pay 35.91% a year, 19.27% on average over the last 30 days and 6.93% over the last year. Lenders earn 32.93%.
1 listed vault lends here, providing $427 of the supply; the largest is Gauntlet USDC Prime. Liquidators who close an unsafe loan here receive a 4.38% bonus in WETH.
WETH / USDC on OP Mainnet: quick answers
What is the USDC borrow rate against WETH on Morpho OP Mainnet?
In this market it is 35.91% a year right now, and it averaged 19.27% 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 WETH / USDC 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 WETH worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if WETH fell to about 1.17K USDC.
How much USDC can be borrowed here right now?
$189 is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the WETH / USDC market?
Lenders earn 32.93% a year right now (18.01% averaged over 30 days). Vaults provide 16% of the supply here (Gauntlet USDC Prime); the rest comes from people lending directly.
Other WETH / USDC markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| WETH / USDCBase · LLTV 86% | 4.52% | 5.34% |
| WETH / USDCEthereum · LLTV 86% | 4.48% | 5.18% |
| WETH / USDCArbitrum · LLTV 86% | 6.65% | 7.16% |
| WETH / USDCArc · LLTV 86% | 12.28% | 12.35%−0.14% rewards |
| WETH / USDCMonad · LLTV 86% | 1.82% | 2.02% |
More ways to borrow against WETH
Other loan assets with WETH as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| WETH / EURCBase · LLTV 86% | 6.86% | 7.13% |
| WETH / USDTEthereum · LLTV 86% | 2.99% | 3.57% |
| WETH / mUSDMonad · LLTV 86% | 0.05% | 0.43% |
| WETH / tGBPEthereum · LLTV 86% | 1.00% | 1.11% |
| WETH / USDT0Arbitrum · LLTV 86% | 3.24% | 3.69% |
| WETH / EURCEthereum · LLTV 86% | 2.35% | 2.76% |
