sPOL / frxUSD on Polygon
A Morpho market on Polygon where people borrow frxUSD against sPOL. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 4.92% a year and borrowers pay 5.43% right now.
Data from Morpho's API · updated
Borrow APY
5.43%
30-day average 4.17%
Supply APY
4.92%
30-day average 3.75%
Supplied
$24.3K
24.30K frxUSD
Borrowed
$22.1K
90.9% utilization
Available to borrow
$2.2K
free liquidity right now
Collateral posted
$51.6K
472.21K sPOL
sPOL / frxUSD rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
sPOL / frxUSD 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 4.20% 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 sPOL collateral could be liquidated if its price fell by each amount
Based on today's loans and today's sPOL price in frxUSD. 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 |
| sPOL price in frxUSD | 0.109 frxUSD |
| Oracle | ChainlinkOracleV20x3042…0Cec |
| Price feeds | 0x5708…74e1 0xAB59…2dE0 0x8BF4…f1bf |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | frxUSDprice $0.9999 |
|---|---|
| Collateral | sPOLprice $0.1093 |
| Borrowers | 4 |
| Created | August 12, 2026 |
| Market ID | 0x74ccc05c…de1f65 |
| Rate model | 0xe675…F0B0 |
| sPOL token | 0xd1CD…eCd7 |
| frxUSD token | 0x80Ee…00df |
Vaults lending here
$24.3K of the $24.3K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Feather frxUSDV2lends directly | $24.3K |
Largest borrowers
4 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x3F7C…9426 | $20.0K | 2.01 |
| 0xB172…c3Cc | $2.0K | 1.87 |
| 0xa6c4…1230 | $100 | 2.15 |
| 0x8d3b…dB60 | $1.00 | 2.48 |
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 sPOL / frxUSD market
The sPOL / frxUSD market on Polygon was created on August 12, 2026. Anyone can lend frxUSD into it, and anyone holding sPOL can borrow that frxUSD against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $24.3K is supplied and $22.1K borrowed, so 90.9% of the market is in use, backed by $51.6K of sPOL from 4 borrowers. Borrowers pay 5.43% a year, 4.17% on average over the last 30 days. Lenders earn 4.92%.
1 listed vault lends here, providing $24.3K of the supply; the largest is Feather frxUSD. Liquidators who close an unsafe loan here receive a 4.38% bonus in sPOL.
sPOL / frxUSD on Polygon: quick answers
What is the frxUSD borrow rate against sPOL on Morpho Polygon?
In this market it is 5.43% a year right now, and it averaged 4.17% over the last 30 days. The rate is variable: it follows how much of the market's frxUSD is borrowed, rising quickly above 90%.
When is a sPOL / frxUSD 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 sPOL worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if sPOL fell to about 0.0635 frxUSD.
How much frxUSD can be borrowed here right now?
$2.2K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the sPOL / frxUSD market?
Lenders earn 4.92% a year right now (3.75% averaged over 30 days). Most lend through vaults, such as Feather frxUSD, which spread deposits across several markets.