WBTC / USDC on Polygon
A Morpho market on Polygon where people borrow USDC against WBTC. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 19.17% a year and borrowers pay 19.56% right now.
Data from Morpho's API · updated
Borrow APY
19.56%
30-day average 5.73%
Supply APY
19.17%
30-day average 5.24%
Supplied
$786K
786.26K USDC
Borrowed
$772K
98.2% utilization
Available to borrow
$14.4K
free liquidity right now
Collateral posted
$1.94M
23.17 WBTC
WBTC / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
WBTC / 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 5.31% 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 WBTC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's WBTC 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 |
| WBTC price in USDC | 83.93K USDC |
| Oracle | ChainlinkOracleV20x15B4…6291 |
| Price feeds | 0xaca1…709A |
| 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 | USDCprice $0.9999 |
|---|---|
| Collateral | WBTCprice $83.9K |
| Borrow APY, last year | 3.00% |
| Borrowers | 218 |
| Created | February 19, 2025 |
| Market ID | 0x1cfe584a…13553b |
| Rate model | 0xe675…F0B0 |
| WBTC token | 0x1BFD…BfD6 |
| USDC token | 0x3c49…3359 |
Vaults lending here
$680K of the $786K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Compound USDClends directly | $680K |
Largest borrowers
218 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xf83f…E6c7 | $298K | 2.35 |
| 0xe154…1923 | $38.5K | 2.28 |
| 0x9ACB…a837 | $38.1K | 2.03 |
| 0xA0b5…F83C | $37.2K | 2.35 |
| 0x6Ca8…C8b5 | $34.5K | 2.55 |
| 0x0Af1…9a6a | $32.2K | 1.35 |
| 0x7B04…7EdE | $31.1K | 1.59 |
| 0xF66c…7b58 | $22.5K | 2.50 |
| 0x6A86…a442 | $21.5K | 1.63 |
| 0x54Ee…ce04 | $18.9K | 1.68 |
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
| When | Debt repaid | Transaction |
|---|---|---|
| $2.1K2.08K USDC | 0x9f62…e1ad | |
| $1.3K1.27K USDC | 0x11c3…6c6c |
About the WBTC / USDC market
The WBTC / USDC market on Polygon was created on February 19, 2025. Anyone can lend USDC into it, and anyone holding WBTC 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 $786K is supplied and $772K borrowed, so 98.2% of the market is in use, backed by $1.94M of WBTC from 218 borrowers. Borrowers pay 19.56% a year, 5.73% on average over the last 30 days and 3.00% over the last year. Lenders earn 19.17%.
1 listed vault lends here, providing $680K of the supply; the largest is Compound USDC. Liquidators who close an unsafe loan here receive a 4.38% bonus in WBTC. If WBTC fell 20% against USDC, about $14.0K of collateral would be at risk of liquidation.
WBTC / USDC on Polygon: quick answers
What is the USDC borrow rate against WBTC on Morpho Polygon?
In this market it is 19.56% a year right now, and it averaged 5.73% 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 is a WBTC / USDC 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 WBTC worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if WBTC fell to about 48.79K USDC.
How much USDC can be borrowed here right now?
$14.4K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the WBTC / USDC market?
Lenders earn 19.17% a year right now (5.24% averaged over 30 days). Most lend through vaults, such as Compound USDC, which spread deposits across several markets.
Other WBTC / USDC markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| WBTC / USDCEthereum · LLTV 86% | 4.54% | 5.04% |
| WBTC / USDCArbitrum · LLTV 86% | 1.99% | 2.96% |
| WBTC / USDCEthereum · LLTV 86% | 4.57% | 5.08% |
| WBTC / USDCOP Mainnet · LLTV 86% | 3.81% | 4.39% |
| WBTC / USDCMonad · LLTV 86% | 2.33%+0.14% rewards | 3.46% |
| WBTC / USDCUnichain · LLTV 86% | 8.63% | 9.58% |
More ways to borrow against WBTC
Other loan assets with WBTC as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| WBTC / USDTEthereum · LLTV 86% | 4.09% | 4.52% |
| WBTC / EURCVEthereum · LLTV 86% | 1.82% | 2.02% |
| WBTC / RLUSDEthereum · LLTV 86% | 3.62% | 4.00% |
| WBTC / USDTEthereum · LLTV 86% | 4.56% | 5.02% |
| WBTC / EURCVEthereum · LLTV 86% | 1.92% | 2.13% |
| WBTC / EURCEthereum · LLTV 86% | 2.41% | 2.92% |
