SPY / USDG on Robinhood Chain
A Morpho market on Robinhood Chain where people borrow USDG against SPY. A loan can be liquidated once it reaches 77% of the collateral's value. Lenders earn 3.67% a year and borrowers pay 4.04% right now.
Data from Morpho's API · updated
Borrow APY
4.04%
30-day average 4.31%
Supply APY
3.67%
30-day average 3.72%
Supplied
$11.2K
11.24K USDG
Borrowed
$10.2K
90.9% utilization
Available to borrow
$1.0K
free liquidity right now
Collateral posted
$23.1K
30.40 SPY
SPY / USDG rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
SPY / USDG 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 3.17% 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 SPY collateral could be liquidated if its price fell by each amount
Based on today's loans and today's SPY price in USDG. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 77%fixed for the life of the market |
|---|---|
| Liquidation bonus | 7.41%extra collateral a liquidator receives |
| SPY price in USDG | 761.56 USDGthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xae67…Cf6F |
| Price feeds | 0xa68C…486d |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDGprice $0.9999 |
|---|---|
| Collateral | SPYprice $761 |
| Borrowers | 11 |
| Created | October 6, 2026 |
| Market ID | 0xeb1739b2…313613 |
| Rate model | 0x2BD3…0fa1 |
| SPY token | 0x117c…4C0C |
| USDG token | 0x5fc5…d168 |
Vaults lending here
$11.2K of the $11.2K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Steakhouse USDGV2lends directly | $11.2K |
Largest borrowers
11 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xabcb…49a6 | $4.1K | 2.19 |
| 0x183B…9f74 | $3.6K | 1.28 |
| 0xFe53…EBD1 | $1.1K | 1.56 |
| 0x550A…fc76 | $389 | 1.56 |
| 0xcE11…f8bd | $311 | 1.67 |
| 0xcfAA…e561 | $250 | 2.10 |
| 0xED0F…61Cf | $200 | 1.42 |
| 0xC214…d2D4 | $135 | 1.55 |
| 0x9dE3…5625 | $100 | 1.53 |
| 0x6766…43E6 | $25.00 | 1.60 |
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 SPY / USDG market
The SPY / USDG market on Robinhood Chain was created on October 6, 2026. Anyone can lend USDG into it, and anyone holding SPY can borrow that USDG against it, up to a loan-to-value of 77% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $11.2K is supplied and $10.2K borrowed, so 90.9% of the market is in use, backed by $23.1K of SPY from 11 borrowers. Borrowers pay 4.04% a year, 4.31% on average over the last 30 days. Lenders earn 3.67%.
1 listed vault lends here, providing $11.2K of the supply; the largest is Steakhouse USDG. Liquidators who close an unsafe loan here receive a 7.41% bonus in SPY.
SPY / USDG on Robinhood Chain: quick answers
What is the USDG borrow rate against SPY on Morpho Robinhood Chain?
In this market it is 4.04% a year right now, and it averaged 4.31% over the last 30 days. The rate is variable: it follows how much of the market's USDG is borrowed, rising quickly above 90%.
When are SPY / USDG loans liquidated?
When a loan reaches 77% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes SPY worth 7.41% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if SPY fell to about 494.52 USDG.
How much USDG can be borrowed here right now?
$1.0K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the SPY / USDG market?
Lenders earn 3.67% a year right now (3.72% averaged over 30 days). Most lend through vaults, such as Steakhouse USDG, which spread deposits across several markets.