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Lending

Borrowers post credit tokens. Lenders supply the stablecoins.

Morpho, Loopscale, isolated Kamino and Euler markets · one collateral per market · covers 81% of borrowing · Loopscale: borrowed only
Lenders
$1.42B$1,423,064,532 Euler, Kamino, Morpho · 9 Nov, 22:53 UTC+14.8%+14.756% Kamino, Morpho · 9 Nov, 22:53 UTC 30D
5.64%5.6389% Euler, Kamino, Morpho · 9 Nov, 22:53 UTC
earn
84%83.9887% Euler, Kamino, Morpho · 9 Nov, 22:53 UTC
via vaults
Dollars
90.4%90.3981% Euler, Kamino, Morpho · 9 Nov, 22:53 UTClent outShare of the supplied money that is borrowed right now.
$137M$136,640,594 Euler, Kamino, Morpho · 9 Nov, 22:53 UTC freerates jump above 90%
Borrowers
$1.31B$1,308,915,926 Euler, Kamino, Loopscale, Morpho · 9 Nov, 22:53 UTC+14.8%+14.843% Kamino, Morpho · 9 Nov, 22:53 UTC 30D
6.46%6.4562% Euler, Kamino, Loopscale, Morpho · 9 Nov, 22:53 UTC
pay
74.4%74.3845% Euler, Kamino, Loopscale, Morpho · 9 Nov, 22:53 UTC
avg LTVLoan-to-value: the loan as a share of the collateral behind it.
Total borrowed against private credit$1.31B$1,308,915,926 Euler, Kamino, Loopscale, Morpho · 9 Nov, 22:53 UTC isolated + $308M$307,655,749 Aave, Euler, Kamino, Morpho · 9 Nov, 22:53 UTC pooled =$1.62B$1,616,571,675 Aave, Euler, Kamino, Loopscale, Morpho · 9 Nov, 22:53 UTC
Data as of 9 Nov, 22:53 UTC· Each venue matched to its own totals within 2%, except Loopscale, which publishes noneHow we count
Borrowed+54.3%+54.279% Kamino, Morpho · 9 Nov, 22:53 UTC 90D
MorphoKaminoEulerLoopscaleSuppliedFree

Isolated markets · Kamino and Morpho history backfilled; Euler, Loopscale start 9 Nov

About this data

Source: Euler, Kamino, Loopscale, Morpho position reads.

Who borrows against what

All 30 tokens
TokenVenuesMarket typeBacking loansDeposited onlyCredit tokens in a venue that back no loan.BorrowedFixed rateAvg LTVLoan-to-value: the loan as a share of the collateral behind it.Max LTVThe highest limit among the variable-rate markets where the token is posted, as on its token page. Fixed-term loans set their own.Priced by
KIsolated$3.1M$3,125,033 $1.3M$1,319,231 $2.4M$2,352,205 —75.3%75.2698% 80%NAV
MIsolated$2.9M$2,935,086 $0$2.3M$2,348,728 —80%80.0224% 86%NAV
EIsolated$3.6M$3,619,091 $1.3M$1,276,556 $2.3M$2,324,903 —64.2%64.24% 70%Unknown
LIsolated$1.5M$1,536,429 $0$1.2M$1,218,871 5.00%5% L79.3%79.3314% —Market
MIsolated$859.3K$859,331 $0$627.9K$627,948 —73.1%73.074% 77%NAV
MIsolated$858.5K$858,528 $4$559.8K$559,770 —65.2%65.2012% 86%NAV
MIsolated$488.6K$488,603 $5.0K$4,975 $326.9K$326,870 —66.9%66.8988% 91.5%NAV
EMIsolated + pooled$395.8K$395,762 $0$292.6K$292,635 —73.9%73.9421% 94%Unknown
sUSD.infra LIsolated$144$0$107—74.8%74.8498% —Unknown
sUSD.infra / USD.infraLIsolated$144$0$107—74.8%74.8498% —Unknown

Lenders

Earn vaultLends againstTo credit% of vaultLend rate% lent
Wintermute USDC Select · Morpho · EthereumreUSD, USD3$9.8M$9,772,515 23.5%23.5497% 5.78%5.782% 88.5%88.5473%
RockawayX USPC ecosystem vault · Morpho · EthereumUSPC$9.7M$9,661,316 88.2%88.1572% 4.97%4.9668% 88.2%88.1574%
Plume x Re7 USDC · Kamino · SolananOPAL$7.7M$7,665,344 85.6%85.6172% 8.84%8.8409% 85.6%85.6161%
Re Ecosystem Vault · Morpho · EthereumreUSD$7.5M$7,509,410 88.6%88.6452% 6.73%6.7312% 88.6%88.6453%
Gauntlet USDC Frontier · Morpho · EthereumreUSD, AA_FalconXUSDC +3$6.6M$6,599,111 28%28.0336% 5.63%5.6251% 89%88.9948%
Pendle Ecosystem USDC · Morpho · EthereumreUSD$5.8M$5,848,464 28.7%28.7462% 6.49%6.4901% 89.1%89.0583%
Aerie x Plume USDC Core · Morpho · EthereumnOPAL, nALPHA$5.8M$5,819,687 89.4%89.4485% 12.18%12.1823% 90.8%90.8468%
Smokehouse USDT · Morpho · EthereumreUSD$5.6M$5,613,994 27.8%27.7965% 4.63%4.6319% 89.8%89.7843%
Smokehouse USDC · Morpho · EthereummF-ONE, reUSD$5.5M$5,461,067 50.1%50.1381% 5.64%5.6361% 85.9%85.9061%
Allez USDC · Kamino · SolanaONyc$5.2M$5,242,946 50.1%50.1224% 5.47%5.4662% 91.6%91.5858%

Can I withdraw?

51Euler, Kamino, Morpho · 9 Nov, 22:53 UTC of 108Euler, Kamino, Morpho · 9 Nov, 22:53 UTCmarkets over 90% lent today

9Euler, Kamino, Morpho · 9 Nov, 22:53 UTC of the last 30 days above 90%. Free cash per token:

PRIME$29.6M$29,570,071 Euler, Kamino, Morpho · 9 Nov, 22:53 UTC · 89%
syrupUSDG$21.0M$21,023,692 Euler, Kamino, Morpho · 9 Nov, 22:53 UTC · 91%
reUSD$19.9M$19,910,743 Euler, Kamino, Morpho · 9 Nov, 22:53 UTC · 89%
PST$15.7M$15,722,894 Euler, Kamino, Morpho · 9 Nov, 22:53 UTC · 88%
mGLO$15.0M$14,990,358 Euler, Kamino, Morpho · 9 Nov, 22:53 UTC · 90%

Over 90% lent: withdrawals may wait until borrowers repay.

Have lenders lost money?

$0Morpho, Euler, Aave, Kamino · 10 Nov, 00:00 UTCbad debt
Liquidated since 10 Aug$36.2M$36,155,844 Morpho, Euler, Aave, Kamino · 10 Nov, 00:00 UTC · 46Morpho, Euler, Aave, Kamino · 10 Nov, 00:00 UTC
Largest25 Aug · PT-reUSD-10DEC2026

Covers Morpho, Euler, Aave, Kamino. Bad debt excludes Euler and Kamino, where no bad-debt figure can be read.

21,874Kamino · 10 Nov, 00:00 UTC fixed-term loans closed at maturity (not liquidations)

How is the collateral priced?

Market price$277M$277,167,215 Aave, Euler, Kamino, Loopscale, Morpho · 9 Nov, 22:53 UTC · 13%12.9805% Aave, Euler, Kamino, Loopscale, Morpho · 9 Nov, 22:53 UTC
Issuer NAVNet asset value: the price the token’s issuer publishes.$1.81B$1,812,441,805 Aave, Euler, Kamino, Loopscale, Morpho · 9 Nov, 22:53 UTC · 84.9%84.8816% Aave, Euler, Kamino, Loopscale, Morpho · 9 Nov, 22:53 UTC
Fixed price$40.5M$40,481,225 Aave, Euler, Kamino, Loopscale, Morpho · 9 Nov, 22:53 UTC · 1.9%1.8958% Aave, Euler, Kamino, Loopscale, Morpho · 9 Nov, 22:53 UTC
Unknown$5.2M$5,169,369 Aave, Euler, Kamino, Loopscale, Morpho · 9 Nov, 22:53 UTC · 0.2%0.2421% Aave, Euler, Kamino, Loopscale, Morpho · 9 Nov, 22:53 UTC

Issuer NAV: if the token trades lower on the market, the lending market won’t see it. No liquidation happens, and lenders carry the loss.

How we count

Backing loans: credit tokens enabled as collateral, with an LTV above zero, in a position with debt. Deposited only: every other credit token in the venue.

Borrowed: in an isolated market, the market’s borrowing. In a pooled market, the debt of positions holding credit tokens, split across mixed collateral by value at the market’s own oracle.

Pooled markets show lender figures for the whole pool, because that money is not set aside for credit borrowers. Lend rate is weighted by supply, borrow rate by debt.

Loopscale is borrowed only: its lender supply cannot be read, so it is left out of supplied, % lent and free. Fluid and Jupiter Lend are not covered yet. Markets with no collateral and no debt are hidden; turn them on in Filters.

Left out because the market’s oracle fails or is broken: Morpho PRIME / USDC on ethereum (0xec10f939836409ccc1e82979b34a06591b8e7476fcca1cb0b94d33d68e6d6526): its oracle is broken, it values one PRIME at $1.069e+12 against Morpho's $1.069; debt 1 USDC; Morpho muBOND / USDC on ethereum (0x6cf7e63f37d7f2ca2b86d1415eeedd4173b30f9974e8a706016e1f798b479b03): its oracle reverts; debt 219326 USDC; Morpho syrupUSDC / ARGt on base (0x8e15587c793b308b5769e0b3830336cef90e8bff486a46047d385db850111422): its oracle reverts; debt 1095 ARGt; Morpho syrupUSDC / ARGt on base (0xc2431f2ab85339427c371b337fc75e0388b93d5b98b4f8603d60d206f255c9a7): its oracle reverts; debt 0 ARGt.

Each market is read at its own block or slot. Morpho and Kamino days before the dataset began are backfilled from their own history APIs; borrowed, supplied and rates only, so collateral starts when positions were first read.