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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
4.26–10.00%PRIME borrow, across 10 markets6.45%6.4527% Token yields · 10 Nov, 07:48 UTCtoken yield
Morpho · PYUSDKamino · Figure MarketMorpho · AUSDMorpho · USDCLoopscale · USDGLoopscale · USXToken yield

Loop PRIME: does it pay?

Token yield 6.45%
MarketLeveragemax 7.1x here
10.83%
you earn a year
vs 6.45% just holding
+2.19 pts
borrow rate can rise this much
before looping stops paying
−22.5%
PRIME price fall
that gets you liquidated

Floating rate: it can jump when a market is over 90% lent. PRIME is priced by the issuer’s NAV, so a big price fall is unlikely to show up; the rate is the real risk.

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
KLMIsolated$317M$316,871,877 $5.8K$5,843 $238M$237,634,229 from 5.00%5% L75%74.9938% 88%NAV
MIsolated$236M$236,033,220 $112$210M$210,291,427 —89.1%89.094% 91.5%NAV
AEKLMIsolated + pooled$197M$196,509,633 $261.0K$261,045 $172M$172,476,475 5.25%5.2492% L87.8%87.77% 91.5%NAV
EKMIsolated + pooled$206M$206,365,838 $2.0M$1,992,808 $168M$168,094,630 from 5.70%5.701% M81.5%81.4547% 97%Market

Lenders

Earn vaultLends againstTo credit% of vaultLend rate% lent
Sentora PRIME Main · Morpho · EthereumPRIME$163M$162,798,157 85.8%85.8405% 6.03%6.026% 87.6%87.5925%
Steakhouse USDG · Morpho · RobinhoodsyrupUSDG, mGLO$139M$139,323,669 25.9%25.9115% 3.94%3.9376% 90.2%90.1597%
Steakhouse High Yield USDC Edition · Morpho · BasemGLO$81.5M$81,542,219 17.6%17.5555% 3.34%3.3428% 90%90.0433%
Gauntlet USDG Premium · Morpho · ArbitrumsyrupUSDG$77.6M$77,595,076 91.5%91.4627% 8.39%8.3903% 91.6%91.5542%
Sentora Huma PST Main · Morpho · EthereumPST$75.0M$75,026,945 85.2%85.2283% 6.49%6.4869% 88.3%88.2847%
Sentora PYUSD · Kamino · SolanasyrupUSDC, PRIME +2$67.1M$67,109,192 66.3%66.3218% 6.81%6.808% 92%92.0404%
wYLDS Allocator · Kamino · SolanaAUTO$62.8M$62,791,818 100%99.9995% 5.22%5.2234% 100%
Paypal USD Main · Morpho · EthereumsyrupUSDC$57.9M$57,851,108 16.5%16.5302% 5.43%5.4273% 90%90.013%
RWA USDC · Kamino · SolanaONyc, PST +3$46.4M$46,393,173 92.1%92.1222% 5.92%5.9185% 92.1%92.1223%
Steakhouse USDG Pro · Morpho · ArbitrumsyrupUSDG$43.6M$43,634,330 91.6%91.5543% 8.39%8.3921% 91.6%91.5542%

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.