ETH: Staked Ether Loops: Average Leverage
Included with Plus.
The average leverage of staked-ether loops on Ethereum: the staking collateral divided by what is left after the ether debt.
Why use it. Higher leverage earns more of the staking spread and leaves less room for the staking token to fall against ether before a liquidation. How to read it. A value of 5 means each dollar of the owners' own money holds five dollars of staking tokens; the highest settings on correlated markets allow more than 10.
Calculation. Value-weighted across the loops: collateral in the loops / (collateral in the loops - debt in the loops). A staked-ether loop borrows ether against a staking token, stakes it and deposits the new token as collateral, again and again, to earn the staking yield on more ether than the owner put in. Counted: positions that owe WETH and hold staking tokens as collateral, from staked ether itself to restaking tokens and the funds and fixed-yield tokens built on them. A position that also holds other collateral or owes other debts counts only for its loop part: its WETH debt x the staking tokens' share of its collateral. Counted: positions with $1 or more of debt whose assets the protocols price. Left out: the Morpho Blue markets that are fully lent out at a borrow rate of 100% a year or more, or whose collateral at the market's own oracle covers less than half of their debt. Those markets are abandoned: their debt, about $31 billion on paper in October 2026, cannot be repaid and keeps growing at the interest-rate model's cap, so it would swamp every other figure; the Lending charts leave them out too, and their losses fell on their lenders long ago. Maker's lockstake vaults, where liquidations are switched off, are counted: their debt is real. Hourly from 9 November 2026, when this measure began: positions are not rebuilt for earlier hours. Daily values are the day's latest hour; the open day updates every hour. Covered: Aave v3 (its main, Prime and EtherFi markets on Ethereum), Aave v2 (main and AMM markets), Spark, Compound v3 (all six markets), Maker, now Sky (every vault of the collateral types it liquidates, and SKY staked in its lockstake engine) and Morpho Blue (every market), as in the Lending charts. Ethereum mainnet only. Computed by CryptoKeyhole from its own Ethereum archive node at the protocols' own oracle prices. Aggregates only: no position or address is shown.