Ethereum yields
CryptoKeyhole reads what money earns on Ethereum from our own node: every large lending market, the savings rates, the yield vaults and the staking tokens, set against Treasury bills.
- syrupUSDCpaid over the last 30 days5.12%
- sUSDepaid over the last 30 days4.97%
- Borrowing a dollarthe DeFi dollar rate's borrow side4.79%
- Lending a dollaracross $9.68B in the main lending markets3.88%
- Sky Savings Rateon sUSDS, set on chain3.80%
- Staked ETHwstETH over 30 days, by its own exchange rate2.78%
- Lending ETHWETH across $6.05B supplied1.46%
The dashed line is 3-month US Treasury bills at 4.26% a year as an APY, the rate a dollar earns without leaving the bank system.
$12.87B sits in yield-bearing dollar vaults on Ethereum, each dollar counted once.
Savings rates
Dollars parked in a savings token earn whatever the issuer pays into it. Sky sets its rates on chain, so they sit beside what the share price really paid; the others are measured from their share prices alone.
Savings token yields over time and the Sky rates since 2019 are in the Studio on Plus.
| Savings token | Paid, 7 days | Paid, 30 days | Rate set on chain |
|---|---|---|---|
| sUSDSSavings USDS (Sky) | 3.80% | 3.80% | Sky Savings Rate 3.80% |
| sDAISavings Dai (Sky) | 1.25% | 1.25% | Dai Savings Rate 1.25% |
| sUSDeStaked USDe (Ethena) | 5.13% | 4.97% | |
| sGHOsGho | 4.60% | 4.60% | |
| stUSDSStaked USDS | 7.04% | 6.35% | |
| spUSDCSpark Savings USDC (Spark) | 3.80% | 3.80% | |
| spUSDTSpark Savings USDT (Spark) | 4.00% | 3.84% | |
| syrupUSDCSyrup USDC (Maple) | 5.08% | 5.12% | |
| syrupUSDTSyrup USDT (Maple) | 4.91% | 5.06% |
Lending markets
Every market on Aave, Spark, Compound and Morpho Blue holding more than a few million dollars, by what is lent in it. Supply is what a lender earns, borrow what a borrower pays; utilisation is the share lent out, and the rates climb steeply as it nears the top.
Dollars
$11.49B across 75 markets; supplied-weighted supply APY 3.63%
| Asset and market | Supply APY | Borrow APY | Supplied |
|---|---|---|---|
| USDCAave v3 Core | 3.79% | 4.55% | $2.83B |
| USDTAave v3 Core | 3.64% | 4.46% | $2.63B |
| USDSSpark | 3.50% | 5.00% | $1.25B |
| USDeAave v3 Core | 0.10% | 7.26% | $641.4M |
| USDCCompound v3 USDC | 3.22% | 4.03% | $364.0M |
| USDCMorpho Blue USDC/cbBTC 86% | 4.96% | 5.51% | $337.7M |
| USDTSpark | 3.70% | 4.33% | $309.1M |
| DAISpark | 3.64% | 5.10% | $261.3M |
| RLUSDMorpho Blue RLUSD/kBTC 86% | 3.23% | 3.67% | $255.1M |
| PYUSDMorpho Blue PYUSD/PRIME 86% | 7.36% | 8.04% | $185.1M |
| USDTCompound v3 USDT | 5.60% | 6.70% | $157.9M |
| USDCMorpho Blue USDC/PT-reUSD-10DEC2026 91.5% | 8.26% | 9.33% | $150.9M |
| USDCMorpho Blue USDC/WBTC 86% | 4.80% | 5.36% | $136.7M |
| GHOAave v3 Core | 0.00% | 4.60% | $135.5M |
| DAIAave v3 Core | 2.52% | 4.34% | $127.4M |
| USDTMorpho Blue USDT/wstETH 86% | 3.01% | 3.73% | $125.2M |
| PYUSDMorpho Blue PYUSD/sUSDe 91.5% | 3.79% | 4.23% | $115.1M |
| PYUSDMorpho Blue PYUSD/kBTC 86% | 3.78% | 4.20% | $105.6M |
| USDTMorpho Blue USDT/WBTC 86% | 3.01% | 3.73% | $102.6M |
| USDCMorpho Blue USDC/WETH 91.5% | 0.00% | 0.00% | $102.0M |
| PYUSDSpark | 0.79% | 4.06% | $100.0M |
| PYUSDMorpho Blue PYUSD/PST 86% | 5.90% | 6.68% | $85.0M |
| RLUSDMorpho Blue RLUSD/weETH 86% | 3.86% | 4.34% | $80.9M |
| PYUSDMorpho Blue PYUSD/syrupUSDC 91.5% | 4.05% | 4.50% | $64.3M |
| USDTMorpho Blue USDT/sUSDS 96.5% | 3.22% | 3.56% | $57.2M |
50 smaller markets not shown.
Ether and staked ether
$16.00B across 19 markets; supplied-weighted supply APY 0.55%
| Asset and market | Supply APY | Borrow APY | Supplied |
|---|---|---|---|
| WETHAave v3 Core | 1.42% | 2.04% | $4.48B |
| wstETHSpark | 0.00% | 0.00% | $3.42B |
| weETHAave v3 Core | 0.00% | 1.01% | $3.20B |
| wstETHAave v3 Core | 0.00% | 0.02% | $2.03B |
| WETHSpark | 1.50% | 1.95% | $1.32B |
| rsETHAave v3 Core | 0.00% | 0.00% | $671.1M |
| osETHAave v3 Core | 0.00% | 0.00% | $283.4M |
| wstETHAave v3 V3 Lido Ethereum | 0.06% | 0.20% | $115.3M |
| WETHCompound v3 WETH | 1.58% | 1.95% | $108.7M |
| weETHSpark | 0.00% | 5.13% | $90.3M |
| rETHAave v3 Core | 0.00% | 0.02% | $87.1M |
| WETHMorpho Blue WETH/wstETH 96.5% | 2.85% | 3.10% | $69.9M |
| tETHAave v3 V3 Lido Ethereum | 0.00% | 0.00% | $40.7M |
| WETHAave v3 V3 Lido Ethereum | 1.46% | 2.01% | $40.7M |
| WETHMorpho Blue WETH/wstETH 94.5% | 3.16% | 3.43% | $17.6M |
4 smaller markets not shown.
Bitcoin
$4.83B across 11 markets; supplied-weighted supply APY 0.00%
| Asset and market | Supply APY | Borrow APY | Supplied |
|---|---|---|---|
| WBTCAave v3 Core | 0.00% | 0.31% | $2.54B |
| cbBTCAave v3 Core | 0.00% | 0.29% | $1.32B |
| cbBTCSpark | 0.00% | 0.08% | $352.5M |
| WBTCSpark | 0.00% | 0.01% | $180.0M |
| LBTCAave v3 Core | 0.00% | 0.00% | $179.0M |
| tBTCAave v3 Core | 0.00% | 0.26% | $119.1M |
| LBTCSpark | 0.00% | 5.13% | $84.1M |
| WBTCAave v2 | 0.01% | 22.24% | $21.5M |
| WBTCMorpho Blue WBTC/unknown collateral 0% | 0.00% | 0.00% | $12.5M |
| FBTCAave v3 Core | 0.00% | 0.56% | $11.5M |
1 smaller market not shown.
Everything else
$570.3M across 6 markets; supplied-weighted supply APY 0.19%
| Asset and market | Supply APY | Borrow APY | Supplied |
|---|---|---|---|
| sUSDeAave v3 Core | 0.00% | 0.00% | $187.0M |
| syrupUSDTAave v3 Core | 0.00% | 0.00% | $105.5M |
| AAVEAave v3 Core | 0.00% | 0.00% | $100.8M |
| LINKAave v3 Core | 0.04% | 0.84% | $77.9M |
| XAUtAave v3 Core | 0.00% | 0.00% | $54.6M |
| EURCAave v3 Core | 2.36% | 4.06% | $44.5M |
At the last block of the hour to 8 Nov 2026, 23:00 UTC, the latest hour that is final on our node. Markets with at least $5.0M supplied.
Each protocol's rates hour by hour for USDC, USDT, DAI and USDS and ETH, and the size-weighted DeFi dollar rate, are in the Studio on Plus, with downloads.
Staked ether and the loop
A staking token's exchange rate rises as its validators earn, so its yield is read from the token itself. Borrowing ETH against it and staking that ETH again repeats the spread between the two, which is what a staking loop farms.
| Staking token | 7 days | 30 days | Over Aave Core | Over Spark | Over Compound | Over Morpho wstETH 96.5% |
|---|---|---|---|---|---|---|
| wstETHLido | 2.36% | 2.78% | +0.74 | +0.82 | +0.82 | −0.33 |
| weETHether.fi | 3.01% | 2.55% | +0.51 | +0.60 | +0.60 | −0.55 |
| rETHRocket Pool | 1.81% | 2.02% | −0.02 | +0.06 | +0.06 | −1.09 |
| cbETHCoinbase | 2.32% | 2.54% | +0.50 | +0.59 | +0.59 | −0.56 |
Borrowing ETH costs
- Aave v3 Core2.04%
- Spark1.95%
- Compound v3 WETH1.95%
- Morpho Blue WETH/wstETH 96.5%3.10%
Spreads are the 30-day staking yield less each market's borrow rate, in percentage points, before leverage and before the risk of the token trading below its rate.
Yield vaults
ERC-4626 vaults pool deposits and lend them on, take a fee and pass the rest back through their share price. What each paid is that share price's growth over 7 and 30 days, annualised, after its fees.
| Vault | Value | Paid, 7 days | Paid, 30 days |
|---|---|---|---|
| Savings USDS (Sky)USDS | $3.79B | 3.80% | 3.80% |
| Staked USDe (Ethena)USDe | $1.21B | 5.13% | 4.97% |
| Syrup USDC (Maple)USDC | $910.1M | 5.08% | 5.12% |
| Sentora x Spark RLUSD (Morpho)RLUSD | $500.0M | 0.11% | 0.16% |
| bUSD0 Zero Rate VaultUSD0 | $445.9M | 0.10% | 0.10% |
| Sentora RLUSD Main (Morpho)RLUSD | $404.2M | 2.86% | 3.26% |
| Spark Savings USDT (Spark)USDT | $356.8M | 4.00% | 3.84% |
| Paypal USD Main (Morpho)PYUSD | $340.1M | 2.30% | 2.40% |
| Spark Savings USDC (Spark)USDC | $292.7M | 3.80% | 3.80% |
| High Yield Secured Lending Maple Pool USDC1 (Maple)USDC | $276.6M | 5.18% | 5.32% |
| Syrup USDT (Maple)USDT | $275.5M | 4.91% | 5.06% |
| sGhoGHO | $231.7M | 4.60% | 4.60% |
| Sentora PRIME Main (Morpho)PYUSD | $188.9M | 4.47% | 4.11% |
| Staked USDSUSDS | $180.6M | 7.04% | 6.35% |
| Yield Bearing AAVE USDTUSDT | $172.8M | 4.04% | 3.42% |
| Savings Dai (Sky)DAI | $161.8M | 1.25% | 1.25% |
| Spark USDC Vault (Sky)USDC | $155.7M | 3.80% | 3.80% |
| Steakhouse Prime USDC (Morpho)USDC | $143.3M | 5.73% | 4.93% |
| Fluid Tether USD (Fluid)USDT | $126.2M | 4.81% | 4.86% |
| Fluid USD Coin (Fluid)USDC | $126.0M | 5.27% | 6.44% |
| USD3 (Yearn)USDC | $115.1M | 6.52% | 6.56% |
| AI Dollar Alpha USDC (Aave)USDC | $114.8M | 0.00% | 0.00% |
| Gauntlet USDC Prime (Morpho)USDC | $98.7M | 5.72% | 4.84% |
| Vault SharesUSDC | $97.6M | ||
| Wrapped Aave Ethereum USDT (Aave)USDT | $95.4M | 4.76% | 4.03% |
| Sentora Huma PST Main (Morpho)PYUSD | $87.9M | 4.89% | 5.04% |
| Steakhouse Prime USDT (Morpho)USDT | $87.9M | 4.08% | 3.85% |
| Steakhouse USDT (Morpho)USDT | $75.9M | 3.88% | 3.66% |
| Upshift pre-deposit NUSDUSDT | $75.0M | 0.00% | 0.00% |
| Katana Pre-Deposit USDC (Yearn)USDC | $70.4M | 0.00% | 0.00% |
The 30 largest of 79 vaults worth $20.0M or more, at the hour to 8 Nov 2026, 23:00 UTC.
The largest vaults' yields, value by platform and net deposits over time are in the Studio on Plus.
Minting DAI and USDS
The other way to borrow dollars on Ethereum: lock collateral in a Sky vault and mint DAI or USDS against it. The stability fee is the interest, set by Sky governance for each collateral type.
| Collateral type | Stability fee | DAI and USDS minted |
|---|---|---|
| ETH-A | 10.50% | $183.2M |
| ETH-C | 10.25% | $178.0M |
| LSEV2-SKY-A | 7.26% | $161.4M |
| ETH-B | 11.00% | $5.9M |
| WSTETH-B | 11.25% | $5.5M |
| WSTETH-A | 11.50% | $4.5M |
| WBTC-C | 15.25% | $1.2M |
How it is built
Lending. Our own archive node reads every market of Aave v3, Aave v2, Spark, Compound v3 and Morpho Blue from each protocol's own registry, at the last block of every hour once that block is final: what is supplied and borrowed, and the rates the protocol charges at that moment. Rates are annual yields with interest compounded, as the protocols do; incentive tokens are not counted. Markets with bad debt are left out, and so are rates of 100% a year or more, which mark a market lent out to its last dollar rather than a yield. Aave's markets carry their own on-chain names.
Vaults and savings. Every ERC-4626 vault holding dollars, ether or bitcoin is found from the standard's own events and checked on our node. Its yield is the growth of its share price over 7 and 30 days, annualised, so it is what depositors really earned after fees. A vault whose share price jumped or fell by more than 50% a year is left out of the table, because that marks a loss, a fee or an accounting change rather than a yield. Sky's two savings rates are read from their contracts.
Staked ether. Each staking token's own exchange rate (wstETH's stETH per token, rETH's, weETH's and cbETH's rates) at the latest hour and 7 and 30 days before, annualised with compounding.
Against bills. The ladder's dashed line is the US Treasury's 3-month bill yield, put on the same compounded basis as the lending rates.
The figures are free to reuse under CC BY 4.0, crediting CryptoKeyhole with a link to this page.
Questions
What is the best stablecoin yield on Ethereum?
It moves every hour. The ladder at the top of this page ranks the main dollar yields against Treasury bills, and the tables below list every lending market and vault worth more than a few million dollars with what it pays now. A higher rate usually pays for a risk: a newer protocol, weaker collateral, a stablecoin with less behind it, or money locked for longer.
What is the Sky Savings Rate?
The rate Sky (formerly Maker) pays on USDS deposited in its savings contract, sUSDS. Sky governance sets it, and it is stored on chain, so we read it from the contract itself and set it beside what the sUSDS share price actually paid over the last 7 and 30 days. The older Dai Savings Rate on sDAI works the same way.
Why does a vault's yield differ from the lending rates?
A vault reinvests deposits across markets, takes a fee and sometimes holds cash, so what it pays is rarely one market's rate. We measure what each vault really paid from the growth of its own share price over 7 and 30 days, rather than a rate it advertises.
Does staking ETH and borrowing ETH against it pay?
Only while the staking yield beats the cost of borrowing ETH. The staked ether table sets each staking token's yield, from its own exchange rate, against the ETH borrow rate of the largest markets. The spread is small, so loops are run with high leverage, and a staking token trading below its rate or a jump in the borrow rate can wipe out months of it.
Are reward tokens included?
No. Every rate here is the interest a protocol pays or charges, or what a share price paid. Incentive tokens some markets add on top change by the week and depend on the token's price, so they are left out.
Where do the numbers come from?
From CryptoKeyhole's own Ethereum archive node: each market's rates and balances at the last block of every hour, each vault's share price and assets, and each staking token's exchange rate. Treasury bills come from the US Treasury's daily yield curve.