+0.8 ptsvs. the Fed funds midpoint
USDT pays about 4.1%; ETH about 1.4%.
SourcesAverage weighted by dollars supplied.
DeFi Lending RatesLending dollars in DeFi pays about 4.7%, roughly a point more than the Fed
Supply rates for stablecoins and ETH across the biggest lending protocols, with base interest separated from token rewards.
Every pool
Lending rates by pool
Sorted by dollars supplied. “Rewards” are extra tokens that can end or lose value.
APY = base interest from borrowers + token rewards. Sort by any column.
65 rows shown
| ETH · AaveEthereum | 1.50% | 1.50% | – | 1.45% | $5.6B | |
|---|---|---|---|---|---|---|
| USDC · MapleEthereum · Syrup USDC | 5.12% | 5.12% | – | 5.06% | $2.9B | |
| USDT · AaveEthereum | 3.71% | 3.71% | – | 3.62% | $2.9B | |
| USDC · AaveEthereum | 3.70% | 3.70% | – | 4.10% | $2.4B | |
| ETH · SparkEthereum | 1.43% | 1.43% | – | 1.46% | $1.6B | |
| USDS · SparkEthereum | 2.56% | 2.56% | – | 2.41% | $1.4B | |
| ETH · JustLendTron | 0.00% | 0.00% | – | 0.00% | $1.3B | |
| USDT · AavePlasma | 4.71% | 3.85% | 0.86% | 4.86% | $768M | |
| USDT · MapleEthereum · Syrup USDT | 5.44% | 5.44% | – | 4.80% | $655M | |
| USDe · AavePlasma | 0.30% | 0.30% | – | 2.28% | $568M | |
| USDS · SparkEthereum · SPK Farming Pool | 5.23% | 0.00% | 5.23% | 4.25% | $563M | |
| USDe · AaveEthereum | 0.16% | 0.16% | – | 2.22% | $558M | |
| USDT · Spark SavingsEthereum | 3.50% | 3.50% | – | 3.43% | $447M | |
| USDe · MorphoBase | 4.75% | 0.00% | 4.75% | 4.79% | $393M | |
| USDC · CompoundEthereum | 6.67% | 6.67% | – | 4.65% | $381M | |
| USDS · Spark SavingsArbitrum | 3.60% | 3.60% | – | 3.60% | $363M | |
| USDe · MorphoRobinhood Chain | 4.75% | 0.00% | 4.75% | 4.80% | $345M | |
| USDT · SparkEthereum | 3.40% | 3.40% | – | 3.39% | $326M | |
| USDC · Spark SavingsEthereum | 3.60% | 3.60% | – | 3.60% | $309M | |
| DAI · SparkEthereum | 2.71% | 2.71% | – | 2.55% | $295M | |
| ETH · AaveArbitrum | 1.05% | 1.05% | – | 0.97% | $262M | |
| USDT · JustLendTron | 1.73% | 1.73% | – | 2.18% | $234M | |
| ETH · AaveBase | 4.86% | 1.47% | 3.39% | 1.70% | $230M | |
| USDC · AaveBase | 3.74% | 3.74% | – | 3.79% | $182M | |
| USDT · VenusBSC | 3.39% | 3.39% | – | 2.94% | $180M | |
| USDC · AaveArbitrum | 3.75% | 3.75% | – | 2.96% | $178M | |
| PYUSD · KaminoSolana · Ethena Market | 3.63% | 3.63% | – | 3.52% | $178M | |
| USDe · Jupiter LendSolana · USDe/USDG (Ethena Market) | 4.75% | 4.75% | – | 4.85% | $174M | |
| USDS · SkyEthereum · GROVE Farming Pool | 5.57% | 0.00% | 5.57% | 5.61% | $168M | |
| USDC · AaveMonad | 5.80% | 4.50% | 1.29% | 6.06% | $167M | |
| RLUSD · AaveEthereum · Aave Horizon Market | 4.78% | 1.55% | 3.23% | 4.98% | $165M | |
| USDT · CompoundEthereum | 3.21% | 3.21% | – | 3.04% | $164M | |
| USDT · AaveMantle | 4.45% | 3.21% | 1.24% | 4.45% | $163M | |
| PYUSD · SparkEthereum | 1.48% | 1.48% | – | 0.98% | $144M | |
| USDC · DolomiteEthereum | 7.37% | 3.32% | 4.04% | 7.32% | $138M | |
| ETH · CompoundEthereum | 1.49% | 1.49% | – | 1.33% | $137M | |
| USDT · FluidEthereum | 4.76% | 4.76% | – | 4.56% | $130M | |
| DAI · AaveEthereum | 3.22% | 3.22% | – | 3.11% | $130M | |
| USDC · FluidEthereum | 4.92% | 4.92% | – | 4.51% | $129M | |
| USDC · KaminoSolana · SOL/BTC Market | 4.38% | 4.38% | – | 4.58% | $121M | |
| USDC · AaveAvalanche | 5.72% | 5.72% | – | 4.92% | $71M | |
| USDe · AaveMonad | 1.02% | 0.02% | 1.00% | 3.33% | $70M | |
| USDC · KaminoSolana · OnRe Market | 6.37% | 6.37% | – | 6.43% | $70M | |
| ETH · FluidEthereum | 1.73% | 1.73% | – | 1.97% | $67M | |
| USDT · AaveBSC | 2.94% | 2.94% | – | 2.83% | $65M | |
| ETH · EulerMonad · K3 Capital Earn WETH | 2.71% | 1.22% | 1.49% | 2.72% | $65M | |
| ETH · FluidEthereum | 1.73% | 1.73% | – | 1.97% | $65M | |
| USDT · AaveEthereum · Umbrella | 5.31% | 3.71% | 1.60% | 5.11% | $64M | |
| USDT · AaveMonad | 21.79% | 21.79% | – | 6.18% | $60M | |
| GHO · AaveEthereum · Aave Horizon Market | 1.47% | 1.47% | – | 1.67% | $60M | |
| ETH · Spark SavingsEthereum | 1.45% | 1.45% | – | 1.50% | $58M | |
| USDC · AaveEthereum · Umbrella | 5.39% | 3.70% | 1.69% | 5.68% | $58M | |
| USDC · FluidArbitrum | 5.52% | 5.52% | – | 4.18% | $56M | |
| PYUSD · KaminoSolana · Maple Market | 5.94% | 5.94% | – | 3.62% | $55M | |
| USDC · HyperLendHyperliquid L1 | 5.61% | 5.61% | – | 4.81% | $55M | |
| GHO · AaveEthereum · Prime Instance | 3.04% | 3.04% | – | 2.98% | $54M | |
| ETH · AaveEthereum · Prime Instance | 1.62% | 1.62% | – | 1.50% | $50M | |
| ETH · DolomiteEthereum | 0.71% | 0.71% | – | 0.56% | $49M | |
| ETH · VenusBSC | 0.91% | 0.91% | – | 0.61% | $49M | |
| USDC · VenusBSC | 3.15% | 3.15% | – | 3.39% | $45M | |
| ETH · EulerMonad · EVK Vault eWETH-3 | 2.73% | 1.23% | 1.50% | 2.72% | $38M | |
| ETH · AavePolygon | 0.38% | 0.38% | – | 0.30% | $36M | |
| PYUSD · KaminoSolana · SOL/BTC Market | 10.25% | 10.25% | – | 3.23% | $35M | |
| USDe · AaveMantle | 0.00% | 0.00% | – | 2.21% | $33M | |
| ETH · EulerMonad · EVK Vault eWETH-7 | 2.72% | 1.22% | 1.50% | 2.81% | $32M | |
| USDT · AavePolygon | 3.10% | 3.10% | – | 3.16% | $31M | |
| ETH · AaveEthereum · Umbrella | 5.00% | 1.50% | 3.50% | 5.04% | $31M | |
| USDC · AavePolygon | 2.87% | 2.87% | – | 3.02% | $29M | |
| PYUSD · KaminoSolana · Figure Market | 3.93% | 3.93% | – | 3.28% | $28M | |
| GHO · FluidEthereum | 6.87% | 5.40% | 1.47% | 5.70% | $27M | |
| ETH · AaveOP Mainnet | 1.14% | 1.14% | – | 1.05% | $23M | |
| GHO · AaveMonad | 5.84% | 3.41% | 2.43% | 6.36% | $22M | |
| ETH · AaveBSC | 0.57% | 0.57% | – | 0.50% | $21M | |
| USDT · FluidPlasma | 4.65% | 4.65% | – | 5.75% | $21M | |
| USDe · Aave v4Ethereum · Plus | 5.39% | 0.00% | 5.39% | 5.32% | $20M | |
| USDC · FluidBase | 8.25% | 3.06% | 5.19% | 5.84% | $15M | |
| USDS · Spark SavingsBase | 3.60% | 3.60% | – | 3.60% | $12M | |
| ETH · Aave v4Ethereum · Core | 1.69% | 1.69% | – | 2.15% | $10M | |
| GHO · FluidPlasma | 7.39% | 5.22% | 2.17% | 8.57% | $9M | |
| USDS · AaveEthereum | 3.55% | 0.16% | 3.39% | 2.96% | $8.8M | |
| USDC · Spark SavingsAvalanche | 3.60% | 3.60% | – | 3.60% | $8.6M | |
| ETH · ListaEthereum | 5.83% | 0.92% | 4.91% | 5.09% | $7.2M | |
| PYUSD · KaminoSolana · Sentora xStocks Market | 0.19% | 0.19% | – | 0.04% | $6.9M | |
| ETH · FluidArbitrum | 1.33% | 1.33% | – | 1.17% | $6.5M | |
| USDC · Aave v4Avalanche · Core | 4.60% | 0.67% | 3.93% | 5.12% | $6.3M | |
| USDC · EulerMonad · Clearstar Earn USDC | 7.79% | 6.54% | 1.25% | 7.87% | $5.8M | |
| USDC · ListaEthereum | 7.69% | 1.35% | 6.34% | 7.06% | $4.5M | |
The spread
USDC rates across the biggest pools
Every USDC pool with more than $20 million supplied, against the weighted average and the Fed funds midpoint.
USDC supply APY by poolobserved 11:29 AM ET
Explanation
How DeFi lending works, and what the risks are
What Is Crypto Lending?
Crypto lending is a way for asset holders to make tokens available to borrowers in exchange for yield. In most DeFi markets, borrowers post more collateral than the value of the loan. Smart contracts track balances, calculate interest and liquidate collateral if a position becomes unsafe.
Centralized finance (CeFi) lending works differently. A company takes custody of customer assets and decides how they are lent or deployed. Users rely on the company’s balance sheet, controls and legal obligations rather than only on smart contracts.
How DeFi Lending Works
- Choose a market. Confirm the protocol, network, token contract and whether the return includes incentives.
- Connect a compatible wallet. Review the site URL and transaction details before approving token access.
- Supply the asset. The protocol records your position directly or issues a receipt token representing the deposit.
- Yield accrues. The rate usually changes with utilization, governance parameters and any active reward program.
- Withdraw when liquidity is available. A protocol may be solvent while a heavily utilized market temporarily lacks enough liquid assets for an immediate full withdrawal.
Supplying does not automatically mean borrowing. If you also borrow, monitor your collateral ratio or health factor. Falling collateral prices or rising debt can trigger liquidation.
DeFi Lending Protocols for 2026
DeFi lending protocols use different market structures. Some pool many suppliers and borrowers together; others isolate each collateral-and-loan pair or route deposits through managed vaults. The comparison below focuses on durable differences rather than fixed rates, chain counts or promotional rewards, which can change.
AaveAave uses pooled liquidity markets: suppliers deposit supported assets, borrowers post collateral and rates respond to market utilization. Parameters differ by asset and deployment, so users should check the selected market rather than assuming one Aave-wide APY or liquidation threshold.
MorphoMorpho offers permissionless isolated lending markets and vaults that can allocate deposits across selected markets. This is different from Morpho’s earlier positioning as a peer-to-peer layer over Aave and Compound. For vaults, review both the underlying markets and the curator’s role, limits and allocation choices.
CompoundCompound III organizes each market around a base asset. Supplying that base asset can earn interest; assets supplied as collateral support borrowing but do not automatically earn interest. Check the specific deployment, supply caps and collateral factors.
Spark and SkySpark provides overcollateralized lending and savings products connected to the Sky ecosystem. Sky centers on USDS and related savings and borrowing tools. Product names, access rules and rates can differ by interface and jurisdiction, so verify the exact product before transacting.
MapleMaple combines onchain infrastructure with managed lending and credit strategies. Returns can depend on borrower repayment and strategy management, not only an automated overcollateralized pool. Review the pool or vault documents, withdrawal terms and loss protections.
KaminoKamino provides lending, borrowing and vault products on Solana. Its markets can use collateral modes and risk parameters that change borrowing capacity. Check the selected reserve, oracle, loan-to-value limits and liquidation threshold before using leverage.
Risks of Crypto Lending
Audits and bug bounties can reduce risk, but they do not guarantee that a protocol or market is safe. Before supplying funds, consider each layer of the position:
- Smart-contract risk: A bug, exploit or faulty upgrade can cause losses or freeze access.
- Liquidation and oracle risk: Borrowers can lose collateral when a position crosses its liquidation threshold; bad or delayed price data can worsen outcomes.
- Token and stablecoin risk: A supplied asset, collateral token or stablecoin can lose value or its peg.
- Liquidity risk: High utilization or a withdrawal queue can delay access to funds.
- Credit and counterparty risk: Managed or undercollateralized strategies depend more directly on borrowers, managers and service providers.
- Reward risk: Incentive APY can disappear, and the reward token can fall in price.
- Governance and admin-key risk: Authorized parties may be able to change parameters, pause markets or upgrade contracts.
- Wallet and transaction risk: Phishing, malicious approvals, wrong-network transfers and compromised keys can bypass protocol safeguards.
Diversifying across protocols does not remove shared risks. Several markets may depend on the same stablecoin, oracle, bridge, blockchain or collateral asset.
DeFi Lending vs. Centralized Crypto Lending
On a DeFi protocol you keep control of your wallet and the risk is the code; with a centralized lender, a company holds your crypto and sets the rate, so its terms and health matter as much as the rate. For lenders like Coinbase, Nexo, Ledn and Figure, see crypto lending platforms, which compares their savings rates and crypto-backed loans.
What Happened to Celsius, BlockFi and Other Crypto Lenders?
The 2022 crypto credit crisis put Celsius, BlockFi, Voyager and Genesis lending entities into bankruptcy, and many customers became creditors rather than depositors. What went wrong, and what to check before trusting a lender today, is on our crypto lending platforms page.
Before You Supply Crypto
- Verify the official protocol URL, network and token contract.
- Separate base APY from temporary rewards and estimate transaction costs.
- Check market liquidity, utilization, supply caps and withdrawal mechanics.
- Read the protocol’s risk parameters, audits, incident history and admin controls.
- If borrowing, leave a buffer above the liquidation threshold and monitor the position.
- Start with an amount you can afford to lose and test a small withdrawal before committing more.
Rates, product availability and rules can change without notice. This page is for informational purposes and is not financial, legal or tax advice.
Methodology
Supply APYs come from DefiLlama’s yields data, refreshed hourly. “Base” is interest paid by borrowers; “rewards” is extra tokens a protocol hands out, which can end or lose value. Asset averages are weighted by the dollars supplied to each pool: everything depositors have put in, including what’s lent out (DefiLlama’s total supplied, where it reports one; for a savings vault, its value). DefiLlama’s headline TVL for a lending pool counts only what’s still available to borrow, so it isn’t used here. Collateral that pays nothing by design (Sky’s ETH vaults, Compound and Morpho collateral) isn’t lending, so it isn’t listed. Full methodology →
Full methodology
UnitsEvery rate is shown as a percent per year, so venues with different payment intervals can be compared.
AveragesAverages are stated on the page as simple or weighted, and every underlying rate is in the downloadable table.
Timestamps“Rates observed” is when we read them; they change on each venue’s own schedule.
What’s excludedTrading fees, spreads, gas and liquidation risk aren’t included in these rates.
Data and sources
- Source records for every number on this page: contracts, quote types, calculations and history
- DeFi Rate prediction-market methodology: how we price, average and label every figure
- Permanent snapshot, Oct 2, 11:29 AM ET: a frozen copy for citation
- DeFi lending pools (CSV)
- Asset averages (weighted by dollars supplied) (CSV)
- Every figure and contract on this page (CSV)
Questions
What is the best USDC lending rate right now?
Among pools over $20 million, Dolomite pays about 7.4% (mostly token rewards). The largest pool, Maple’s Syrup USDC, pays 5.1% on $2.9 billion.
Is DeFi lending better than a savings account?
It pays more, about 4.7% on USDC versus a Fed funds midpoint of about 3.875%, but deposits aren’t insured and carry smart-contract, stablecoin and liquidity risk.
Why does lending ETH pay so little?
Most ETH in lending pools is posted as collateral rather than borrowed, so there’s little demand pushing its rate up.
About the authors
Christopher Feery has written professionally since 2014 and has covered the gambling industry full time since New Jersey legalized sports betting in 2018.
Cheryle Shepstone is DeFi Rate’s Director of Content and Strategy and oversees its prediction-market research, platform reviews and editorial methodology.
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