Net APY at 4.5×
32.60%
7D Avg
38.29%
30D Avg
40.10%
Score
41
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Net APY
32.60%
Safety
41
Gross yield
66.20%
Liq. buffer
−9.6%
Net APY = collateral yield 14.71% × leverage − borrow cost 9.60% × (leverage − 1), borrowing on Morpho Blue apyUSD/USDC (Ethereum). Rates move; re-check before entering.
Notice — leveraged position with liquidation risk. Supply apyUSD on Morpho Blue, borrow USDC, swap back into apyUSD and repeat. apyUSD's value tracks an STRC-dominated reserve and can fall. LLTV 86.0% is also the liquidation point.
apyUSD can depeg, and on a leveraged position a depeg is a liquidation, not a drawdown. apyUSD is a claim on a reserve that is overwhelmingly STRC exposure. The chain is short and mechanical: STRC falls back toward its $100 reference, apyUSD's value falls with it, the Morpho oracle marks your collateral down, your LTV crosses 86.0%, and you are liquidated at the bottom. This is not hypothetical — an STRC selloff has already pushed the sister token apxUSD to roughly $0.90-0.93. Do the arithmetic before you size: at 3x a fall of about 22% in apyUSD liquidates you, at 5x about 7%, and at the LLTV's theoretical ceiling less than half a percent.
apyUSD's underlying prices during US market hours, not crypto's. Both the yield and your exit price can gap overnight or across a weekend, when there is no market in the underlying and nobody to arbitrage the token back. Leverage turns a gap you would have shrugged off into a liquidation you had no chance to react to.
Borrowable liquidity here is thin and utilisation runs high, so a loop of any real size moves the AdaptiveCurve rate against itself while it is being built — and if you cannot borrow, you also cannot deleverage. Size against the borrowable column, not the headline market size.
Exiting apyUSD through Apyx's primary path carries a dynamic unstake fee. For small size a secondary swap is usually cheaper; for large size compare the fee against the slippage before choosing. Work that comparison out before you open the position, not in the middle of a liquidation.
Looping is a funding technique, not a way to make a position safer. If you already hold the collateral, one deposit and one borrow reach an identical position — same supply, same debt, same liquidation price — without paying apyUSD's swap slippage on every round trip. See how looping maths works.
Go to the apyUSD/USDC market on Morpho and connect your wallet. LLTV is 86.0% — on Morpho Blue that single number is both the borrow cap and the liquidation point.
Use Add Collateral to supply your apyUSD. Morpho pays no interest on collateral — the collateral leg is apyUSD's own share-price accrual, which continues while it sits here.
Borrow USDC against the apyUSD. Borrowable liquidity here is thin and utilisation runs high — size against the borrowable column, not the headline market size. A loop of any real size will move the rate against itself as it is being built.
Swap the borrowed USDC into apyUSD and supply it as collateral again. Repeat until you reach your target leverage. Check the quote each round — apyUSD's secondary depth is limited and slippage compounds across rounds.
If you already hold the full collateral amount, you do not need to loop at all. Looping from $10,000 at 86.0% LLTV converges on roughly $71,400 supplied and $61,400 borrowed (~7x). If you already hold $71,400 of apyUSD, deposit it and borrow $61,400 in one step — identical supply, debt, leverage and liquidation price, with far fewer transactions and no repeated swap slippage. Looping is a funding technique for reaching a position you cannot fund outright — not a way to make one safer. The arithmetic is worked through in how looping maths works.
Track LTV against the 86.0% liquidation point — at 5x the buffer is only about 7% of collateral value. Watch the borrow rate as closely as the health factor on this market. To close, withdraw apyUSD, swap to USDC, repay, and repeat; for a large exit, consider setting the swap while US markets are open, since apyUSD's underlying prices then.
