Yield and Time
Most fixed on-chain rates pay more than a similar-length US government rate, but the middle extra payment is only 5.7 percentage points.
This page asks what each yield is paying you for. It compares the rate with time, the size of the market and a government bond of similar length, then removes the largest venue before judging the opportunity.
RATE
TIME
a higher number can hide a longer lock or a thinner exit
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What are you being paid for?
A rate can pay for borrower demand, locking money, taking token risk or accepting a thin exit. The page compares the number with time and market size before calling it attractive.
| Fixed market | Time left | Fixed rate | Government rate | Extra payment | Value available |
|---|---|---|---|---|---|
| USDai | 4 days | 12.9% | 4.1% | +8.8 pts | $50.4mn |
| apyUSD | 25 days | 16.2% | 4.1% | +12.1 pts | $19.7mn |
| reUSD | 60 days | 11.9% | 4.1% | +7.8 pts | $12.4mn |
| siUSD | 88 days | 9.9% | 4.2% | +5.7 pts | $11.1mn |
| SIERRA | 11 days | 9.7% | 4.1% | +5.7 pts | $11.0mn |
| sUSDai | 4 days | 13.3% | 4.1% | +9.3 pts | $10.9mn |
| USD3 | 67 days | 15.1% | 4.2% | +10.9 pts | $7.2mn |
| sUSDx | 53 days | 19.0% | 4.1% | +14.9 pts | $6.1mn |
| sUSDD | 46 days | 5.4% | 4.1% | +1.4 pts | $5.1mn |
| wstETH | 445 days | 2.1% | 4.4% | -2.3 pts | $5.1mn |
| sUSDS | 46 days | 5.0% | 4.1% | +0.9 pts | $4.8mn |
| reUSDe | 60 days | 18.6% | 4.1% | +14.6 pts | $4.7mn |
| strUSD | 46 days | 11.4% | 4.1% | +7.3 pts | $4.6mn |
| sUSDe | 46 days | 5.1% | 4.1% | +1.0 pts | $3.8mn |
| srUSDe | 11 days | 5.7% | 4.1% | +1.6 pts | $3.8mn |
Most fixed on-chain rates pay more than a similar-length US government rate, but the middle extra payment is only 5.7 percentage points.
Does the easy yield survive comparison?
Stablecoin lending, Ethereum staking, government bonds and futures payments are separated because each pays for something different.
A high rate is only useful when the borrower, time lock and exit are acceptable. The number alone is not the opportunity.