Crypto Lending Rate Report — Jun 23, 2026
Published Jun 23, 2026 · Rates captured live from the platforms we track.
- Cheapest stablecoin borrow: 3.2% for USDT on Aave.
- Lowest rate on the board: 0.35% to borrow against WBTC (Aave).
- On-chain DeFi stablecoin borrowing averages 4.3% this week — about 4.50 points cheaper than the typical CeFi floor of 8.8%. The trade-off is custody and liquidation risk you manage yourself, versus a managed account.
- This is our first weekly report, so there is no prior week to compare against yet — week-over-week movement starts with next week's edition.
Rates this week
Every market we track, ranked by lowest borrow APR. Week-over-week change appears once we have a prior week to compare against.
| Platform | Asset | Borrow APR | Supply APY | WoW |
|---|---|---|---|---|
| Aave | WBTC | 0.35% | 0.01% | — |
| Morpho | WBTC | 0.93% | 0.41% | — |
| Compound | WETH | 1.99% | 1.78% | — |
| Aave | WETH | 2.11% | 1.44% | — |
| Morpho | WETH | 2.21% | 2% | — |
| Aave | USDT | 3.2% | 2.12% | — |
| Morpho | USDT | 3.22% | 2.5% | — |
| Compound | USDT | 3.59% | 2.71% | — |
| Aave | USDC | 3.89% | 3.14% | — |
| Compound | USDC | 3.95% | 3.18% | — |
| Morpho | USDC | 4.13% | 3.65% | — |
| Morpho | PYUSD | 4.34% | 3.91% | — |
| Aave | DAI | 8.11% | 5.64% | — |
Biggest movers
This is our first weekly report, so there's no prior week to measure against yet. Week-over-week movers start with next week's edition — subscribe below to catch them.
DeFi vs CeFi spread
Avg DeFi stablecoin borrow
4.3%
Avg CeFi borrow floor
8.8%
On-chain DeFi stablecoin borrowing averages 4.3% this week — about 4.50 points cheaper than the typical CeFi floor of 8.8%. The trade-off is custody and liquidation risk you manage yourself, versus a managed account.
Best deals this week
The lowest-cost way to borrow against each major asset right now. Our picks are driven by the data — affiliate status never moves them.
0.35%
Cheapest way to borrow against WBTC this week — 0.35% on Aave, reflecting low market utilization.
Visit AaveRead our Aave review1.99%
Cheapest way to borrow against WETH this week — 1.99% on Compound, reflecting low market utilization.
Visit CompoundRead our Compound review3.2%
Lowest tracked borrow rate for USDT this week at 3.2% on Aave.
Visit AaveRead our Aave reviewAffiliate disclosure: This page contains affiliate links. We may earn a commission at no cost to you. Rankings are never influenced by affiliate status.
Market context
Collateral context: BTC and ETH remain the dominant collateral across the platforms we track, and borrow rates on wrapped BTC/ETH sit well below stablecoin rates this week thanks to low utilization in those markets. We don't publish price predictions — what matters for a crypto-backed loan is your LTV buffer, not the daily candle. If you're borrowing, size your position so a normal drawdown won't push you toward liquidation; our liquidation calculator models exactly that.
Get next week's report first
Our weekly crypto lending report — movers, the DeFi-vs-CeFi spread, and the best deals — in your inbox every Tuesday.