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Crypto and DeFi Interest-Rate Spreads

Who is paid

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Crypto and DeFi Interest-Rate Spreads

Course Overview

Shared objects

1Utilization is the price of liquidity

3Why two rates on the same asset differ

4Rewards are not interest

Aave

6The reserve factor

7The kink is a kill, not a target

Morpho

8The adaptive curve

9Morpho’s supply formula

10Isolation and where bad debt lands

Euler

11Four interest-rate families

12Per-second storage, annualized screen

13Protocol fee and vault interest fee

14Governed versus finalized

Kamino

15The poly-linear borrow curve

16Kamino supply and the reserve factor

17Targets by asset class

18When the curve is not enough

Hyperlend

19What the docs actually are

20A fork citation is not a rate model

21How to read a live reserve without inventing one

The spread

22Cross-venue carry is a spread

23Looping is leverage

24Fixed versus float

25Stablecoin basis is not a rate

27The spread memo

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