The poly-linear borrow curve — Crypto and DeFi Interest-Rate Spreads | TheNode.pro

Group Coaching
Learn
Community
Intel Library
Private Coaching

⚖️

Crypto and DeFi Interest-Rate Spreads

The poly-linear borrow curve

⚖️

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

Loading lesson...

Learn

Free course library Intro to DeFi

Offerings

Source Room Intel Library Group Coaching Private coaching

Account

Log in Account Contact

Resources

Be a guest on the show Privacy Terms YouTube Legacy Discord

Educational disclaimer: The Node is for education only. Nothing here is financial, investment, legal, or tax advice, or an offer to buy or sell any security or token. You keep self-custody of your assets. No guaranteed outcomes. Digital assets involve substantial risk; you are responsible for your own decisions.

© 2026 The Node. All rights reserved.