| Venus | CeFi | Up to 16% | Variable | Venus takes no deposit, withdrawal or curator fee on a direct Core supply; the protocol's take is each market's reserve factor. The Interest Rate Model page (https://docs-v4.venus.io/risk/interest-rate-model, fetched 28 September 2026) defines it inside the supply-rate formula - "For those models, if r_b is the borrow rate per slot and f is the reserve factor" - and states that it publishes no per-market value: "This is a model-selection overview, not a per-market configuration registry." The live values are API fields, not page text: https://api.venus.io/markets?chainId=56 on 28 September 2026 returned reserveFactorMantissa of 0.1 for USDT and USDC, 0.2 for ETH and 0.3 for BTCB and BNB, the largest BNB Core markets by borrows. The sentence this note carried until now (the old glossary definition of the reserve factor) is no longer on that page, which was rewritten about a month before this read. |
| Spark | CeFi | Up to 16% | Variable | SparkLend's stablecoin reserves price off the Sky Savings Rate (SSR) plus a fixed spread up to the kink, and suppliers receive the borrow interest less a 10% reserve factor; there is no deposit or curator fee. The 10 September 2026 spell proposal (https://forum.skyeco.com/t/september-10-2026-proposed-changes-to-spark-for-upcoming-spell/28208, posted 31 August 2026, fetched 28 September 2026) reads the rate on-chain at Ethereum block 25,861,675 (29 August 2026): "getVariableRateSlope1() returns 3.9594644783474038423088%, which equals the SSR of 3.4594644783474038423088% plus the 0.50% spread exactly." For USDT, the largest reserve, it cuts that spread "from 0.005e27 (+0.50%) to 0.001e27 (+0.10%)" and states the effect: "The borrow rate at the kink falls from 3.9595% to 3.5595%" and "At 95% utilisation and a 10% reserve factor that is a supply rate of about 3.04%"; at the time of posting "The live borrow rate is 3.4824% and the live supply rate 2.6186%." The same post gives the other stablecoin curves: "USDC runs a 98% kink with a +1.00% spread". These are SSR-linked and move with every SSR change and with utilisation; they are not a fixed price. The 2 July 2026 SSR figure this note previously carried is superseded. |
| Morpho | CeFi | Up to 16% | Variable | A Morpho depositor's cost is the vault curator's fee. The Vault V2 page (https://docs.morpho.org/learn/concepts/vault-v2/, fetched 28 September 2026) caps it: "Supports both a performance fee (up to 50% on yield) and a management fee (up to 5% on total assets)." Live values are API fields, not page text: https://api.morpho.org/graphql on 28 September 2026 returned performanceFee 0 and managementFee 0.009999999973584 on Paypal USD Main, 0.1 and 0 on Sentora RLUSD Main, and 0.15 and 0 on Sentora PRIME Main - three of the four largest Ethereum Vault V2s. On all three the setPerformanceFee and setManagementFee timelocks read 0 seconds, so the curator can change the fee without notice. Supply rates float with each market's AdaptiveCurveIRM, so no fixed APY is quoted. |
| Euler V2 | CeFi | Up to 16% | Variable | Euler charges no protocol fee today; a supplier's cost is the vault-level interest fee a curator or governor sets. The Interest Rates page (https://docs.euler.finance/learn/interest-rates, fetched 28 September 2026) states: "Euler does not currently charge protocol fees. In April 2026, Fee Flow was turned off and Euler protocol fees were set to 0% across live and future deployments. The DAO can reintroduce protocol fees through future governance." and "Curators and vault governors can still configure vault-level fees where supported by the vault. For EVK vaults, the interestFee parameter can allocate a portion of borrower interest to the configured fee receiver." It adds that "EVK interest fees are denominated in vault shares." Per-vault interestFee values are Data API fields, not page text, and vary by vault; supply and borrow rates float with each vault's own IRM, so no fixed APY is quoted. |
| Kamino Lend | CeFi | Up to 16% | Variable | Kamino charges borrowers no account fees; the cost is interest plus any liquidation penalty, and lenders give up a protocol spread. The Borrow fees page (https://kamino.com/docs/products/borrow/fees, fetched 28 September 2026): "There are no deposit fees, withdrawal fees, or origination fees on Kamino Borrow." and "The only costs to borrowers are interest on outstanding debt and, if applicable, liquidation penalties on unhealthy positions." The same page prints a protocol-spread table ("SOL SOL/BTC Market 11%", "USDC SOL/BTC Market 15%", "USDT SOL/BTC Market 15%") that the live protocol does not match: Kamino's own API on 28 September 2026 returned protocolTakeRate 0.15 for SOL, 0 for USDC and 0.1 for USDT in the SOL/BTC Market. Treat the table as out of date. Rates float on each reserve's curve, so no fixed APY is quoted. |
| Compound | CeFi | Up to 16% | Variable | Compound III charges no subscription, listing or curator fee; the protocol's take is the spread between separate supply and borrow curves that governance sets. The Interest Rates page (https://docs.compound.finance/interest-rates/, fetched 28 September 2026): "Users with a positive balance of the base asset earn interest, denominated in the base asset, based on a supply rate model; users with a negative balance pay interest based on a borrow rate model. These are separate interest rate models, and set by governance." Compound publishes the size of that spread only per proposal on its forum. For the Ethereum WETH Comet, Gauntlet's 5 August 2026 post (https://www.comp.xyz/t/ethereum-weth-comet-borrow-rate-irm-updates/7999, fetched 28 September 2026) states "Compound v3 has no reserve factor parameter" and prints the implied reserve factor as "0.00%" at the kink and "10.00%" at full utilisation, adding "The comet currently retains none of the interest borrowers pay at its optimal utilization." Comets being wound down are repriced by the same route: a 2 September 2026 forum proposal sets the Ethereum wstETH Comet's supply rate to zero ahead of deprecation. Live per-market APYs are on-chain only, so no APY is quoted. |
| Fluid (Instadapp) | CeFi | Up to 16% | Variable | Fluid's guides publish no fee schedule for lenders or borrowers; the costs are the floating rate and, if liquidated, a per-vault liquidation penalty. The Liquidity Layer page (https://fluid.guides.instadapp.io/liquidity-layer/unifying-liquidity, fetched 28 September 2026) states: "Fluid boasts the most advanced liquidation mechanisms, with penalties as low as 0.1%." The live penalties and rates are API fields, not page text: https://api.fluid.instadapp.io/v2/borrowing/1/vaults on 28 September 2026 returned liquidationPenalty 10 basis points (the 0.1% floor) on the wstETH/ETH vault (id 13) and 100 basis points on the ETH/USDC (id 11) and ETH/USDT (id 12) vaults, with borrow rates of 243, 584 and 567 basis points and a vault feeRate of 0 on all three. Rates float with utilisation, so no fixed APY is quoted. |
| Aave | CeFi | Up to 16% | Variable | Aave charges no deposit or curator fee; suppliers earn borrower interest net of each reserve's reserve factor, and both rates float on a two-slope utilisation curve. The Interest Rate Strategy page (https://aave.com/docs/aave-v3/smart-contracts/interest-rate-strategy, fetched 28 September 2026): "Implements the calculation of the interest rates depending on the reserve state. The model of interest rate is based on two slopes" around the OPTIMAL_USAGE_RATIO kink. Aave's docs carry no live values (https://aave.com/docs/resources/parameters still shows only an SDK pointer); the numbers are published per change on the governance forum. LlamaRisk's Risk Steward post of 28 September 2026 (https://governance.aave.com/t/risk-stewards-cap-and-irm-changes-on-aave-v3-2026-09-28/25718) gives USDT on Aave V3 Core: "At the current 92.8% utilization, the post-change variable borrow rate would be 4.34% APR, down from 4.39% under the current IRM, and the supply rate would be 3.63% APR, down from 3.67%." It also states the protocol's take on one asset: "the 25% reserve factor that applies to USDe on all five reserves". Rates reprice every block with utilisation; these are point-in-time figures, not a quote. |