⚡️Shocked by Morpho, the borrowing rate of 0.33% is insane——
Following Silo, the larger @MorphoLabs has also launched support for Pendle LP, currently opening three LP collateral pools for @ethena_labs assets:
🔹LP-sUSDe (25 Sep 2025) / USDT
🔹LP-sUSDe (31 Jul 2025) / USDT
🔹LP-eUSDe (14 Aug 2025) / USDT
The borrowing rate for LP-sUSDe (31 Jul 2025) is only 0.33%, a great arbitrage opportunity! The principle and operation are the same as the previous PT collateral——
1⃣ Purchase LP-sUSDe (31 Jul 2025) on @pendle_fi, with an APY of 7.66%.
2⃣ Use the Tool on Pendle to wrap the LP into Wrapped LP.
3⃣ Collateralize your wrapped LP on Morpho to borrow USDT (with an LTV cap of 87%).
4⃣ Use the borrowed USDT to buy LP on Pendle, and repeat the cycle.
After some calculations, if you invest 1000u and do 2 rounds of the cycle, the annualized return can be increased to 22.5%, and you can earn 25X sats points from Ethena, doubling the returns compared to simply holding PT or LP!
However, there are still risks involved. If extreme volatility occurs (for example, ETH plummets → sUSDe unpegs → PT premiums), it could trigger risks.
So, for those playing with looped loans, remember two points:
It is strongly recommended to limit to a maximum of two layers and keep a liquidation buffer of 5%-10%, do not borrow to the max.
The borrowing rate will fluctuate, so set up a monitoring system; if the rate spikes, you need to close your position in time to prevent liquidation penalties!
@tn_pendle
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