USDe on Aave V4 Ethereum Ethena Correlated

Q: What is the USDe supply APY on Aave V4 Ethena Correlated?

<0.01% a year right now. It is paid out of what borrowers across the Plus hub pay and changes with every deposit, loan and repayment.

Q: What does it cost to borrow USDe on Aave V4 Ethena Correlated?

The base borrow rate is 7.25%. On Aave V4 each borrower also pays a risk premium on top, set by the collateral behind their loan, so the rate you pay can be higher.

Q: Can I use USDe as collateral on Aave V4 Ethena Correlated?

Yes, with a collateral factor of 93%: you can borrow up to that share of its value. Safer collateral lowers your risk premium.

Q: Where else can I supply or borrow USDE on Aave?

The best supply rate is 0.27% on Plasma. The cheapest borrow rate is 6.50% on X Layer. Only markets with real liquidity are counted.

Live USDe rates on the Aave V4 Ethena Correlated spoke on Ethereum. On V4 every borrower pays the hub's base rate, and a personal risk premium can be added depending on the collateral behind the loan.

Data from Aave's V4 API · updated 2026-11-08 04:27 UTC

Supply APY

<0.01%

plus rewards

Base borrow rate

7.25%

before any risk premium

Supplied here

$224

223.87 USDe

Borrowed here

$21.00

20.97 USDe

Hub utilization

0.0%

Plus hub, all spokes

Available to borrow

$5.19M

price $0.9989

USDe supply and borrow rate history

Averages published by Aave's V4 API

Risk settings on this spoke

Can be used as collateral	Yes
Collateral factor	93.00%
Collateral risk score	0.00%
Max liquidation bonus	2.00%
Liquidation fee	10.00%
Supply cap used	223.87 of 5.20M USDe (<0.01%)
Borrow cap used	20.97 of 5.20M USDe (<0.01%)

The collateral factor decides how much you can borrow against this asset. The risk score feeds the borrower's risk premium: the safer the collateral, the lower the premium. How V4 works.

Where the liquidity comes from

Hub	Plus hub
Supplied across the hub	$29.68M
Borrowed across the hub	$7.9K
Spokes sharing it	2
Liquidity fee	25.00%
USDe token	0x4c9E…68B3
Spoke contract	0x5813…9649
Hub contract	0x0600…536A

USDe utilization and interest rate curve

Hub utilization is 0.0% right now. Set by the Plus hub: how the base rate responds as more of the supply gets borrowed.

Base borrow rate Supply rate

Up to 90% utilization the base rate climbs gently from 7.00% to 7.25%. Past that point it climbs steeply, reaching 37.25% when everything is lent out.

About USDe on the Ethena Correlated spoke

USDe is listed on the Aave V4 Ethena Correlated spoke on Ethereum, which draws its liquidity from the Plus hub. On this spoke $224 is supplied and $21.00 borrowed, out of $29.68M supplied across the whole hub, shared by 2 spokes. $5.19M is available to borrow.

Suppliers earn <0.01% a year, and borrowers pay the hub's base rate of 7.25% plus a personal risk premium that depends on the collateral behind their loan. The hub is 0.0% borrowed. Up to 90% the base rate rises gently from 7.00% to 7.25%; above that it climbs steeply to 37.25% when everything is lent out.

USDe can back loans here with a collateral factor of 93%. Its collateral risk score of 0% feeds the borrower's risk premium, and liquidators can earn a bonus of up to 2.0%. The best USDE supply rate elsewhere on Aave is 0.27% on Plasma. The cheapest place to borrow it is X Layer at 6.50%. Compare USDE rates on every Aave market.

Its base borrow rate is the 3rd lowest of the 7 markets with at least $250K of USDE to lend. A week ago suppliers earned <0.01% and the base borrow rate was 6.82%, with the hub 0.0% lent out. Over the past 30 days, the supply rate ranged from <0.01% to 0.25%, and the base borrow rate from 6.82% to 7.26% (one reading a day).

USDe on Aave V4 Ethena Correlated: quick answers

What is the USDe supply APY on Aave V4 Ethena Correlated?

<0.01% a year right now. It is paid out of what borrowers across the Plus hub pay and changes with every deposit, loan and repayment.

What does it cost to borrow USDe on Aave V4 Ethena Correlated?