sUSN Yield: Loop up to 7x on sUSN/USDC strategy

sUSN is the staked, yield-bearing version of USN, Noon's market-neutral synthetic dollar. Noon intelligently allocates capital across delta-neutral strategies to maximize through-cycle returns, distributing over 90% of raw returns to holders.

How the strategy works

This is a max-APY yield loop: sUSN is supplied as collateral and USDC is borrowed against it on Morpho, then recycled back into sUSN to multiply the underlying Delta-Neutral Strategies yield. Because the two assets are price-correlated, the position targets amplified yield rather than directional price exposure.

Strategy details

Collateral asset

Staked USN (sUSN)

Borrowed asset

USDC

Issuer

Noon

Yield source

Delta-Neutral Strategies

Underlying

USN

Category

stable

Network

Ethereum

Protocol

Morpho

Live metrics

Collateral APY

7.17%

Net borrow APY

7.96%

Max leverage

7.0x

Default leverage

6.7x → 2.67% APY

Leverage ladder

1x 7.17% · 2x 6.38% · 3x 5.59% · 4x 4.80% · 5x 4.01% · 6x 3.22% · 7x(max) 2.43%

Oracle type

nav

Exit slippage

$100k 0.35% · $500k 44.31% · $1M 72.16% · $5M 94.43% · $10M 97.22%

as-of 2026-09-29T07:25:49.782Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=1

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