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

6.32%

Net borrow APY

9.72%

Max leverage

7.0x

Default leverage

6.7x → -13.06% APY

Leverage ladder

1x 6.32% · 2x 2.92% · 3x -0.48% · 4x -3.88% · 5x -7.28% · 6x -10.68% · 7x(max) -14.08%

Oracle type

nav

Exit slippage

$100k 0.35% · $500k 46.43% · $1M 73.21% · $5M 94.64% · $10M 97.32%

as-of 2026-08-20T09:34:34.372Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=1

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