wstETH Max APY Yield Strategy

wstETH is Lido’s non-rebasing liquid staking token for ETH. Holders earn Ethereum staking rewards via an increasing exchange rate, keeping their staked ETH liquid and composable across DeFi.

How the strategy works

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

Strategy details

Collateral asset

Wrapped liquid staked Ether 2.0 (wstETH)

Borrowed asset

WETH

Issuer

Lido

Yield source

ETH Staking

Underlying

ETH

Category

ETH

Network

Ethereum

Protocol

Morpho

Live metrics

Collateral APY

2.19%

Net borrow APY

2.34%

Max leverage

26.7x

Default leverage

22.2x → -0.99% APY

Leverage ladder

1x 2.19% · 2x 2.04% · 3x 1.89% · 4x 1.74% · 5x 1.59% · 6x 1.44% · 7x 1.29% · 8x 1.14% · 9x 0.99% · 10x 0.84% · 11x 0.69% · 12x 0.54% · 13x 0.39% · 14x 0.24% · 15x 0.09% · 16x -0.06% · 17x -0.21% · 18x -0.36% · 19x -0.51% · 20x -0.66% · 21x -0.81% · 22x -0.96% · 23x -1.11% · 24x -1.26% · 25x -1.41% · 26x -1.56% · 26.7x(max) -1.67%

Oracle type

nav

Exit slippage

$100k 0.12% · $500k 0.14% · $1M 0.35% · $5M 0.24% · $10M 0.34%

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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